IBI Group announces third-quarter results
TORONTO – IBI Group Inc. today announced financial results for the three months ended September 30, 2014.
Negotiated amended and restated credit facilities with total availability of $87 million and reset the maturity date to March 31, 2016 with senior lenders.
Amended and extended the $46 million of 7% debentures which are now due June 30, 2019.
Sold the Quebec assets and operations of IBI/DAA Group Inc., CHB-IBI Group Inc., and Martin, Marcotte-Beinhaker Inc. to Service Intégrés Lemay & Associés Inc. and 49% of its operations in China for approximately $13.2 million, subject to final balance sheet adjustments.
Net income from continuing operations for the three-month period ended September 30, 2014 was $7 million, compared with net loss from continuing operations of $40.3 million for the three months ended September 30, 2013.
Adjusted EBITDA from continuing operations was $4.3 million for the three months ended September 30, 2014 compared with $4.4 million for same period last year.
Committed fees now stand at approximately $313 million for 2014. This represents approximately 98% of the 2014 plan, with total fee backlog of approximately 8.5 months.
About IBI Group Inc.
The Company is a TSX-listed corporation and its common shares trade under the symbol “IBG”. IBI Group is a globally integrated architecture, planning, engineering, and technology firm with over 2,600 professionals around the world. For more than 40 years, our dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. We are one of the largest architecture firms in the world, and more than 300 of our staff architects, planners, designers and engineers are LEED accredited.
We believe cities must be designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch.
At IBI, we’re defining the cities of tomorrow.
For further information:
Stephen Taylor, CFO
IBI Group Inc.
230 Richmond Street West, 5th Floor
Toronto, ON M5V 1V6
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