Business
Adcore Reports Record First Quarter 2019 Results; Highlighted by 288% YOY Growth in Adjusted EBITDA
Generated $3.3 Million in Revenue and $1.3 Million in Adjusted EBITDA TORONTO, ON / ACCE...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Record First Quarter 2019 Results; Highlighted by 288% YOY Growth in Adjusted EBITDAGenerated $3.3 Million in Revenue and $1.3 Million in Adjusted EBITDATORONTO, ON / ACCESSWIRE / June 4, 2019 / Adcore Inc. (the \"Corporation\") (TSX-V: ADCO) the parent company of Podium Advertising Technologies Ltd. d/b/a ADCORE (\"ADCORE\"), a leading provider of machine-learning powered advertising technologies used by digital advertisers to enhance and maximize their Search Engine Marketing (\"SEM\"), today announced the results of ADCORE's three month period ended March 31, 2019. First Quarter 2019 Highlights Total revenue was $3.3 million compared to $2.4 million for the same period in 2018, an increase of 34% Revenue less media costs (gross margin) was 64% compared to 45% for the same period in 2018, an increase of 42% Adjusted EBITDA (see \"Non-IFRS Measures\") was $1.3 million compared to Adjusted EBITDA of $0.33 million for the same period in 2018, an increase of 288% ADCORE continued to invest in its global sales and marketing team and its industry-leading technology, including the launch of the brand new \"Click-to-fix\" feature of the SEMDOC2 platform Total working capital was $416,000 compared to ($166,000) for the previous period, an increase of $582,000 As at March 31, 2019, the Corporation's cash and cash equivalents was $1.66 million\"We couldn't have asked for a stronger start to 2019,\" said Omri Brill, Chief Executive Officer. \"The first quarter of 2019 was another record quarter for ADCORE,\" continued Mr. Brill. \"We managed to exceed our projections and deliver strong growth in both top line and bottom line. The first quarter's results have affirmed the Corporation's bullish outlook for 2019.\"Subsequent EventOn May 27, 2019, the Corporation announced that it had completed its previously announced acquisition of all of the issued and outstanding securities of ADCORE as County Capital's \"Qualifying Transaction\" (the \"Transaction\").Concurrently with the closing of the Transaction, ADCORE also closed its previously announced brokered private placement of subscription receipts at CAD $0.50 per subscription receipt for gross proceeds of $2,558,500 (the \"Financing\").On May 29, 2019, the Corporation began trading on the TSX Venture Exchange (\"TSXV\") under the symbol: ADCO.USE OF NON-IFRS MEASURESAdjusted ...