Developments
- Revenue of
$6.02 million up 31% from$4.61 million in the year endedMarch 31, 2020 . - Net and comprehensive income of
$706 thousand compared to net loss of$552 thousand in fiscal 2020. - Adjusted EBITDA of
$1.01 million compared to negative adjusted EBTIDA of$470 thousand . - Sales bookings of
$5.48 million up 5% from$5.22 million in fiscal 2020.
“It has been a year of unprecedented challenges and I would argue that no industry has felt the impact of COVID-19 more than senior living. Amongst the terrible loss, we saw heroic efforts from healthcare professionals around the globe. In just one client example, staff at a senior care property put aside their own desire to be with their families and moved in with residents to isolate in place. Amongst the tragedy our frontline staff also reported customers thanking us for maintaining service at such a crucial time. Our goal from the start was to prioritize the health and safety of our customers, their residents, and our employees. At times, these goals seemed to conflict, requiring our operations staff to travel at the height of the pandemic to deliver essential products and service. I am tremendously grateful to our own team, who adapted to the new COVID-19 protocols and worked tirelessly to provide continuity of service to our customers.
Prior to COVID-19, labour shortages in the construction industry had delayed some of our installation projects. In the early days of the pandemic limitations on travel, restricted access to senior care facilities and other COVID-19 related guidelines further slowed construction. However, as the year progressed these issues were largely overcome resulting in a 31% increase in revenue year over year. Sales bookings also grew 5% allowing us to start fiscal 2022 with a sizeable backlog of projects. Following the roll out of vaccination programs COVID-19 cases dropped 96% in nursing homes between late December and early March, with deaths also falling over 90%. We do expect COVID-19 may impact new construction however, as we move forward from the pandemic, I am optimistic that widespread vaccinations will prove a turning point for the senior living industry and the world,” stated
Fourth Quarter Financial Results
Revenue for the three-months ended
Sales bookings for the quarter were
At
The gross margin percentage for the three months ended
Operating expenditures were
Earnings before income taxes for the three months ended
Fiscal 2020 Financial Results
Revenue for the year ended
Sales bookings for the year ended
The gross margin percentage for the year ended
Operating expenditures for the year ended
Net earnings before income taxes of
During the current year, due to continued profitability and the timing of the expiry of the Company’s tax operating losses and credits, the Company recognized
A summary of our financial performance for the quarter and year ended
Summary Financial Information
Three months ended | Twelve months ended | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||
Revenue | $ | 1,633,005 | 1,044,310 | 6,020,465 | 4,605,666 | ||||
Cost of sales | 766,353 | 465,840 | 2,870,197 | 2,084,264 | |||||
866,652 | 578,470 | 3,150,268 | 2,521,402 | ||||||
Expenses | 656,790 | 727,629 | 2,215,717 | 3,135,972 | |||||
Earnings before the following items | 209,862 | (149,159 | ) | 934,551 | (614,570 | ) | |||
Other income (expense) | (23,316 | ) | 60,520 | (143,313 | ) | 68,013 | |||
Earnings before income taxes | 186,546 | (88,639 | ) | 791,238 | (546,557 | ) | |||
Income tax recovery (expense) | 95,949 | (5,835 | ) | (84,765 | ) | (5,835 | ) | ||
Net earnings and comprehensive income | $ | 282,495 | (94,474 | ) | 706,473 | (552,392 | ) | ||
Non-IFRS Measure
For the year ended
Adjusted EBITDA reconciliation
Twelve months ended | Twelve months ended | ||||
2021 | 2020 | ||||
Net earnings for the year | $ | 706,473 | (552,392 | ) | |
Add / (deduct) | |||||
Foreign exchange | 132,589 | (42,631 | ) | ||
Foreign exchange derivative | (3,051 | ) | 2,149 | ||
Interest | (14,575 | ) | (28,135 | ) | |
Income tax | 84,765 | 5,835 | |||
Share based payments | 68,046 | 104,183 | |||
Amortization | 40,109 | 48,195 | |||
307,883 | 89,596 | ||||
Adjusted EBITDA | $ | 1,014,356 | (462,796 | ) | |
About
Vigil offers a technology platform combining software and hardware to provide comprehensive solutions to the expanding seniors’ housing market. Vigil has established a growing presence in
Certain statements contained in this news release, that are not based on historical facts, may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). These forward-looking statements are not promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties and other factors that could cause our actual results, performance, achievements or developments in our business or in our industry to differ materially from those expressed, anticipated or implied by such forward-looking statements.
Forward-looking statements include all financial guidance, disclosure regarding possible events, conditions, circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These forward-looking statements appear in a number of different places in this presentation and can be identified by words such as “may”, “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, “anticipates”, or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for our future operations, plans and timing for the introduction or enhancement of our services and products, statements concerning strategies or developments, statements about future market conditions, supply conditions, end customer demand conditions, channel inventory and sell through, revenue, gross margin, operating expenses, profits, forecasts of future costs and expenditures, the outcome of legal proceedings, and other expectations, intentions and plans that are not historical fact.
The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include, amongst others, our ability to develop our sales force and generate revenue, the length of the sales cycle, management of the Company’s growth, ability to recruit and retain staff, fluctuations in demand for current and future products, our ability to develop, manufacture, supply and market existing and new products that meet the needs of customers, volatility in the exchange rate, ability to secure financing, ability to secure product liability insurance, the continuous commitment of our customers, increased competition, changes in regulation and reliance on third party suppliers. These risk factors and others are discussed in the Risks and Uncertainties section of our Management Discussion and Analysis. Many of these factors and uncertainties are beyond the control of the Company. Consequently, all forward-looking statements in this news release are qualified by this cautionary statement and there can be no assurance that actual results, performance, achievements or developments anticipated by the Company will be realized.
We caution readers that the risks described are not the only ones that could impact the Company. We cannot accurately predict the full impact that COVID-19 will have on our business, results of operations, financial condition or the demand for our services, due in part to the uncertainties relating to the ultimate geographic spread of the virus, the success of vaccination programs,, the duration of the outbreak, the steps our customers and suppliers may take in current circumstances, including slowing or halting operations, the duration of travel and quarantine restrictions imposed by governments of affected countries and other steps that may be taken by such governments to respond to the pandemic. Additional risks and uncertainties not currently known to us or that are currently deemed to be immaterial may also have a material adverse effect on our business, financial condition, or results of operations.
Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and opinions change.
For further information please contact: Tel: (250) 383-6900 Fax: (250) 383-6999 Email: information@vigil.com | V8Z 7X8 Website: www.vigil.com |
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