GDI Integrated Facility Services Inc. releases financial results for the second quarter ended June 30, 2017
-- Second quarter revenues of $237.6 million, an increase of 8.7% over 2016
-- Second quarter net income of $3.0 million, an increase of $0.5 million
over 2016
-- Second quarter Adjusted EBITDA(1) of $11.8 million, up 12.4% from 2016
comparative period
LASALLE, QC, Aug. 9, 2017 /CNW Telbec/ - Today, GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) announced its financial results for the second quarter of 2017.
For the second quarter ended June 30, 2017:
-- Revenue reached $237.6 million, an increase of $19.0 million, or 8.7%,
compared to the second quarter of 2016. The increase in revenue resulted
primarily through acquisitions.
-- Net income reached $3.0 million, or $0.14 per share, compared to $2.5
million, or $0.12 per share for the second quarter of 2016
-- Adjusted EBITDA(1) amounted to $11.8 million, an increase of $1.3
million, or 12.4%, over the corresponding quarter of 2016. Integration
costs of $0.4 million related to the Airtron acquisition were recorded.
Excluding integration costs, Adjusted EBITDA(1 )for the quarter would
have been $12.2 million, representing an Adjusted EBITDA margin(1) of
5.1% compared to 4.8% for the second quarter of 2016.
For the six-month period ended June 30, 2017:
-- Revenue reached $480.9 million, an increase of $53.5 million, or 12.5%,
over the corresponding period of 2016. The increase in revenue resulted
primarily through acquisitions and organic growth of 2.4%.
-- Net income reached $3.6 million, or $0.17 per share, compared to $1.6
million, or $0.08 per share for the corresponding period of 2016.
-- Adjusted EBITDA(1) amounted to $22.5 million, an increase of $4.4
million, or 24.5%, over the corresponding period of 2016. Integration
costs of $1.4 million related to the Airtron acquisition were recorded.
Excluding integration costs, Adjusted EBITDA(1 )for the period would
have been $23.9 million, representing an Adjusted EBITDA margin(1) of
5.0% compared to 4.2% for the corresponding period of 2016.
"I am pleased to report that GDI delivered another quarter of consistent performance in Q2 2017. On a consolidated basis GDI recorded an Adjusted EBITDA margin(1) of 5.1% before integration costs related to the Airtron acquisition, showing continued progress on our commitment towards delivering margins in-line with management expectations. We are pleased with the progress being made within the Technical Services segment, the integration of Airtron is proceeding as planned and the business recorded an adjusted EBITDA margin of 3.8% before integration costs in the quarter. The Janitorial USA segment reported an adjusted EBITDA margin of 6.5% in the second quarter and is on track to meet our long term target for this business. The Janitorial Canada segment showed positive sequential improvement in Adjusted EBITDA margin reporting 5.5% in the second quarter compared to 5.1% in Q1 2017 notwithstanding a higher than normal churn rate and the start-up of new contracts in the quarter. The Complementary Services segment continues to perform well, delivering adjusted EBITDA of $2.7 million, representing growth of 71% over Q2 2016," stated Claude Bigras, President & CEO of GDI.
"Each of our business segments is performing well, our leverage ratios are well within our comfort zone, we have a positive outlook for the remainder of 2017 and are continuing to execute on our business plan." concluded Mr. Bigras.
ABOUT GDI
GDI is a leading commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, hotels, shopping centres, industrial facilities, healthcare establishments, distribution facilities, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial, installation, maintenance and repair of HVAC-R, mechanical and electrical systems, as well as other complementary services such as damage restoration and janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
Analyst Conference Call: Thursday August 10th, 2017 at 9:00
a.m. (ET)
Investors and Media representatives
may attend as listeners only.
Please use the following dial-in
number to have access to the
conference call by dialing 5 minutes
before the start of the conference:
Canada/United States access number:
1-800-616-4021
Confirmation Code: 21856723
A rebroadcast of the conference call
will be available until August 17,
2017, by dialing:
Canada and United States Access
(English): 1-800-633-8625
Canada and United States access
(French): 1-900-977-6910
Confirmation Code: 21856723
June 30, 2017 consolidated financial statements and accompanied Management & Discussion Analysis are filed on www.sedar.com.
_________________________________
(1) The terms "Adjusted EBITDA" and "Adjusted EBITDA margin" do not
have standardized definitions prescribed by International Financial
Reporting Standards and therefore, may not be comparable to similar
measures presented by other companies. Adjusted EBITDA is defined as
operating income before depreciation and amortization, goodwill
impairment, transaction, reorganization and other costs and share-
based compensation. The Adjusted EBITDA Margin is calculated by
dividing Adjusted EBITDA by revenues. For more details and for a
reconciliation of that measure to the most directly comparable IFRS
measure, consult the "Non-IFRS financial measures" section of the
Company's MD&A.
SOURCE GDI Integrated Facility Services Inc.
