Axia Reports Results for the three month period ended March 31, 2014
CALGARY, May 13, 2014 /CNW/ -
- Business unit* revenue of $30.3 million grew 20% from $25.2 million in Q1 2013. Business unit EBITDA of $7.4 million was up 8% over the prior year.
- In Covage, revenue of $17.6 million grew 35% over the same period last year. EBITDA of $5.4 million was up 62% year over year.
- North American revenue of $12.7 million grew 4% and recurring revenue of $11.9 million grew 8% over the prior year. North American EBITDA, net of corporate costs, was $2.0 million, down $1.5 million from $3.5 million a year ago. A number of milestones were accomplished in the quarter including the commissioning of the Massachusetts network, the launch of a new scalable OSS/BSS system and the soft launch of the FTTP Business which in total resulted in additional costs of $1.5 million.
- IFRS net loss of $0.3 million or $(0.01) per share compared to a gain of $6.5 million or $0.10 per share for the prior year.
- The balance sheet remained strong with $36.7 million of cash, $2.0 of debt and an unused $20 million credit facility.
* Axia's business unit summary includes 100% of the financial and operational results of Axia North America and Covage. Please see the condensed consolidated interim financial statements and related Management's Discussion & Analysis (MD&A) for more details.