Adjusted EBITDA (comprehensive income before interest expense, income taxes, depreciation and amortization, share-based payment, and acquisition related costs) was
Consolidated after tax net income attributable to
Business Outlook
The revenue increase in the current quarter was due to improving business conditions for existing accounts that were severely impacted by COVID-19 pandemic restrictions in the same quarter last year and the addition of new managed services accounts. With Canadian vaccination levels providing renewed confidence, the Company is now seeing our major transportation and hospitality accounts planning for the return of their staffing levels to pre-pandemic levels – some immediately and others on a more gradual basis. Plans for new uniform designs that were put on hold by some of the Company’s larger clients are now back on track, which should result in a build up in deferred revenue by the end of this fiscal year and bode well for increased revenues and a return to profitability in fiscal 2022. The Company also expects to continue to take advantage of opportunities in the PPE space as COVID-19 moves through the fourth wave amid expectations that PPE will still be required well into fiscal 2022. The buildup in business opportunities and the recent addition of new accounts such as BC Ferries, Canadian Coast Guard and LCBO as well as sales from the new Tactical Gear Experts B2C eCommerce platform, should also add to a continued improvement to earnings in fiscal 2022 and beyond.
About
UGL is a leading provider of full-service, managed apparel programs for major corporations and government entities with a broad-based geographical footprint across
On Behalf of the Board of Directors
CEO
Investor relations contact: 778-370-1725 or Emailinvestorrelations@unisyncgroup.com
Forward Looking Statements
This news release may contain forward-looking statements that involve known and unknown risk and uncertainties that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Any forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Source:
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