ZEDCOR INC. ANNOUNCES FOURTH QUARTER AND ANNUAL RESULTS FOR 2022 WITH 63% ANNUAL INCREASE IN REVENUE, $7.6 MILLION IN ANNUAL ADJUSTED EBITDA AND POSITIVE EARNINGS PER SHARE
Zedcor Inc. today released its financial and operating results for the three and 12 months ended Dec. 31, 2022.
Q4 2022 revenues increased to $6.4-million and the company had net income before income taxes of $1.1-million or two cents per share. This represented a 57-per-cent increase in revenues compared with Q4 2021 and a 101-per-cent increase in net income for Dec. 31, 2022.
Zedcor recorded $2.4-million and $7.6-million of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations for the three months and 12 months ended Dec. 31, 2022. This compares with $1.0-million and $4.4-million of adjusted EBITDA from continuing operations for the three and 12 months ended Dec. 31, 2021.
During the quarter, the company has allocated approximately 13 per cent of its MobileyeZ security tower fleet to Ontario. These towers are being utilized at construction and automotive customer sites. Zedcor has continued to allocate security towers to Eastern Canada as it expands its service capabilities in Eastern Canada.
Todd Ziniuk, president and chief executive officer, said: "The entire team is excited about the disruptive technology that is enabling our customers to secure their assets with a better service while reducing their costs. We are seeing opportunities across a variety of industry sectors and customer bases. We look forward to providing a high level of Zedcor service that our current customers are expecting to new customers across Canada and providing them technology-based solutions. The strong financial results for Q4 2022 reflect the efforts of our team who deliver exceptional service to our customers every day. We continue to see strong demand for our video surveillance as a service offering with customers shifting away from traditional security services."