Apivio Announces First Quarter Financial Results

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,
2017		2016
Total Revenues	$	13,268	$	13,129
Gross Profit Margin	17.5	%	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.