WINNIPEG, April 30, 2018 /CNW/ - Novra Technologies
Inc. ("Novra") (TSX-V: NVI) today announced its financial results
for the fourth quarter and fiscal year ended December 31, 2017. All amounts are in
Canadian dollars unless otherwise noted.
Q4 and Year 2017 Consolidated Financial Results
The following financial highlights (1) show a
profitable year 2017.
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(in thousands,
except for Gross margin and % Chg)
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Q4
2017
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Q4 2016
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% Chg
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Year
2017
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Year 2016
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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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1,398
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$
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2,742
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-49%
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$
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8,183
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$
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4,352
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88%
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Services
|
403
|
314
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28%
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1,349
|
691
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95%
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Total
revenue
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1,801
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3,056
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-41%
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9,532
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5,043
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89%
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Gross
profit
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918
|
1,350
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-32%
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4,804
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2,169
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121%
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Gross
margin
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51.0%
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44.2%
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50.4%
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43.0%
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Operating expenses
("OPEX")
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1,010
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1,008
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0%
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3,853
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2,765
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39%
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Operating income
(loss)
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(93)
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342
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NM
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952
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(596)
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NM
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Finance costs,
net
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(14)
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(51)
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-73%
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(102)
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(137)
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-26%
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Other income
(expenses)
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(38)
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53
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NM
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(72)
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(63)
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14%
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Net income (loss)
as reported under IFRS
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$
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(145)
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$
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344
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NM
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$
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778
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$
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(796)
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NM
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Adjusted EBITDA -
non-IFRS measure (2)
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$
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41
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$
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435
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-91%
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$
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1,417
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$
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(256)
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NM
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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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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 2017 financial results over 2016 is
largely driven by the acquisition of International Datacasting
Corporation ("IDC"), which closed on June
15, 2016.
Q4 Results
We earned $41 thousand Adjusted
EBITDA in the current quarter compared to $435 thousand in Q4 2016, mainly due to shipments
for a large radio broadcast network in Q4 2016.
"I am pleased with our positive 2017 results as they reflect the
first complete year of operations after the acquisition of
IDC. With the acquisition of 51% controlling interest of
Wegener Communications on December
2017, we are executing on our vision to bring great
companies together with complementary technologies to capitalize on
market opportunities by consolidating and refocusing engineering to
provide world-class leading-edge products and services to our
clients. As a result of these acquisitions, Novra has
significantly evolved into a strong, scalable global company in the
growing multimedia broadband content distribution business.
Lastly, I am pleased to welcome all of our shareholders to attend
our Annual General Meeting on June 28,
2018 in Winnipeg, Manitoba
at our headquarters." stated Harris
Liontas, President and CEO.
A copy of the MD&A and audited Consolidated Financial
Statements for the year ended December 31,
2017, will be 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", "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.
