2018 Third Quarter Revenue $2.23 million; Year to Date Revenue $6.94 million; Year to Date Adjusted EBITDA $400,000
TORONTO, Nov. 28, 2018 (GLOBE NEWSWIRE) — iLOOKABOUT Corp. (TSXV:ILA) (“iLOOKABOUT” or “the Company”) today announced that its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2018 and 2017, and the related Management’s Discussion and Analysis (“MD&A”) are available at www.sedar.com and on the Company’s website at http://www.ilookabout.com/investor-relations/financial-information. Shareholders may request a hard copy of this material by directing their request to: iLOOKABOUT Corp., Office of the CFO, 408-383 Richmond Street, London ON, N6A 3C4
“Financial results of our core operations this quarter were largely consistent with previous quarters of this fiscal year, and continue to provide for our ability to invest in our growth strategy,” stated Mr. Gary Yeoman, Chair and CEO of iLOOKABOUT, “Our growth strategy includes geographic expansion within the United States, product enhancement and acceleration of deployment of existing applications including GeoViewPort, and new product development for our real estate data marketplace (the “ReBloc Platform”). Among other achievements this quarter, or shortly thereafter, we are pleased to report that the Company has entered a non-binding term sheet to acquire the assets of a US-based real estate valuation technology company and made significant steps in establishing the infrastructure required to support future development of the ReBloc Platform.”
Highlights of Financial Results:
Discussion with respect to the above noted results can be found in the Company’s MD&A.
| Unaudited | Unaudited | |||||||||||
| Three months ended September 30 | Nine months ended September 30 | |||||||||||
| 2018 | 20171 | 2018 | 20171 | |||||||||
| Revenue | $ | 2,226,000 | $ | 2,432,000 | $ | 6,941,000 | $ | 6,831,000 | ||||
| Comprehensive income (loss) | (506,000 | ) | 175,000 | (795,000 | ) | (34,000 | ) | |||||
| Adjusted EBITDA, Unaudited2 | 117,000 | 297,000 | 400,000 | 448,000 | ||||||||
1Restated for the impact of adoption of IFRS 15.
2Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as comprehensive income (loss) before interest, taxes, depreciation/amortization of equipment and intangible assets, share-based compensation expense and other costs or income of a non-operating and/or non-recurring nature. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
About iLOOKABOUT
iLOOKABOUT is a software, data analytics, data aggregation and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT provides powerful data analytics to the real estate industry through its Real Property Tax Analytics software offering. The Company’s proprietary StreetScapeTM imagery and real property focused web-based application, GeoViewPort™, unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated analytics and workflow management applications into GeoViewPortTM which create highly valued service offerings for its clients. To augment its technology-based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.
iLOOKABOUT’s common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Contact: Gary Yeoman, CEO gary.yeoman@ilookabout.com 416-347-7707 www.ilookabout.com Robin Dyson, CFO robin.dyson@ilookabout.com 519-931-6235 www.ilookabout.com