Novra Announces Fourth Quarter and Fiscal Year 2018 Financial Results
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.
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.
|
(in thousands, except for Gross margin and % Chg) |
Three months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2018 |
2017 |
% Chg |
2018 |
2017 |
% Chg |
||||||||||||
|
Revenue by type: |
|||||||||||||||||
|
Products |
$ |
2,714 |
$ |
1,398 |
94% |
$ |
8,208 |
$ |
8,183 |
0% |
|||||||
|
Services |
692 |
403 |
72% |
2,422 |
1,349 |
80% |
|||||||||||
|
Total revenue |
3,406 |
1,801 |
89% |
10,630 |
9,532 |
12% |
|||||||||||
|
Gross profit |
1,854 |
918 |
102% |
5,579 |
4,804 |
16% |
|||||||||||
|
Gross margin |
54.4% |
51.0% |
52.5% |
50.4% |
|||||||||||||
|
Operating expenses |
1,603 |
1,010 |
59% |
6,411 |
3,853 |
66% |
|||||||||||
|
Operating income (loss) |
252 |
(93) |
NM |
(831) |
952 |
NM |
|||||||||||
|
Other income (expenses) |
284 |
(52) |
NM |
279 |
(174) |
NM |
|||||||||||
|
Net income (loss) as reported under IFRS |
$ |
535 |
$ |
(145) |
NM |
$ |
(553) |
$ |
778 |
NM |
|||||||
|
Adjusted EBITDA - non-IFRS measure |
$ |
647 |
$ |
41 |
NM |
$ |
319 |
$ |
1,417 |
-77% |
|||||||
|
NM – Not meaningful |
|
|
(1) |
Amounts in the table may not reconcile due to rounding differences. |
|
(2) |
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. |
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.
