First quarter revenue of $251.6 million, an increase of 3.4% over Q1 2017
First quarter net income of $1.4 million, an increase of $0.7 million over Q1 2017
First quarter Adjusted EBITDA1 of $11.7 million, up by $1.0 million and 9.5% over Q1 2017
LASALLE, QC, May 9, 2018 /CNW Telbec/ - Today, GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) announced its financial results for the first quarter of 2018.
For the first quarter ended March 31, 2018:
Revenue reached $251.6 million, an increase of $8.3 million, or 3.4%, compared to the first quarter of 2017. The increase in revenue of 4.0% resulted primarily from acquisitions.
Net income reached $1.4 million or $0.07 per share, compared to $0.7 million, or $0.03 per share for the first quarter of 2017.
Adjusted EBITDA1 amounted to $11.7 million, an increase of $1.0 million, or 9.5%, over the corresponding quarter of 2017. Adjusted EBITDA margin1 was 4.6% compared to 4.4% for the corresponding quarter of 2017.
"With over $250 million of revenue in the first quarter we are on track to surpass $1 billion revenue for 2018, which is a significant milestone for GDI. Adjusted EBITDA increased by 10% to $11.7 million in the quarter, and while some of our business segments had a soft quarter we remain on-track to meet our annual growth objectives. During the first quarter, we began reporting Modern within our Janitorial Canada segment, as both businesses represent GDI's service delivery platforms within the commercial janitorial services market in Canada. Our Canada Janitorial business performed well in the first quarter and I am pleased to report that we were able to work together with our clients to substantially manage the minimum wage increase in Ontario without a critical impact on our results. While we remain engaged with some clients in this regard, we expect this initiative to be completed by the end of the second quarter. Our USA Janitorial and Technical Services segments delivered lower than expected performance in the first quarter due mainly to work related timing issues, however we intend to achieve our targeted results during the course of the year. Finally, our Complementary Services segment, now principally composed of our Superior Solutions business, had a good first quarter which was in-line with expectations," stated Claude Bigras, President & CEO of GDI.
"The outlook for the remainder of 2018 remains positive. We are working on growing our business both organically and through acquisition and on managing our costs. Our leverage ratios remain well within our comfort zone and we are well positioned to continue to execute on our business plan and to capitalize on strategic growth opportunities as they arise," concluded Mr. Bigras.
First quarter net income of $1.4 million, an increase of $0.7 million over Q1 2017
First quarter Adjusted EBITDA1 of $11.7 million, up by $1.0 million and 9.5% over Q1 2017
LASALLE, QC, May 9, 2018 /CNW Telbec/ - Today, GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) announced its financial results for the first quarter of 2018.
For the first quarter ended March 31, 2018:
Revenue reached $251.6 million, an increase of $8.3 million, or 3.4%, compared to the first quarter of 2017. The increase in revenue of 4.0% resulted primarily from acquisitions.
Net income reached $1.4 million or $0.07 per share, compared to $0.7 million, or $0.03 per share for the first quarter of 2017.
Adjusted EBITDA1 amounted to $11.7 million, an increase of $1.0 million, or 9.5%, over the corresponding quarter of 2017. Adjusted EBITDA margin1 was 4.6% compared to 4.4% for the corresponding quarter of 2017.
"With over $250 million of revenue in the first quarter we are on track to surpass $1 billion revenue for 2018, which is a significant milestone for GDI. Adjusted EBITDA increased by 10% to $11.7 million in the quarter, and while some of our business segments had a soft quarter we remain on-track to meet our annual growth objectives. During the first quarter, we began reporting Modern within our Janitorial Canada segment, as both businesses represent GDI's service delivery platforms within the commercial janitorial services market in Canada. Our Canada Janitorial business performed well in the first quarter and I am pleased to report that we were able to work together with our clients to substantially manage the minimum wage increase in Ontario without a critical impact on our results. While we remain engaged with some clients in this regard, we expect this initiative to be completed by the end of the second quarter. Our USA Janitorial and Technical Services segments delivered lower than expected performance in the first quarter due mainly to work related timing issues, however we intend to achieve our targeted results during the course of the year. Finally, our Complementary Services segment, now principally composed of our Superior Solutions business, had a good first quarter which was in-line with expectations," stated Claude Bigras, President & CEO of GDI.
"The outlook for the remainder of 2018 remains positive. We are working on growing our business both organically and through acquisition and on managing our costs. Our leverage ratios remain well within our comfort zone and we are well positioned to continue to execute on our business plan and to capitalize on strategic growth opportunities as they arise," concluded Mr. Bigras.
No comments:
Post a Comment