iLOOKABOUT Announces Results for the First Quarter Ended March 31, 2019
30 5월 2019 - 6:01AM
iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“iLOOKABOUT” or “the
Company”) today announced that its unaudited condensed interim
consolidated financial statements for the three months ended March
31, 2019 and 2018, and the related Management’s Discussion and
Analysis (“MD&A”) are available at www.sedar.com and on the
Company’s website at
http://www.ilookabout.com/investor-relations/financial-information.
Shareholders may request a hard copy of this material by directing
their request to: iLOOKABOUT Corp., Office of the CFO, 408-383
Richmond Street, London ON, N6A 3C4
“We remain very focused on our top line revenue
growth and margin expansion, which is reflected in our improvements
in revenue and gross margin in the first quarter of 2019. Our
clients are continuing to integrate our proprietary applications
into their business systems and processes, allowing us to deepen
our relationships with them,” stated Mr. Gary Yeoman, Chair and CEO
of iLOOKABOUT. “With respect to strategic initiatives that we have
been pursuing, we have made significant progress in the first
quarter of 2019 and are optimistic that we will complete our
proposed acquisition of the operating assets of Clarocity Corp. by
the end of the second quarter.”
Highlights of Financial Results:
Discussion with respect to the below noted
results can be found in the Company’s MD&A.
|
Unaudited |
|
Three months ended March 31 |
(In thousands of Canadian dollars) |
2019 |
2018 |
|
|
|
Revenue |
$ |
2,634 |
$ |
2,392 |
Adjusted EBITDA, Unaudited1 |
476 |
326 |
|
|
|
|
|
|
- Revenue increased from $2.39M to $2.63M on a year-over-year
basis, primarily due to non-recurring increases in revenue related
to data licensing and the delivery of a custom development project
in the first quarter of 2019.
- Adjusted EBITDA increased from $326K to $476K on a
year-over-year basis, primarily due to an increase in gross
margin.
1Adjusted EBITDA is an unaudited non-GAAP
measure and does not have any standardized meaning prescribed under
IFRS and, therefore, may not be comparable to similar measures
employed by other reporting issuers. Management believes
Adjusted EBITDA provides meaningful information with respect to the
financial performance and value of the Company, as items that may
obscure the underlying trends in the business performance are
excluded. Adjusted EBITDA is defined and calculated by the
Company as earnings (loss) before interest, taxes,
depreciation/amortization of property and equipment, intangible
assets and right-of-use assets, share-based compensation expense
and other costs or income that are: (i) non-operating; (ii)
non-recurring; and/or (iii) are related to strategic
initiatives. The Company classifies income or costs as
non-recurring if income or costs similar in nature are not
reasonably expected to occur within the next two years nor have
occurred during the prior two years, and such costs are
significant.
About iLOOKABOUT
iLOOKABOUT is a software, data analytics, data
aggregation and visual intelligence company focused on real
property. The Company primarily serves the property assessment,
property taxation, municipal, insurance, and appraisal sectors,
both public and private, in North America. iLOOKABOUT provides
powerful data analytics to the real estate industry through its
Real Property Tax Analytics software offering. The Company’s
proprietary StreetScape imagery and real property focused web-based
application, GeoViewPort unifies property related data and enables
desktop review of properties. iLOOKABOUT has integrated analytics
and workflow management applications into GeoViewPort which create
highly valued service offerings for its clients. To augment its
technology-based offerings, the Company provides real estate
consulting services, with a focus on the Property Tax and Valuation
sectors.
iLOOKABOUT’s common shares are traded on the TSX Venture
Exchange under the symbol ILA.
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.
Contact:
Gary Yeoman, CEO
gary.yeoman@ilookabout.com
416-347-7707
www.ilookabout.com
Robin Dyson, CFO
robin.dyson@ilookabout.com
519-931-6235
www.ilookabout.com
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