2021 Third Quarter Results CALGARY, Alberta, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported third quarter results today. All results are presented in Canadian dollars unless otherwise stated.
Third Quarter Financial and Operational Highlights
- Revenue was $171.8 million compared with $156.9 million in the third quarter of 2020. After normalizing for the effects of foreign exchange, revenue was up 15% compared with the third quarter of 2020. Revenue included $14.0 million in emergency response revenue compared with $7.0 million in the third quarter of 2020.
- Gross profit margin improved sequentially to 27.4% compared with 19.2% in the second quarter of 2021 versus 35.8% in the third quarter of 2020. Adjusted EBITDA margin improved sequentially to 20.8% compared with 10.6% in the second quarter of 2021 versus 30.0% in the third quarter of 2020.
- Adjusted EBITDA improved sequentially to $35.8 million compared with $14.4 million in the second quarter of 2021 and $47.1 million in the third quarter of 2020. Approximately $3.0 million in COVID-19 related government assistance benefits were received in the quarter versus approximately $2.0 million received in the third quarter of 2020.
- Consolidated revenue per truck per month (“RPT”) improved to $33,248 compared with $26,633 in the second quarter of 2021 and $28,347 in the third quarter of 2020.
- Maintained a strong liquidity position with over $275 million in cash and credit facility capacity supported by continued working capital improvements largely resulting from improved accounts receivable management.
- Effective January 1, 2022, Badger will begin reporting results in U.S. dollars to improve year over year comparability given foreign exchange rate fluctuations as the majority of its business activities are denominated in U.S. dollars.
- Badger’s board of directors approved a change in the frequency of the Company’s cash dividend payment from monthly to quarterly effective with its March 2022 dividend. The March 2022 quarterly cash dividend will be payable on April 15, 2022 to all shareholders of record at the close of business on March 31, 2022.
“We are pleased with the revenue and margin improvements in the third quarter and with the continued improvements we made as the year progressed. We continue to focus on driving revenue growth and returning to historical margin levels. Badger remains committed to generating profitable, long-term and sustainable growth to produce superior total shareholder returns,” said Paul Vanderberg, President and Chief Executive Officer.
“We are proud of how our team safely responded and supported the efforts to restore essential utility services to the communities impacted by Hurricane Ida in the Gulf Coast. This and other severe weather events continue to highlight the need for ongoing reinforcement of North America’s critical infrastructure. Infrastructure improvement continues to present meaningful, long-term market opportunities for Badger and the use of non-destructive excavation,” concluded Mr. Vanderberg.
https://www.globenewswire.com/news-release/2021/11/04/2328190/0/en/Badger-Infrastructure-Solutions-Ltd-Announces-2021-Third-Quarter-Results-Change-to-U-S-Dollar-Presentation-Currency-and-Change-to-a-Quarterly-Cash-Dividend.html