impressive Q1 earnings Revenue increased 9% to $30.9 million as compared to $28.4 million for the same period in 2018;
EBITDA(1,4)increased 75% to $9.2 million as compared to $5.3 million for the same period in 2018. EBITDA increased due to improved revenue in addition to the $1.2 million impact from the adoption of IFRS 16 as noted in the "New Accounting Standards" section;
Net income improved to $1.6 million compared to net loss of $(0.4) million for the same period in 2018;
Capital additions totaled $6.6 million and was deployed to grow and maintain the Company's industrial matting fleet to meet the expected demand in Canada and the U.S.;
Grew the industrial matting fleet by 6% to 118,080 mats at March 31, 2019;
Relocated 6% of Canadian surface rental fleet into the U.S. to meet the growing demands in the Marcellus, Rockies, and Permian basins;
Reduced funded debt(2) by 41% to $8.2 million at March 31, 2019, compared to $14.0 million at December 31, 2018. Funded debt(2) to covenant EBITDA(3) ratio was 0.3 : 1.0 at March 31, 2019; and
Purchased and canceled 481,921 common shares under the current normal course issuer bid ("NCIB").