TORONTO, May 23, 2017 /CNW/ - BrightPath Early Learning
Inc. ("BrightPath" or the "Company") (TSX-V: BPE), the leading
Canadian provider of high-quality, comprehensive early childhood
education and care, with 8,715 spaces of licensed capacity within
77 centres located in Ontario,
Alberta and British Columbia, announced today its
operational and financial results for the quarter ended
March 31, 2017.
Financial performance highlights for the quarter ended
March 31, 2017 are as follows (all
compared to the same period in the prior year):
- The Company's revenue was $23.3
million compared to $14.8
million in 2016, an increase of 57.3%, with higher revenue
reported across all provincial markets;
- The Company generated a 65.5% increase in centre margin to
$6.8 million compared to $4.1 million in 2016, with all provincial markets
achieving higher centre margin;
- BrightPath's Adjusted EBITDA was $3.5
million compared to $1.6
million in 2016, an increase of 1.9 million, or 119%;
- FFO increased to $2.8 million
($0.023 per share) compared to
$1.2 million ($0.010 per share) in 2016, or 133%; and
- AFFO increased to $3.0 million
($0.025 per share) compared to
$1.3 million ($0.010 per share) in 2016, or 131%.
Significant business and financial events for the quarter ended
March 31, 2017 include:
- In January 2017, the Creekside
centre located in Calgary,
Alberta, which opened in November
2015, became stabilized for financial reporting purposes.
Enrollment at this 247-space centre is currently 96%;
- In February 2017, the Sage Hill
centre located in Calgary opened
after completion of tenant improvement construction. The Sage Hill
centre comprises 130 licensed spaces in a 10,000 square foot
leasehold facility. Committed enrollment at this centre is
currently 87%; and
- Construction of the Company's "purpose-built" Richmond Early
Learning and Care centre, in southwest Calgary, is underway and is anticipated to
open in the second quarter of 2017. This centre will be comprised
of 247 licensed spaces in a 20,000 square foot facility developed
and owned by BrightPath on a one-acre parcel of land held pursuant
to a long-term ground lease with First Capital Realty.
"BrightPath's unprecedented level of first quarter financial
performance is reflective of the Company's transformative
acquisitions in Ontario during
2016 as well as the highly successful new centre openings in
Alberta, despite the continued
challenging economic times in that province. The scalability of the
business is proving itself through a 57% increase in revenue
generating a 119% increase in Adjusted EBITDA. Further, the
expansion of BrightPath's capacity through these new locations and
strategic acquisitions has allowed us to extend our reach as the
early childhood education and care provider of choice and deliver
an industry leading service offering," stated Mary Ann Curran, Chief Executive Officer of the
Company. "At the same time, the Company continues to strive to
further improve enrollment levels while delivering additional
growth and profitability through the remainder of 2017."
The Peekaboo portfolio, acquired in the third quarter of 2016,
was integrated into BrightPath's Enterprise Resource Planning
("ERP") systems during the first quarter of 2017. The Company has
identified opportunities to improve Peekaboo operations and
financial performance in several areas. Beginning with the
utilization of BrightPath's CRM and ERP systems, the Company
believes there is potential for higher enrollments, optimization of
room configurations and age mixes and greater labour productivity.
The Company has shifted away from uniform pricing across all
centres to market specific pricing strategies and eliminated
duplicate executive level personnel. The office consolidation, food
bulk purchasing improvements and efficiencies through combination
of facilities maintenance personnel are well underway. In support
of a greater value proposition to families in the markets served,
the introduction of BrightPath's curriculum and programming will
underscore the basis for these improvements.
Financial Review
($000's except where otherwise noted and per share amounts)
|
|
Q1
2017
|
Q4
2016
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
Q4
2015
|
Q3
2015
|
Q2
2015
|
Revenue
|
$
|
23,331
|
$
|
21,758
|
$
|
16,762
|
$
|
15,859
|
$
|
14,830
|
$
|
13,796
|
$
|
12,815
|
$
|
13,912
|
Centre
margin
|
|
6,790
|
5,616
|
|
3,672
|
|
4,249
|
|
4,102
|
|
3,629
|
|
3,265
|
|
3,976
|
Centre margin
%
|
|
29.4
|
25.8
|
|
21.9
|
|
26.8
|
|
27.7
|
|
26.3
|
|
25.5
|
|
28.6
|
Adjusted
EBITDA
|
|
3,499
|
2,664
|
|
1,039
|
|
1,757
|
|
1,575
|
|
1,306
|
|
915
|
|
1,781
|
FFO
|
|
2,752
|
1,821
|
|
575
|
|
1,345
|
|
1,230
|
|
877
|
|
696
|
|
1,436
|
AFFO
|
|
2,979
|
1,799
|
|
478
|
|
1,276
|
|
1,255
|
|
851
|
|
596
|
|
1,373
|
Net profit
(loss)
|
|
333
|
1,247
|
|
(1,139)
|
|
(264)
|
|
(182)
|
|
(560)
|
|
1,344
|
|
144
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
0.023
|
0.015
|
|
0.005
|
|
0.011
|
|
0.010
|
|
0.007
|
|
0.006
|
|
0.012
|
|
AFFO
|
|
0.025
|
0.015
|
|
0.004
|
|
0.011
|
|
0.010
|
|
0.007
|
|
0.005
|
|
0.011
|
|
Net profit
(loss)
|
|
0.003
|
0.010
|
|
(0.010)
|
|
(0.002)
|
|
(0.002)
|
|
(0.005)
|
|
0.011
|
|
0.001
|
For the three months ended March 31,
2017, the Company reported revenue of $23,331 (March 31,
2016 - $14,830) and centre
margin of $6,790 (March 31, 2016 - $4,102). Revenue increased 57.3% due to tuition
from the acquired Peekaboo and Lawrence
Park centres, revenue from new locations in Cochrane, Calgary and Edmonton, and moderate year over year
increases in tuition fees. These revenue increases were partially
offset by a decline in occupancy in Alberta Stabilized centres,
mitigated by increased occupancy in Ontario and British
Columbia centres. Centre margin as a percentage of revenue
increased to 29.1% of revenue compared to 27.7% in 2016. The centre
margin increase was primarily caused by two factors: improvement in
new centre metrics relative to the first quarter of 2016; and,
generally, labour and operating cost improvements driving improved
margins, with all regions favourable in comparison to the same
period in 2016.
Adjusted EBITDA, AFFO and FFO
|
|
|
|
|
|
|
|
|
|
Q1
2017
|
Q4
2016
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
Q4
2015
|
Q3
2015
|
Q2
2015
|
Centre margin for the
period
|
|
6,790
|
|
5,616
|
|
3,672
|
|
4,249
|
|
4,102
|
|
3,629
|
|
3,265
|
|
3,976
|
General and
administrative expense
|
|
(1,408)
|
|
(1,109)
|
|
(1,204)
|
|
(1,273)
|
|
(1,345)
|
|
(1,129)
|
|
(1,271)
|
|
(1,258)
|
Taxes, other than
income taxes
|
|
(42)
|
|
(73)
|
|
(37)
|
|
(28)
|
|
(38)
|
|
(41)
|
|
(40)
|
|
(44)
|
Operating lease
expense
|
|
(1,841)
|
|
(1,770)
|
|
(1,392)
|
|
(1,191)
|
|
(1,144)
|
|
(1,153)
|
|
(1,039)
|
|
(893)
|
Adjusted
EBITDA
|
$
|
3,499
|
$
|
2,664
|
$
|
1,039
|
$
|
1,757
|
$
|
1,575
|
$
|
1,306
|
$
|
915
|
$
|
1,781
|
|
|
Q1
2017
|
Q4
2016
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
Q4
2015
|
Q3
2015
|
Q2
2015
|
Net profit (loss)
before taxes for the period
|
|
333
|
|
(454)
|
|
(1,139)
|
|
(264)
|
|
(182)
|
|
(560)
|
|
1,344
|
|
144
|
Depreciation and
certain other non-cash items
|
|
1,666
|
|
1,910
|
|
1,208
|
|
1,083
|
|
1,025
|
|
969
|
|
815
|
|
948
|
Acquisition and
development costs
|
|
753
|
|
365
|
|
506
|
|
526
|
|
387
|
|
468
|
|
328
|
|
344
|
Restructuring
costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss on disposition
of development land
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Gain on sale and
leaseback
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,791)
|
|
-
|
FFO
|
$
|
2,752
|
$
|
1,821
|
$
|
575
|
$
|
1,345
|
$
|
1,230
|
$
|
877
|
$
|
696
|
$
|
1,436
|
Share-based
compensation
|
|
357
|
|
106
|
|
110
|
|
114
|
|
117
|
|
272
|
|
63
|
|
153
|
Maintenance capital
expenditures
|
|
(130)
|
|
(128)
|
|
(207)
|
|
(183)
|
|
(92)
|
|
(298)
|
|
(163)
|
|
(216)
|
AFFO
|
$
|
2,979
|
$
|
1,799
|
$
|
478
|
$
|
1,276
|
$
|
1,255
|
$
|
851
|
$
|
596
|
$
|
1,373
|
Adjusted EBITDA for the first quarter of 2017 was $3,499 compared to $1,575 in the first quarter of 2016. The increase
in Adjusted EBITDA of $1,924 was
primarily due to contribution from the Peekaboo portfolio, the
impact of opening new centres with strong enrollment and revenue
levels and improvements in Ontario
and British Columbia portfolio
operations, offset by the effects of a decline in the Alberta
Stabilized centre occupancy owing to the economic challenges in the
province.
The Adjusted EBITDA for the first quarter of 2017 met the
Company's forecast and positions the Company on track to achieve
its full year 2017 forecasted Adjusted EBITDA range of $13.6 million to $14.0 million.
FFO for the first quarter of 2017 was $2,752 compared to $1,230 in the first quarter of 2016, due
primarily to the contribution of new centres acquired in 2016. FFO
per share for the first quarter of 2017 was $0.023 compared to $0.010 for the same period in 2016.
AFFO for the first quarter of 2017 was $2,979 compared to $1,255 a year earlier. AFFO per share for the
first quarter of 2017 was $0.025
compared to $0.010 for the first
quarter of 2016.
Net profit for the first quarter of 2017 was $333 compared to a net loss of $182 in the first quarter of 2016. Net profit for
the first quarter of 2017 was primarily the result of a higher
scale of operations through the contribution from the 20 centres
acquired in the Peekaboo portfolio transaction. An increase in
Adjusted EBITDA was offset by higher acquisition and development
costs, which are required under IFRS accounting to be expensed in
the quarter incurred, although the economic returns from these
expenditures will accrue to the benefit of the Company in future
quarters and years, and share-based compensation expenses compared
to the same period in 2016. Basic and diluted net profit (loss) per
share for the quarter ended March 31,
2017 was $0.003 (March 31, 2016 - $(0.002)).
Centre Portfolio Overview
The Company's centre locations, number of licensed spaces and
average occupancies are provided in the table that follows. Centres
typically experience lower levels of attendance June through
September due to seasonal factors. As well, new centres typically
exhibit lower occupancy levels during ramp up of enrollments,
thereby adversely impacting total portfolio occupancies prior to
achieving stabilization.
|
|
Three months
ended
March 31, 2017
|
Three months
ended
March 31, 2016
|
Stabilized
Centres
|
|
|
|
|
|
Alberta
|
|
|
Ending Centres
#
|
32
|
30
|
Ending Spaces
#
|
3,625
|
3,219
|
Avg. Occupancy
%
|
82.4
|
85.3
|
|
|
|
British
Columbia
|
|
|
Ending Centres
#
|
8
|
7
|
Ending Spaces
#
|
764
|
558
|
Avg. Occupancy
%
|
85.9
|
85.4
|
|
|
|
Ontario
|
|
|
Ending Centres
#
|
35
|
14
|
Ending Spaces
#
|
3.949
|
1,401
|
Avg. Occupancy
%
|
78.9
|
76.5
|
|
|
|
Total Stabilized
Centres
|
|
|
Ending Centres
#
|
75
|
51
|
Ending Spaces
#
|
8,338
|
5,178
|
Avg. Occupancy
%
|
81.1
|
82.9
|
Non-stabilized
Centres
|
|
|
|
|
|
Alberta
|
|
|
Ending Centres
#
|
2
|
2
|
Ending Spaces
#
|
377
|
367
|
Avg. Occupancy
%
|
82.7
|
69.7
|
|
|
|
British
Columbia
|
|
|
Ending Centres
#
|
-
|
1
|
Ending Spaces
#
|
-
|
206
|
Avg. Occupancy
%
|
-
|
76.5
|
|
|
|
Ontario
|
|
|
Ending Centres
#
|
-
|
-
|
Ending Spaces
#
|
-
|
-
|
Avg. Occupancy
%
|
-
|
-
|
|
|
|
Total
Non-stabilized Centres
|
|
|
Ending Centres
#
|
2
|
3
|
Ending Spaces
#
|
377
|
573
|
Avg. Occupancy
%
|
82.7
|
72.2
|
Total Portfolio
(All Centres)
|
|
|
|
|
|
Ending Centres
#
|
77
|
54
|
Ending Spaces
#
|
8,715
|
5,751
|
Avg. Occupancy
%
|
81.2
|
81.8
|
Deferred Share Units ("DSUs")
For the three months ended March 31,
2017, pursuant to the Board of Directors DSU plan, five
members of the board of directors of BrightPath elected to receive
board fees in the form of DSUs in lieu of cash remuneration,
representing $0.07 million fair value
in respect of 154,889 DSUs. The DSUs were issued on April 11, 2017.
Arrangement Agreement with Busy Bees
Earlier today, BrightPath announced that it had entered into a
definitive agreement (the "Arrangement Agreement") with an
affiliate of Busy Bees Holdings Limited (the "Busy Bees Affiliate")
pursuant to which the Busy Bees Affiliate will acquire all of the
issued and outstanding common shares of BrightPath at a price of
$0.80 per share in cash, representing
a premium of 46% over the volume-weighted average price of
BrightPath shares on the TSXV of $
0.547 for the 30 trading days prior to this
announcement. The transaction is valued at approximately
$145 million and will be carried out
pursuant to the Arrangement Agreement under a court-approved
statutory plan of arrangement governed by the Canada Business
Corporations Act.
NON-IFRS PERFORMANCE MEASURES
The Company uses "centre margin" as an indicator of centre
performance. Centre margin does not have a standardized meaning
prescribed by IFRS and therefore, may not be comparable with the
calculation of similar measures by other entities. Centre margin is
determined by deducting centre expenses from revenue. Centre
expenses include labour and direct costs and exclude operating
lease expense for leasehold properties and mortgage interest, if
any, on those properties owned by the Company.
The Company also uses Adjusted EBITDA, FFO and AFFO as
indicators of financial performance.
Adjusted EBITDA is calculated by deducting the following from
centre margin: operating lease expense, general and administrative
expenses, and taxes other than income taxes. FFO is calculated by
adjusting net profit (loss) to add back acquisition costs expensed
as incurred, depreciation and certain other non-cash items. AFFO is
calculated by adjusting FFO to add back share-based compensation
and deduct maintenance capital expenditures. Maintenance capital
expenditures consist of capital expenditures that are capitalized
for accounting purposes but are considered to be recurring costs
such as facilities and leasehold maintenance and the replacement of
learning materials, toys, furniture, appliances and other
equipment. Maintenance capital expenditures do not occur evenly
over the course of the year with these activities typically
occurring with greater intensity during the seasonally slower
summer months.
Adjusted EBITDA, FFO and AFFO do not have standardized meanings
prescribed by IFRS. The Company's method of calculating Adjusted
EBITDA, FFO and AFFO may be different from other entities and,
accordingly, may not be comparable to such other entities. Adjusted
EBITDA, FFO and AFFO: (i) do not represent cash flow from operating
activities as defined by IFRS; (ii) are not indicative of cash
available to fund all liquidity requirements, including capital for
growth; and (iii) are not to be considered as alternatives to
IFRS-based net profit (loss) for the purpose of evaluating
operating performance.
Centre operating results are also analyzed based on Stabilized
and Non-stabilized centres which may not be comparable with that
used by other entities. Acquired and newly-developed centres are
deemed to be stabilized after 24 months, or sooner if pro forma
occupancy levels are achieved.
Net profit (loss) is impacted by, among other items, accounting
standards that require centre acquisition and transaction costs to
be expensed as incurred. As the Company executes its consolidation
and development strategy in the Canadian market, it will routinely
incur such expenses which will negatively impact the Company's
reported net profit (loss), but not Adjusted EBITDA, FFO and
AFFO.
ABOUT BRIGHTPATH EARLY LEARNING INC.
BrightPath Early Learning Inc. is a Canadian leader in child
care and early education with 77 locations in major markets across
the country. Meeting the highest standards in curriculum,
nutrition, technology and recreational programming, BrightPath is
committed to providing families with the very best child
development and care Canada has to
offer.
For more information, visit www.BrightPathKids.com/corporate
(TSX‐V: BPE). For further information regarding this release,
please contact Dale Kearns,
President & Chief Financial Officer of BrightPath Early
Learning Inc. at (403) 705-0362 ext. 406.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking
statements regarding the future growth, results of operations,
performance and opportunities of the Company. Forward-looking
statements can generally be identified by the use of, but not
limited to, the following words: "plans", "expects" or "does not
expect", "budget", "scheduled", "estimate", "forecast", "pro
forma", "anticipate" or "does not anticipate", "believe", "intend",
"inferred", "potential" and similar expressions or statements that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements are not historical facts, but reflect the Company's
current expectations regarding future results or events based on
information currently available and what the Company believes to be
reasonable assumptions. All forward-looking statements are
qualified by these cautionary statements.
Forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause actual results or events to differ materially from those
expressed, implied or projected include, but are not limited to,
general economic conditions, the Company's ability to meet and
maintain forecasted occupancy levels, general government policies,
continued availability of government child care subsidies to
parents, unexpected costs or liabilities related to acquisitions,
construction, environmental matters, legal matters, changes in
interest rates, credit spreads and the availability of financing.
In addition, please refer to the Risks and Uncertainties section of
the Company's annual Management's Discussion and Analysis. As such,
the Company gives no assurance that actual results will be
consistent with these forward-looking statements.
Readers should not place undue reliance on any such
forward-looking statements. These forward-looking statements are
made as of the date hereof. The Company undertakes no obligation to
publicly update or revise any such statement, reflect new
information or reflect the occurrence of future events or
circumstances, except as required by securities laws.
BrightPath Early
Learning Inc.
|
Consolidated
Statements of Financial Position
|
(Unaudited)
|
|
(CDN
$000's)
|
March
31,
2017
|
December
31,
2016
|
Assets
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Restricted
cash
|
$
|
400
|
$
|
700
|
|
Property and
equipment
|
|
57,349
|
|
56,480
|
|
Goodwill and definite
life intangible assets
|
51,008
|
51,393
|
|
108,757
|
108,573
|
Current
assets
|
|
|
|
Cash
|
7,808
|
6,405
|
|
Restricted
cash
|
2,450
|
2,150
|
|
Accounts
receivable
|
2,430
|
2,282
|
|
Prepaid expenses and
deposits
|
1,781
|
1,821
|
|
Short term
investments
|
39
|
39
|
|
14,508
|
12,697
|
|
|
|
Total
Assets
|
$
|
123,265
|
$
|
121,270
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Long term debt and
financing leases
|
$
|
42,734
|
$
|
42,936
|
|
Other
liabilities
|
|
400
|
|
700
|
|
43,134
|
43,636
|
Current
liabilities
|
|
|
|
Accounts payable and
accrued liabilities
|
14,227
|
12,466
|
|
Deferred
revenue
|
1,998
|
1,900
|
|
Current portion of
debt and financing leases
|
3,672
|
3,717
|
|
Convertible
debentures – liability
component
|
4,988
|
4,968
|
|
24,885
|
23,051
|
|
|
|
Total
Liabilities
|
68,019
|
66,687
|
|
|
|
Shareholders'
Equity
|
|
|
|
Share
capital
|
64,950
|
64,983
|
|
Convertible
debentures – equity component
|
342
|
342
|
|
Equity settled
share-based compensation
|
3,789
|
3,432
|
|
Accumulated
deficit
|
(13,835)
|
(14,174)
|
Total
Shareholders' Equity
|
55,246
|
54,583
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
123,265
|
$
|
121,270
|
|
|
|
BrightPath Early
Learning Inc.
|
|
|
Consolidated
Statements of Operations and Comprehensive Income
(Loss)
|
Three months ended
March 31, 2017 and 2016
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(CDN $000's except
for per share amounts)
|
March
31,
2017
|
March 31,
2016
|
|
|
|
Revenue
|
$
|
22,867
|
$
|
14,374
|
Government
grants
|
464
|
456
|
Total
revenue
|
23,331
|
14,830
|
|
|
|
Centre
expenses
|
|
|
|
Salaries, wages and
benefits
|
12,621
|
8,046
|
|
Other operating
expenses
|
3,920
|
2,682
|
Centre
margin
|
6,790
|
4,102
|
|
|
|
Operating
leases
|
1,841
|
1,144
|
Finance
costs
|
569
|
351
|
General and
administrative
|
1,408
|
1,345
|
Taxes, other than
income taxes
|
42
|
38
|
Acquisition and
development
|
753
|
387
|
Share-based
compensation
|
357
|
117
|
Depreciation and
amortization
|
1,487
|
884
|
|
6,457
|
4,266
|
|
|
|
Profit (loss) before
other income (expense)
|
333
|
(164)
|
|
|
|
Other income
(expense)
|
-
|
(18)
|
|
|
|
Net Profit (Loss)
and Total Comprehensive
Income (Loss)
|
$
|
333
|
$
|
(182)
|
|
|
|
Net profit (loss) per
share
|
|
|
|
Basic
|
$
|
0.003
|
$
|
(0.002)
|
|
Diluted
|
$
|
0.003
|
$
|
(0.002)
|
|
|
|
|
|
|
BrightPath Early
Learning Inc.
|
|
|
|
Consolidated
Statements of Changes in Shareholders' Equity
|
Three months ended
March 31, 2017 and 2016
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(CDN
$000's)
|
Share
Capital
|
Convertible
Debentures –
Equity
Component
|
Equity
Settled
Share-based
Compensation
|
Accumulated
Deficit
|
Shareholders'
Equity
|
|
|
|
|
|
|
Balance at January
1, 2016
|
$
|
65,374
|
$
|
342
|
$
|
2,985
|
$
|
(14,013)
|
$
|
54,668
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
-
|
-
|
117
|
-
|
117
|
|
|
|
|
|
|
|
Shares purchased for
cancellation
|
|
(225)
|
-
|
-
|
119
|
(136)
|
|
|
|
|
|
|
|
Net loss and
comprehensive loss
|
|
-
|
-
|
-
|
(182)
|
(182)
|
|
|
|
|
|
|
|
Balance at March
31, 2016
|
$
|
65,119
|
$
|
342
|
$
|
3,102
|
$
|
(14,076)
|
$
|
54,487
|
|
|
|
|
|
|
|
Balance at January
1, 2017
|
$
|
64,983
|
$
|
342
|
$
|
3,432
|
$
|
(14,174)
|
$
|
54,583
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
357
|
|
-
|
|
357
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased for
cancellation
|
|
(33)
|
|
-
|
|
-
|
|
6
|
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
Net profit and
comprehensive income
|
|
-
|
|
-
|
|
-
|
|
333
|
|
333
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March
31, 2017
|
$
|
64,950
|
$
|
342
|
$
|
3,789
|
$
|
(13,835)
|
$
|
55,246
|
BrightPath Early
Learning Inc.
Consolidated Statements of Cash Flow
Three months ended March 31, 2017 and 2016
(Unaudited)
|
|
|
|
|
|
|
March
31,
|
March
31,
|
(CDN
$000's)
|
2017
|
2016
|
|
|
|
Cash provided by
(used in):
|
|
|
|
|
|
Operating
Activities
|
|
|
Net profit
(loss)
|
$
|
333
|
$
|
(182)
|
Items not affecting
cash:
|
|
|
|
Depreciation and
amortization
|
1,487
|
884
|
|
Finance
costs
|
569
|
351
|
|
Share-based
compensation
|
357
|
117
|
|
Change in fair value
of convertible debenture redemption feature
|
-
|
27
|
Change in non-cash
operating working capital
|
335
|
1,304
|
Cash provided by
operations
|
3,081
|
2,501
|
|
|
|
Finance costs
paid
|
(374)
|
(213)
|
|
2,707
|
2,288
|
|
|
|
Investing
Activities
|
|
|
Property and
equipment
|
(989)
|
(3,277)
|
|
(989)
|
(3,277)
|
|
|
|
Financing
Activities
|
|
|
Loan
proceeds
|
784
|
5,069
|
Loan
repayments
|
(1,002)
|
(295)
|
Financing transaction
costs
|
-
|
(23)
|
Finance lease
repayments
|
(70)
|
(75)
|
Shares purchased for
cancellation
|
(27)
|
(119)
|
|
(315)
|
4,557
|
|
|
|
Change in
Cash
|
1,403
|
3,568
|
Cash at beginning of
period
|
6,405
|
1,537
|
Cash at end of
period
|
$
|
7,808
|
$
|
5,105
|
SOURCE BrightPath Early Learning Inc.