WINNIPEG, April 30, 2019 /CNW/ - Novra Technologies
Inc. ("Novra") (TSX-V: NVI) today announced its financial results
for the fourth quarter and fiscal year ended December 31, 2018. All amounts are in
Canadian dollars unless otherwise noted.
Q4 and Year 2018 Consolidated Financial Results
The following financial summary shows results for the full year
2018 and highlights positive results for the fourth quarter.
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(in thousands,
except for Gross margin and % Chg)
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Three months Ended
December 31,
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Year Ended
December 31,
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2018
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2017
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% Chg
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2018
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2017
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% Chg
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Revenue by
type:
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Products
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$
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2,714
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$
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1,398
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94%
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$
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8,208
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$
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8,183
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0%
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Services
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692
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403
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72%
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2,422
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1,349
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80%
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Total
revenue
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3,406
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1,801
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89%
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10,630
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9,532
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12%
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Gross
profit
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1,854
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918
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102%
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5,579
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4,804
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16%
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Gross
margin
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54.4%
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51.0%
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52.5%
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50.4%
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Operating
expenses
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1,603
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1,010
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59%
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6,411
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3,853
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66%
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Operating income
(loss)
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252
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(93)
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NM
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(831)
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952
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NM
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Other income
(expenses)
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284
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(52)
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NM
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279
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(174)
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NM
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Net income (loss)
as reported under IFRS
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$
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535
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$
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(145)
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NM
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$
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(553)
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$
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778
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NM
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Adjusted EBITDA -
non-IFRS measure
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$
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647
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$
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41
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NM
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$
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319
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$
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1,417
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-77%
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NM – Not
meaningful
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(1)
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Amounts in the table
may not reconcile due to rounding differences.
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(2)
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Adjusted EBITDA is a
non-IFRS measure and as such does not have any standardized meaning
prescribed by IFRS. Therefore, other companies may calculate this
non-IFRS measure differently, and our Adjusted EBITDA may not be
comparable to similar titled measures of other
companies. Readers are cautioned to not place undue
reliance on this financial measure and are encouraged to read all
IFRS accounting disclosures presented in the audited Consolidated
Financial Statements. Refer to the Management's
Discussion & Analysis ("MD&A") for a reconciliation of
Adjusted EBITDA to Net income (loss) as reported under
IFRS.
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The significant variance in 2018 financial results compared to
2017 is largely driven by increased expenses as a result of the
acquisition of 51.6% of Wegener Corporation ("Wegener"), which
closed on December 29, 2017.
Q4 Results
We earned $647 thousand Adjusted
EBITDA in the quarter, compared to $41
thousand in Q4 2017. The substantial increase is mainly due
to shipments for a large radio broadcast network in Q4 2018.
"As expected, our second half of 2018 marked a significant
improvement in results over the first half of the year and we are
very excited to see this momentum carry into 2019. 2018 was a
challenging year as we integrated our operations, set a new
technology strategy and re-engage with our clients as a stronger,
client-centric company working to bring them innovative adaptable
solutions to meet their ever-evolving business requirements. The
positive results of our efforts are reflected in our increased
sales in the past 9 months, our partnerships with industry leaders
and our new products - including winning NAB's Product of the Year
award in Las Vegas in April. I am
very proud of our people for their dedication and hard work to make
the Novra Group a very successful and growing company and to create
value for our shareholders and a stable technology leader for our
clients and resellers." stated Harris
Liontas, President and CEO.
A copy of the MD&A and audited Consolidated Financial
Statements for the year ended December 31,
2018, are available on SEDAR (www.sedar.com).
About Novra Technologies Inc.:
Novra (TSX-V: NVI) is an international technology provider of
products, systems and services for the distribution of multimedia
broadband content. The Novra Group of companies includes
Novra, International Datacasting Corporation, and Wegener
Corporation. The companies in the group are known for a strong
focus on applications including: broadcast video and radio, digital
cinema, digital signage, and highly reliable data
communications.
For more information visit: www.novragroup.com
Forward-Looking Statements:
This press release contains "forward-looking
statements" within the meaning of applicable Canadian securities
laws, concerning but not limited to: our profitability outlook, the
pending acquisition of Wegener, and anticipated developments in our
operations in future periods. Forward-looking
statements are generally identifiable by words such as "expects",
"anticipates", "believes", "intends", "estimates", "predicts",
"outlook", "momentum", "potential", "targeted", "plans" "possible",
"poised for", and similar expressions, or statements that events,
conditions or results "will", "may", "could" or "should" occur or
be achieved. As such, forward-looking statements
are not historical facts but reflect our current assumptions and
expectations regarding future events. These are subject to a number
of risk and uncertainties that could cause actual results or events
to differ materially from current expectations and
assumptions. Some of these risks and uncertainties are
described herein under the "Risks and Uncertainties" section of the
MD&A.
For the above reasons, readers are cautioned not to place
undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Novra Technologies Inc.