Pivot Technology Solutions Reports Q4 and Annual 2017 Results

Pivot Technology Solutions (TSX:PTG) has announced its financial results for Q4 and fiscal 2017.

As quoted in the press release:

Fourth Quarter Summary

• Revenue was $399.4 million, up 1.4% from $394.0 million in Q4 2016
  • Service revenue grew 1.2%
  • Product revenue grew 1.4%
• Gross profit was $48.9 million (12.2% margin), up from $48.5 million (12.3% margin) in Q4 2016
• Adjusted EBITDA¹ was $11.1 million, up 31.5% from $8.5 million in Q4 2016 reflecting revenue growth and effective cost management
• Income before income taxes was $6.1 million up 34.1% from $4.6 million in Q4 2016
• Tax expense was $8.7 million, including a one-time $5.8 million non-cash charge related to the impact of US Tax Reform, compared to $1.7 million in Q4 2016
• Loss for the period was $2.6 million due to the one-time, non-cash tax charge, compared to Income of $2.9 million in Q4 2016
• Reflecting the one-time, non-cash income tax charge, loss per share was $0.07 compared to diluted income per share of $0.05 in Q4 2016

Annual Results Summary

• Revenue was $1.5 billion, up 6.5% from $1.4 billion in 2016 excluding GTS²
  • Service revenue grew 12.6% excluding GTS²
  • Product revenue grew 5.8% excluding GTS²
• Gross profit was $168.8 million (11.2% margin), down 1.3% from $171.1 million (12.1% margin) in 2016 excluding GTS²
• Adjusted EBITDA¹ was $24.1 million, down 4.0% from $25.1 million in 2016 excluding GTS²
• Income before income taxes was $2.8 million up from a loss in the prior year of $3.1 million excluding GTS²
• Tax expense was $8.4 million, including a one-time $5.8 million non-cash charge related to the impact of US Tax Reform, compared to $0.1 million in 2016 excluding GTS²
• Loss was $5.6 million compared to a loss of $4.3 million in Q4 2016

Click here to read the full press release.