Business
Caldwell Reports Strong Growth in Revenue and Operating Profit
HIGHLIGHTS: Quarterly revenue of $41.7M, a 271% increase year-over-year. Full yea...
About this update from Caldwell Partners International Inc.
[{"type":"text","content":"Caldwell Reports Strong Growth in Revenue and Operating ProfitHIGHLIGHTS:Quarterly revenue of $41.7M, a 271% increase year-over-year.Full year revenue of $119.8M, a 106% increase year-over-year.TORONTO, ON / ACCESSWIRE / November 16, 2021 / Talent acquisition firm The Caldwell Partners International Inc. (TSX:CWL)(OTCQX:CWLPF) today issued its financial results for the fiscal 2021 fourth quarter and full year ended August 31, 2021. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars. Financial results include those of IQTalent Partners, Inc. (IQTP) beginning on the date of acquisition of December 31, 2020.Financial Highlights (in $000s except per share amounts) Three Months Ended Year Ended 8.31.21 8.31.20 8.31.21 1 8.31.20 Professional fees - Caldwell 31,429 11,152 96,120 56,867 Professional fees - IQTP 10,181 - 23,287 - Consolidated professional fees 41,610 11,152 119,407 56,867 Direct expense reimbursements 128 102 359 1,326 Revenues 41,738 11,254 119,766 58,193 Cost of sales 32,468 8,696 90,621 44,352 Government stimulus grants - (2,205) (334) (2,446)Reimbursed direct expenses 128 102 359 1,326 Gross profit 9,142 4,661 29,120 14,961 Selling, general and administrative expenses 7,117 2,752 20,738 11,588 Acquisition-related expenses 2 793 - 2,453 - Government stimulus grants - (393) - (393)Operating profit 1,232 2,302 5,929 3,766 Interest expense on lease liability 116 147 464 367 Interest expense on loans payable 7 - 27 - Investment (income) loss (13) (7) (32) 605 Foreign exchange (income) loss (301) (128) 53 (179)Earnings before tax 1,423 2,290 5,417 2,973 Income tax expense 3 440 (282) 898 127 Net earnings after tax 983 2,572 4,519 2,846 Basic earnings per share$0.039 $0.126 $0.190 $0.139 1) Results include operations from IQTP for the eight months post-acquisition date of December 31, 2020 with intercompany amounts eliminated.2) Acquisition-related expenses consist of transaction fees and IQTP purchase price structured as compensation expense which will end on December 31, 2022.3) Income tax expense during the year ended August 31, 2021 includes $562 of income from a favourable tax ruling change during the second quarter allowing for the deductibility on the valid use of PPP funds which had previously been disallowed.\"Fiscal 2021 was a year...