Zedi announces Q4 and Year End 2011 financial resu Zedi announces Q4 and Year End 2011 financial results
CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) "The Q4 financial results top off a banner year for Zedi where we set revenue records in each of the four quarters. Executing well on all fronts, we held our own in a tough Canadian market by maintaining our core technology revenues and recording 37% growth in field operations. We grew the recurring revenue from our international operations by 57% in 2011, establishing a strong base upon which we can build outside of North America. To round out the exceptional performance, the acquisitions we made in 2011 have all delivered significant growth. All of this would not be possible without the support and commitment from our customers, our employees and our shareholders and for that we are sincerely grateful. I am confident we are on the right path to become a global leader in production operations management," said Matthew Heffernan, Zedi President & CEO. The annual 2011 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.
Revenues for Q4 2011 were $24,996,000 compared to $15,438,000 for Q4 2010, representing an increase of 62% for the quarter and bringing 2011 annual revenues to a total of $90,922,000, which is a 57% increase over 2010 revenues of $57,751,000.
On an annualized basis, EBITDA(1) per share was
.13 in 2011,
.09 in 2010 and
.05 in 2009. For the year 2011, EBITDA was $13,242,000, a 55% increase over the $8,572,000 posted in fiscal 2010, attributable to solid performance by Southern Flow, the new US subsidiary, and supported domestically by the above-mentioned increase in field operations and five additional acquisitions. All acquisitions were revenue and earnings accretive and completed with no equity dilution.
Profit before taxation for Q4 2011 was $1,817,000 or
.02 per common share resulting in 2011 annual profit before taxation of $6,654,000 or
.07 per common share, an increase of 28% over the prior year. Operations continue to generate strong cash flow, with cash from operations prior to working capital changes of $14,040,000 generated in 2011, up 60% compared to $8,800,000 during 2010. Closing working capital for December 31, 2011 remains very strong at $14,224,000.
Recurring revenue for Q4 2011 was 205% of operations expenses, up from 180% in Q4 2010. Recurring revenue as a percentage of the Company's total cash expenditures, which in addition to operations expenses includes deferred development and capital asset purchases, increased to 171% for Q4 2011 up from 150% in Q4 2010. The Company believes that these two measures are significant indicators of performance and sustainability.
Zedi Inc. (TSX VENTURE:ZED) provides integrated services, applications, and technology to oil and gas producers to help efficiently manage their production operations. Having established a leadership position in our base market, we continue to grow globally by operating in 25 countries around the world. Our expertise helps producers increase revenue while reducing operating costs and ensuring regulatory compliance.
1 EBITDA is a non-IFRS measure that is commonly used by industry to normalize non-operating factors that are included in net income. EBITDA is Earnings before interest, taxes, depreciation and amortization. See section 10 of the Management Discussion and Analysis for further detail.
Cautionary Statement Regarding Forward-Looking Information