For fiscal 2017, the Company expects to achieve revenue of between $52 and $60 million and adjusted EBITDA of between $7 and $12 million.
"The Company is continuing to execute on our current business, which is growing and from which we've removed a lot of operating costs," said Wade Larson, UrtheCast's President and CEO. "At the same time, we're very pleased with the momentum on our big initiatives of UrtheDaily and OptiSAR. We expect to make announcements on both fronts soon."
SELECTED FINANCIAL INFORMATION
The following table provides selected financial information of the Company, which was derived from, and should be read in conjunction with, the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2017.
|
(in thousands of Canadian dollars) |
Three Months Ended March 31, | |||
|
|
|
2017 |
|
2016 |
|
Revenue |
$ |
9,396 |
|
12,152 |
|
Other operating income |
|
50 |
|
- |
|
|
|
9,446 |
|
12,152 |
|
Operating costs |
|
|
|
|
|
Direct costs, selling, general and administrative expenses |
|
10,509 |
|
15,127 |
|
Research expenditures |
|
276 |
|
1,736 |
|
Depreciation and amortization |
|
4,474 |
|
6,564 |
|
Share-based payments |
|
333 |
|
558 |
|
|
|
15,592 |
|
23,985 |
|
Operating loss |
|
(6,146) |
|
(11,833) |
|
Net finance costs |
|
(442) |
|
(521) |
|
Loss on derivative financial instruments |
|
242 |
|
- |
|
Foreign exchange (loss) gain |
|
(219) |
|
(192) |
|
Loss before income taxes |
|
(6,565) |
|
(12,546) |
|
Income tax recovery (expense) |
|
1,486 |
|
1,446 |
|
Net loss |
|
(5,079) |
|
(11,100) |
|
Other comprehensive income (loss) |
|
542 |
|
(1,959) |
|
Comprehensive loss |
$ |
(4,537) |
|
(13,059) |
|
Net loss per share – basic and diluted |
$ |
(0.05) |
|
(0.11) |
NON-IFRS EARNINGS MEASURES
|
(in thousands of Canadian dollars) |
Three Months Ended March 31, | |||
|
|
|
2017 |
|
2016 |
|
NON-IFRS REVENUE: |
|
|
|
|
|
Revenue per income statement |
$ |
9,396 |
$ |
12,152 |
|
Non-cash revenue |
|
- |
|
(5,334) |
|
NON-IFRS REVENUE |
$ |
9,396 |
$ |
6,818 |
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
Net loss |
$ |
(5,079) |
$ |
(11,100) |
|
Add back (subtract): |
|
|
|
|
|
Depreciation and amortization |
|
4,474 |
|
6,564 |
|
Net finance costs |
|
442 |
|
521 |
|
Income tax recovery |
|
(1,486) |
|
(1,446) |
|
EBITDA |
|
(1,649) |
|
(5,461) |
|
Non-cash revenue |
|
- |
|
(5,334) |
|
Non-cash operating costs |
|
- |
|
4,066 |
|
Share-based payments expense |
|
333 |
|
558 |
|
Loss on derivative financial instruments |
|
(242) |
|
- |
|
Foreign exchange losses (gains) |
|
219 |
|
192 |
|
ADJUSTED EBITDA |
$ |
(1,339) |
$ |
(5,979) |
