Mediagrif reports its results for fiscal year 2018

Mediagrif Interactive Technologies (TSX:MDF), a Canadian leader in information technology announced its financial results for the year ended March 31, 2018.

The company said that its revenues were up 4.1 percent to reach $80.9 million for the fiscal year. Its adjusted EBITDA was $23.4 million and cash flow from operating activities totaled $17.9 million.

As quoted in the press release:

FISCAL YEAR ENDED MARCH 31, 2018

For fiscal year 2018, revenues reached $80.9 million, an increase of 4.1% compared to $77.7 million in fiscal year 2017.

The increase in revenues is mainly attributable to the addition of Orckestra revenues of $4.0 million for a period of nine months following its acquisition on June 23, 2017 as well as additional revenues from ASC of $1.3 million for a full twelve-month period in fiscal year 2018 compared to a ten-month period during fiscal year 2017. In addition, InterTrade and BidNet platforms continued their organic growth adding $1.0 million in revenues during fiscal year 2018.

These revenues increases were partially offset by lower revenues at Jobboom for a total amount of $1.2 million mainly due to price adjustments reflecting market conditions as the number of customers remained stable during the year with the number of job postings increasing 78% when compared to fiscal year 2017.

Profit reached $7.2 million ($0.48 per share), compared to $15.8 million($1.06 per share) during fiscal year 2017.

FOURTH QUARTER OF FISCAL YEAR 2018

For the fourth quarter of fiscal year 2018, revenues reached $20.5 million, an increase of $0.5 million when compared to the fourth quarter of fiscal year 2017.

Adjusted EBITDA for the fourth quarter of fiscal year 2018 totaled $5.6 million and includes non-recurring retention incentives of $0.2 million in connection with the acquisition of Orckestra. Furthermore, adjusted EBITDA for the fourth quarter of fiscal year 2018 includes a $0.3 millionoperational loss from Orckestra compared to a $0.7 million loss during the third quarter of the current fiscal year.

Profit reached $2.1 million ($0.14 per share) compared to $3.6 million ($0.24per share) during the fourth quarter of fiscal year 2017. Profit for the fourth quarter of fiscal year 2018 also includes a non-deductible interest expense of $0.4 million related to a tax settlement.

QUARTERLY DIVIDEND

The Board of Directors of Mediagrif declared a quarterly dividend of $0.10per share payable on July 16, 2018, to shareholders of record on July 3, 2018.

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