HIGHLIGHTS
- Success in the completion of the integration of
Urbanimmersive LLC (‘Tourbuzz’) along with all the realized cost synergies anticipated; - Gross Merchant Volume (‘GMV’) of
$2,535k for Q4-19 while compared to$1,481k for Q4-18, a growth of$1,054k or 71% and a GMV of$10,061k for 2019 compared to$3,477k for 2018, a growth of$6,584k or 189%; - Revenues of
$864k for Q4-19 while compared to$812k for Q4-18, a growth of$52k or 6.4% and revenues of$4,454k for 2019 compared to$2,271k for 2018, a growth of$2,183k or 96%; - Gross margin (before amortization) of
$816k (94.4%) for Q4-19 compared to$273k (33.6%) for Q4-18 (increase of$543k ) and gross margin of$3,378k (75.8%) for 2019 compared to$335k (14.8%) for 2018 (increase of$3,043k ); - EBITDA of
$466k for Q4-19 compared to –$285k for Q4-18 (increase of$751k ) and EBITDA of$725k for 2019 compared to –$1,366k for 2018 (increase of$2,091k ); - Net income of
$746k for Q4-19 compared to a net loss of$1,589k for Q4-18 (improvement of$2,335k ) and net income of$1,942k for 2019 compared to a net loss of$2,766k for 2018 (improvement of$4,708k ); - Cashflows related to operating activities of
$437k for Q4-19 compared to –$243k for Q4-18 (improvement of$680k ) and cashflows related to operating activities of$464k for 2019 compared to –$1,325k for 2018 (improvement of$1,789k ); - Conversion of all merchants using low-margin services to new high margin platform feature;
- Renewal of terms and conditions of the US term loan in compliance with its required financial covenants and reclassed as long-term debt;
- Launch of a new corporate website with enriched investors section;
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Three-month period ended | Three-month period ended | Twelve-month period ended | Twelve-month period ended | ||||
In thousands $ | In thousands $ | In thousands $ | In thousands $ | ||||
Gross Merchant Volume (GMV) * | 2,535 | 1,481 | 10,061 | 3,477 | |||
Revenues | 864 | 812 | 4,4954 | 2,270 | |||
Direct charges | 48 | 539 | 1,076 | 1,936 | |||
Amortization | 132 | 58 | 494 | 87 | |||
Gross margin (before amortization and loss on disposal of assets) | 816 | 273 | 3,378 | 335 | |||
Operating expenses | 363 | 934 | 2,666 | 2,076 | |||
EBITDA** | 466 | (285) | 725 | (1,366) | |||
Other expenses (revenues) | 51 | 870 | (1,313) | 938 | |||
Net income (loss) | 746 | (1,589) | 1,942 | (2,766) | |||
Basic net income (loss) per share | 0.01 | (0.040) | 0.03 | (0.04) |
* GMV represents the value of all transactions performed by merchants using Urbanimmersive’s business solutions for invoicing and/or collecting payments for their services.
** Exclude Tourbuzz acquisition costs of
ACHIEVEMENTS
"This other consecutive quarter of strong financial performance once again demonstrates the profitability and sustainability of the Company following the successful integration of Tourbuzz's activities and allows us to tackle the low season with serenity and a financial strength never achieved before. This is particularly satisfying to realize that this improvement in our financial situation is driven by many various financial metrics including revenues, gross margin, operating income, net income, cash flow from operating activities and working capital. In addition, the ongoing refinancing process of our term loan should provide us with greater financial flexibility," said
"This year, we have put a lot of effort into integrating, streamlining and harmonizing our technological, human and financial activities following our major acquisition of Tourbuzz in order to provide ourselves with the means to invest more in the growth of our activities and we are very proud of the results achieved today," said
"We are also proud of the competent and tightly integrated team we have put in place this year. Now that the integration of our activities is behind us, team’s priority in the coming months will be to optimize the customer experience through increased sales and marketing support and the launch of new innovative business solutions driven by the core technologies developed by
Options grant and shares issuance
The Company also announces that 1,250,000 share purchase options have been granted to employees, management and members of the Board of directors pursuant to the terms of its share option plan (the “Plan”). These options are exercisable at
Update on the refinancing of the US term loan
The Company just recently signed a financing offer with a financial institution to mainly refinance its US term loan with a current balance of Can$ 1.1 million as well as its ongoing operations. Terms of this 2-year loan include a 5-year amortization period, a variable interest rate of prime rate +5.0% or 7.52% (while compared to 11.75% for the existing loan) and similar guarantees. This financing offer also includes a
Investor Conference Call
UI will be hosting a conference call to discuss 2019 financial results and answer questions at
About
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
President & CEO
514-394-7820 X 202
ghislainlemire@urbanimmersive.com
www.urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
simonbedard@urbanimmersive.com
2020 GlobeNewswire, Inc., source