Apivio Announces First Quarter Financial Results

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Apivio Systems (TSXV:APV) has reported its results for the quarter ended March 31, 2017. As quoted in the press release: First Quarter Highlights: Sales increased 1% to CAD $13,268,172 compared to Q1 2016, in part, due to a slight increase in volume in Korea; Gross margins improved to 17.5% compared to 16.2% in Q1 2016, …

Apivio Systems (TSXV:APV) has reported its results for the quarter ended March 31, 2017.
As quoted in the press release:

First Quarter Highlights:

  • Sales increased 1% to CAD $13,268,172 compared to Q1 2016, in part, due to a slight increase in volume in Korea;
  • Gross margins improved to 17.5% compared to 16.2% in Q1 2016, primarily due to favorable exchange rates;
  • Adjusted EBITDA of ($391,448) compared to $70,014 in Q1 2016;
  • Net loss of $639,348 compared to $201,998 in Q1 2016. Adjusted EBITDA and Net Income were both lower due to one-time expenses of $255,851 related to Nuri take-over bid and foreign exchange translation loss of $325,070 from forward contracts; and
  • Loss per share of ($0.01) compared to ($0.00) in Q1 2016.
[expressed in thousands of CAD$Three Months Ended
except percentages and EPS]March 31,
20172016
Total Revenues$13,268$13,129
Gross Profit Margin17.5%16.2%
Net Income$(639)$(202)
Basic and Diluted Weighted Average
Net Income per Share$(0.01)$(0.00)
Total Assets$21,935$19,430

Apivio is pleased to announce its results for the quarter ended March 31, 2017. Despite considerable uncertainty and distraction to management arising from the Nuri take-over bid, the company managed to report higher revenue compared to the year-ago quarter. Net Income would have been higher than the year-ago quarter but for the expenses related to the Nuri take-over bid as well as revaluation of forward exchange contracts.

Click here to read the full press release.

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