GREY:CCZFF - Post by User
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Techsavyon May 24, 2013 9:01am
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ZEDI - Paving the way for CCZ
ZEDI - Paving the way for CCZCALGARY, ALBERTA--(Marketwired - May 23, 2013) - Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) "We kicked off 2013 with year over year revenue growth of 6% in, what continues to be, a tough market, led by our artificial lift and data management solutions. I am particularly pleased to report that, after complying with all US regulatory requirements, Q1 marks the first period with meaningful revenue from artificial lift in our US market. Our EBITDA growth of 3% was lower than our revenue growth having been impacted by an increased investment in both the US and Canada for sales and service capability to support continued growth of our artificial lift business as well as charges related to reorganization within our product management group," says Matthew Heffernan, President and CEO of Zedi. "We are pleased overall with our Q1 results and remain cautiously optimistic that we will continue to perform well, relative to our sector, in the upcoming quarters." The Q1 financial statements and MD&A are filed on SEDAR and can be accessed at www.sedar.com or on the Company's website at www.zedi.ca.
Highlights of the Q1 2013 results include:
- Revenues of $27,904,000, a 6% increase over $26,281,000 in Q1 2012.
- EBITDA(1) was $4,312,000, a 3% increase over $4,168,000 reported in Q1 2012.
- Prior to working capital changes, Zedi's cash flow from operating activities was $4,540,000, up 4% from Q1 2012.
- Profit of $1,477,000, which was consistent with the prior year after having been impacted by additional and one-time expenses noted above.
- Recurring revenue(1) made up 57% of total revenue in the period and covered 204% of operations expenses and 169% of total cash expenditures.
- Zedi's balance sheet remains strong, with working capital of $16,618,000 at the end of Q1 2013.