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Quarterhill (TSX:QTRH; NASDAQ:GTRH) has announced its financial results for the three-and-six month period ended June 30, 2017. As quoted in the press release: Second Quarter Highlights Revenue of $18.6 million Adjusted EBITDA* of $4.8 million Net income of $3.6 million, or $0.03 per share Cash from operations of $3.1 million Announced a new acquisition-oriented growth strategy and changed the name of …
Quarterhill (TSX:QTRH; NASDAQ:GTRH) has announced its financial results for the three-and-six month period ended June 30, 2017.
As quoted in the press release:
Second Quarter Highlights
- Revenue of $18.6 million
- Adjusted EBITDA* of $4.8 million
- Net income of $3.6 million, or $0.03 per share
- Cash from operations of $3.1 million
- Announced a new acquisition-oriented growth strategy and changed the name of the public company to Quarterhill
- Acquired International Road Dynamics (“IRD”), a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems industry, on June 1, 2017
- Acquired VIZIYA Corp (“VIZIYA”), a software and services provider that helps companies optimize their asset performance, on May 4, 2017
- Completed the first tuck-in acquisition – iCOMS Detections S.A
“Q2 was a significant period for the Company as we launched a major shift in our growth strategy by transitioning our public parent company into a diversified investment holding firm focused on acquiring companies in the Industrial Internet of Things market,” said Shaun McEwan, Interim CEO of Quarterhill. “We quickly began executing on our new plan and completed the acquisitions of IRD and VIZIYA in the quarter. As part of the new strategy, we renamed the public company Quarterhill, and kept the WiLAN name with our patent license business, which will continue to operate as one of the Company’s investments.”
“Our new strategy reflects our belief that the best path to grow the business and shareholder value is to acquire promising growth companies and support them while they build their businesses. This diversification strategy will add additional lines of business to the overall public Company, which will open-up new revenue and cash flow streams, and mitigate the lumpiness that we had experienced in the past. This is evident already; even though the acquired businesses had only a partial contribution to our Q2 financials, we are already seeing the positive impact they can have on our revenue and margins.”