ZED EarningsZedi Inc. announces Q4 and annual 2010 financialresults
20:05 EST Thursday, March 03, 2011
CALGARY, ALBERTA,--(Marketwire - March 3, 2011) - Zedi Inc.(the "Company" or "Zedi") (TSX VENTURE:ZED) today releases results for 2010."2010 has been a banner year for Zedi. Our annual revenue surpassed $57 million,the highest in corporate history, and a result of four consecutive quarters ofrevenue records. With the completion of the Southern Flow acquisition inJanuary, we have had a strong start to 2011 and look forward to another goodyear," said Matthew Heffernan, Zedi President & CEO. The 2010 financialstatements and MD & A are filed on SEDAR and can be accessed at www.sedar.com or on the Company'swebsite at www.zedi.ca.
Revenues for fiscal 2010 were $57,751,000 compared to $46,664,000 in 2009.The company exited 2010 with revenues in the fourth quarter of $15,438,000compared to $13,600,000 in Q4-2009, setting another record quarter in 2010.Earnings before interest, taxes, depreciation, amortization and stock basedcompensation expense ("EBITDAS") for 2010 was $9,368,000 compared to $6,276,000in 2009. While EBITDAS is a non-GAAP measure it is commonly used by industry tonormalize non-operating factors that are included in net income. Net incomebefore tax for 2010 was $5,430,000 an increase of $4,281,000 when compared tothe net income before tax of $1,149,000 in 2009.
The Company tracks recurring revenue as a percentage of operations expenses.Recurring revenue for 2010 covered 178% of operations expenses, up from 176%through 2009. Zedi as well tracks recurring revenue as a percentage of theCompany's total cash requirements, which in addition to operations expensesincludes deferred development and capital asset purchases, and reports 160% for2010, up from 148% for the same period in 2009. The Company believes that thesetwo measures are significant indicators of performance and sustainability.