Business
Adcore Reports Strong First Quarter 2020 Results; Highlighted by $843,000 in Adjusted EBITDA
Generated $ 3.3 million in Revenue and $ 843 ,000 in Adjusted EBITDA (unaud...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Strong First Quarter 2020 Results; Highlighted by $843,000 in Adjusted EBITDAGenerated $3.3 million in Revenue and $843,000 in Adjusted EBITDA (unaudited)TORONTO, ON / ACCESSWIRE / May 28, 2020 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSXV:ADCO), a leading provider of machine-learning powered advertising technologies used by digital agencies and advertisers to enhance and maximize Search Engine Marketing (\"SEM\"), today announced its financial results for the three months ended March 31, 2020.First Quarter 2020 Highlights (Unaudited) Total revenue was $3.3 million compared to $3.2 million for the same period in 2019, an increase of 3%.Revenue less cost of revenues (gross margin) was 68% compared to 64% for the same period in 2019.Adjusted EBITDA (see \"Use of Non-IFRS Measures\") was $843,000 compared to $1.3 million for the same period in 2019, a decrease of 34%.As of March 31, 2020, total working capital was $6.3 million compared to $5.5 million for the year ended Dec 31, 2019, an increase of $800,000.As of March 31, 2020, the Company's cash and cash equivalents were $5.3 million, compared to $4.9 million for the year ended Dec 31, 2019, an increase of $400,000.Continued to invest in its global sales and marketing team and industry-leading technology, including developing Adcore's app for the Shopify app store.On January 28, 2020, Donville Kent Asset Management Inc., a Toronto based North American equity fund, selected Adcore as one of the twelve stocks to own in the next decade in the January 2020 edition of its ROE Reporter publication.On March 17, 2020, announced the precautionary steps it is taking following COVID-19 global outbreak.Omri Brill, Chief Executive Officer commented on the results, \"I couldn't be more proud with the Company's first quarter financial results. The fact that in the midst of the COVID-19 pandemic and these challenging times we have managed to maintain and even increase the Company's gross profit year over year and grow our working capital by $800,000 is an impressive achievement by any standard. The Company's strong balance sheet positions us well to deal with the economic downturn related to the COVID-19 crisis and to invest in future post-COVID-19 growth opportunities. During these unique times, the health and safety of our employees, family members and partners is our prim...