IBI Group Inc. announces first-quarter results
TORONTO – IBI Group Inc. today announced financial results for the three months ended March 31, 2014.
- Continue improvement in operational performance as a result of the new corporate structure
- EBITDA , normalized for non-recurring professional fees and additional rent for the new office, was $6.7 million for the three months ended March 31, 2014 compared with $2.4 million for the three months ended December 31, 2013 and $7.3 million for same period last year
- Committed fees for 2014 now stands at approximately $285.0 million, over 85% of the 2014 plan, with total fee backlog of 8.5 months
- The U.S. and International regions continue to strengthen representing 44% of the Company’s revenue for the period ended March 31, 2014 compared with 39% as at December 31, 2013
- Working capital improvement as billing and collection efforts have improved, receivables greater than 90 days were 34% Q1 2014 compared with 37% for Q4 2013 and 47% for Q1 2013
- Refinancing efforts currently underway to extend maturity date on convertible debentures maturing December 31, 2014 to June 30, 2019
- Other refinancing initiatives are ongoing to reduce borrowing under the senior credit facility, and include divesting non-strategic assets and securing subordinated debt.
- Revenue for the three months ended March 31, 2014 was $81,710,000
- Net income for the three months ended March 31, 2014 was $1,196,000
- Basic and diluted earnings per share (EPS) for the three months ended March 31, 2014 was $0.05