TORONTO, ON–(Marketwired – May 30, 2016) –
Distinct Infrastructure Group Inc.
(TSX VENTURE: DUG)
(“Distinct” or the “Company”) today released its financial results for the three months ending March 31, 2016. For the period ending March 31, 2016, the Company had record revenues of $10.7 million, an increase of $4.6 million or 74% as compared to the three months ending February 28, 2015.
“Given that the first quarter has historically been the weakest quarter for the Company, the record revenues that the Company delivered in the first quarter of 2016 is further affirmation of the Company’s go-forward plan and strategy,” said Joe Lanni, Co-Chief Executive Officer of the Company. “The record growth experienced by Distinct was primarily organic growth from its core businesses. The Company believes that the results for the first quarter of 2016 confirms its strategy and shows that the Company is well on its way to meeting its financial objectives for 2016.”
Further commenting on the positive financial results, Alex Agius, Co-Chief Executive Officer of the Company, stated, “We are pleased with the financial results of our first quarter of 2016 and believe that this reaffirms our positive outlook regarding continued growth for the balance of 2016. Distinct expects to increase its top and bottom lines in 2016 through strong organic performance and strategic platform acquisitions. The Company continues to evaluate opportunities that will enhance its capabilities, increase its customer base and add the valuable resources required to meet its operational goals.”
Other highlights:
- EBITDA of $1.029 million in 2016 as compared to $0.718 million in 2015, a 43.3% increase. EBITDA margin was 9.6% in 2016 compared to 11.6% in the prior period.
- The majority of top-line growth has been organic, as the Company continues to procure additional projects and increase its book of business with established key and new clients. Organic growth in Ontario continues to keep pace with its existing customers’ increasing workload, fueled by projects initiated by some of Canada’s largest communication companies, various utilities and municipalities across the province.
Consolidated Financial Highlights
| March 31, 2016 | December 31, 2015 | |||
| Total current assets | 36,524,124 | 35,908,724 | ||
| Total non-current assets | 17,730,773 | 14,376,669 | ||
| Total Assets | 54,254,897 | 50,285,393 | ||
| Current liabilities | 11,327,398 | 8,719,675 | ||
| Long-term debt, debentures & finance lease obligations | 26,639,797 | 25,050,270 | ||
| Total Liabilities | 37,967,195 | 33,769,945 | ||
| Total Shareholders’ Equity | 16,287,702 | 16,515,448 | ||
| Total Liabilities & Shareholders’ Equity | 54,254,897 | 50,285,393 |
| 3 months ended | 3 months ended | ||||
| March 31, 2016 | February 28, 2015 | ||||
| Revenue | 10,759,455 | 6,164,553 | |||
| Expenses | |||||
| Direct costs | 7,668,678 | 4,301,380 | |||
| Selling, general and administrative | 2,061,316 | 1,145,355 | |||
| Depreciation | 532,279 | 127,712 | |||
| Total expenses | 10,262,273 | 5,574,447 | |||
| Earnings from operations | 497,182 | 590,106 | |||
| Other expenses | |||||
| Finance expense | 767,907 | 192,188 | |||
| 767,907 | 192,188 | ||||
| (Loss) Income before taxes | (270,725 | ) | 397,918 | ||
| Income taxes | – | 192,000 | |||
| Net and comprehensive (loss) income | (270,725 | ) | 205,918 | ||
| (Loss) Earnings per share: | |||||
| Basic and diluted | (0.001 | ) | 0.001 | ||
The financial statements, notes to the financial statements and Management’s Discussion and Analysis for the three months ending March 31, 2016 are available on SEDAR at www.sedar.com as well as DIG’s investor relations website at www.diginc.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
For further information please contact:
Manny Bettencourt
Chief Financial Officer
Email: manny.bettencourt@diginc.ca
Distinct Infrastructure Group Inc.
Email: public.relations@diginc.ca