ILA has achieved numerous milestones over the course of 2019, highlighted by the acquisition of the Clarocity operating assets and the establishment of a credit facility with the Bank of Montreal. It also experienced significant growth in revenue for both the fourth quarter (119% increase year-over-year) and full year of 2019 (62% increase year-over-year). As the Company continues to execute on its growth strategy, it has leveraged the profitability and high gross margins from its software and data licensing products to extract the full value out of Clarocity by cleaning up its balance sheet while still maintaining a consolidated positive Adjusted EBITDA for fiscal 2019.
“It is still early days in the turnaround of Clarocity and the global pandemic has certainly delayed our expected growth, but due to the recurring nature of our property tax group we have been able to invest in this vast growth opportunity,” said Gary Yeoman, Chair and Chief Executive Officer. “The macroeconomic factors remain strong for our platforms and we remain optimistic about the future of the company as a whole. In addition to the organic growth opportunities, we are very excited about being able to leverage our strong financial resources and supporters to execute on inorganic initiatives.”
Highlights of Financial Results:
Unaudited | Audited | |||||||||||||
Three months ended | Year ended | |||||||||||||
(In thousands of Canadian dollars) | 2019 | 2018 | 2019 | 2018 | ||||||||||
Revenue1 | $ | 4,978 | $ | 2,271 | $ | 14,934 | $ | 9,212 | ||||||
Adjusted EBITDA, Unaudited2 | (641 | ) | 302 | 98 | 959 | |||||||||
Discussion with respect to the above noted results can be found in the Company’s MD&A.
1 Clarocity Inc. and its wholly owned subsidiaries (“Clarocity”) was acquired
2 Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
Q1 2020 Filings Update:
The Company also wishes to provide an update on the status of the filing of its Q1 2020 filings, which include the interim financial statements and management's discussion and analysis for the three months ended
The Company is continuing to work diligently and expeditiously with its auditors and intends to file the Interim Q1 2020 Filings on or before
Forward Looking Information:
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of ILA or any other person that the anticipated results will be achieved, and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. ILA does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
About ILA
ILA is a transformational data analytics organization that provides transparency to the valuation of real estate assets. ILA is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. Our proprietary innovative platform provides software and data licenses and technology managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in
ILA’s common shares are traded on the
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Contact:Gary Yeoman , CEO gary.yeoman@ilookabout.com 416-347-7707 www.ilookabout.com
Source:
2020 GlobeNewswire, Inc., source