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ScreenPro Security Inc. (CSE: SCRN) ("ScreenPro" or the "Company") is pleased to report net earnings of $724,288 in Q3, 2021. It has filed its financial statements ("FS") and related management discussion and analysis ("MD&A") for the financial results ending September 30, 2021 ("Q3 2021"). All currency is in Canadian dollars unless otherwise stated.
Please refer to www.sedar.com.
Q3 2021 Financial Summary
The Company reported revenue of $3,878,868, net earnings of $724,288, and adjusted EBITDA of $812,775. This Adjusted EBITDA reflects the Company's operations, not including non-cash items.
Path to Profitability: The Company made strong progress throughout the third quarter accelerating its path to profitability by identifying revenue opportunities, expanding its operations, reducing the operating costs, and maintaining good relationship with its supply chain partners despite disruptive supply chain market.
Fiscal highlights of Q3 and subsequent events:
In the third quarter ScreenPro business model accelarated with the successful onboarding of new film and television productions in Toronto, Montreal, and Vancouver and launched on the execution of its strategy on building out other business sectors.
On September 16th, ScreenPro announced that it is providing COVID-19 testing for productions who are attending the 46th edition of the Toronto International Film Festival.
On September 28th, ScreenPro announced that the Company provides COVID-19 testing services to the entertainment operations and talent department for a cruise line owned and operated by one of the world's largest media and entertainment company.
On October 15th, ScreenPro announced its successful uplisting from the OTC Pink Sheets to the OTCQB® Venture Market (the "OTCQB"). The shares ScreenPro commenced trading on the OTCQB at market open on October 12th under the symbol "SCRSF".
On November 16th, ScreenPro closed its acquisition of 100% of Concierge Medical Consultants Inc. as a part of the Company's post pandemic business development plan.
Lena Kozovski, CEO of ScreenPro commented, "We continue to build a profitable life sciences business, revenues are stable, our product offerings will be enhanced with the addition of Concierge Medical, and the company increased its margins, so as we move forward, I am feeling optimistic about the state of the organization."
Andrew Ryu, Chairman of the Company states, "I am very happy to see that ScreenPro turned the corner and started showing the profit. Everyone worked hard to stabilize its operating costs to be profitable, and we are now poised to further growth with stable cash flow. ScreenPro will be a very different company with diversified businesses and source of revenue."
Q3 2021 Financial Review
* The consolidated financial statements were prepared in accordance with IFRS. The following is selected presentation of the Income Statement for the three months ending September 30, 2021:
All figures are in Canadian dollars unless otherwise noted:
| 3 months ended 30-September-2021 | 3 months ended 30-September-2020 | |
| Total revenues | $3,878,868 | $0.00 |
| Net Income/Loss | $724,288 | ($38,000) |
| Income per share - basic | $0.00 | ($0.001) |
| EBITDA | $812,775 | ($32,000) |
* Note: EBITDA ( non- IFRS measures) is calculated as Net Loss adjusted for 1. Income taxes, 2. Depreciation and amortization, and 3. Interest and accretion.
Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Specific items may only be relevant in certain periods. For a reconciliation of non-IFRS financial measures please refer to the Company's Management Discussion and Analysis for the six months ended September 30, 2021.
| 3 months ended 30-September-2021 | 3 months ended 30-September-2020 | Dollar Change | |
| Total Assets | $9,949,960 | $32 | $9,949,928 |
| Total Liabilities | $4,355,349 | $144,238 | $4,211,111 |
Outlook
ScreenPro remains focused on the expansion of its COVID-19 testing business, with the Company expecting to see growth in the rest of 2021 through 2022 with the different testing verticals and the new concierge medical services business offering home visit care starting in Vancouver that will capitalize on the lucrative custom care management market.
Unfortunately even with populations being vaccinated, and as the contagious Delta variant continues to circulate, there is clear and mounting evidence that people are contracting breakthrough COVID-19 infections. Testing coupled with contact tracing is a COVID-19 preventative action that will continue for years to come.
Given the significant surge in the need for additional healthcare resources, and as the Company further integrates Concierge Medical Consultants Inc's business, the Company expects to see a significant upside and growth in revenue as the pandemic has exhibited that patients are moving to healthcare being administered from the comfort of their home.
About ScreenPro
ScreenPro is a Screening and Medical Technology company that provides turnkey screening solutions with its proprietary medical alerting software. ScreenPro's unique access to multiple manufacturers of high-quality test kits and its strategic partnership with labs in British Columbia, Ontario and Quebec allow ScreenPro to be a full-service nationwide provider of COVID testing solutions across Canada. In addition, ScreenPro has its own medical doctor and nursing professionals along with on the ground support staff and transportation, as access to high quality PPEs to ensure that its clients are protected in all aspects of their testing needs. ScreenPro's subsidiary Concierge Medical Consultants is a small group of board-certified practicing emergency physicians who think that urgent care does not just happen in an ER or your doctor's office, it can happen anywhere at any time. ScreenPro provides alerting software through its secure GoStop application that enables individuals to use the app for test screening results as well as provides automated identification codes for our laboratories and analytics to our clients on their testing cadence.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange (the "CSE") nor it's Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Jamie Hyland, Director
Email: info@screenprosecurity.com
P. (604) 442-2425
Forward Looking Statements:
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to expectations regarding the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
Forward-looking statements included in this news release include, but are not limited to, statements in respect of the Company's expected performance in Q1 2021, the continued testing business, the acquisition of GoStop and ongoing consolidation of its supply chain and the impact thereof.
Financial Outlook
This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the second quarter of 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed in this press release and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward-Looking Statements", it should not be relied on as necessarily indicative of future results.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105000
