Business
Calian Reports Results for the First Quarter and Reiterates its FY23 Guidance
(All amounts in release are in Canadian dollars) OTTAWA, ON / ACCESSWIRE / February 14, 2023 ...
About this update from Calian Group Ltd.
[{"type":"text","content":"Calian Reports Results for the First Quarter and Reiterates its FY23 Guidance(All amounts in release are in Canadian dollars)OTTAWA, ON / ACCESSWIRE / February 14, 2023 / Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2022.First quarter highlights:Revenue up 14% to $148 millionGross margin above 30% for the third consecutive quarterAdjusted EBITDA1 up 2% to $14 millionOperating Free Cash Flow1 up 24% to $12 millionCash on hand of $58 million and net liquidity of $131 millionNew contract signings of $126 millionReiterated FY23 guidanceFinancial Highlights Three months ended (in millions of $, except per share & margins) December 31, 2022 2021 % Revenue 147.5 129.5 14%Adjusted EBITDA1 14.3 14.0 2%Adjusted EBITDA %1 9.7% 10.8% (110bps) Net Profit 4.6 4.3 7%EPS $0.39 $0.38 3%Adjusted Net Profit1 8.8 9.6 (8%)Adjusted EPS Diluted1 $0.75 $0.85 (12%)Operating Free Cash Flow1 12.1 9.8 24% 1 This is a non-GAAP measure. Please refer to the section \"Reconciliation of non-GAAP measures to most comparable IFRS measures\" at the end of this press release.Access the full report on the Calian Financials web page. Register for the conference call on Wednesday, February 15, 2023, 8:00 a.m. Eastern Time.\"The strong performance of our ITCS and Learning segments was impressive. The combination of organic growth and performance from recent acquisitions in these two segments drove our results in the quarter,\" said Kevin Ford, Calian CEO. \"With $126 million in new signings and improvements in the supply environment we are confident in our ability to post our 6th consecutive record year.\"First Quarter ResultsRevenues increased 14%, from $130 million to $148 million, driven by strong performance in our Information Technology & Cyber Solutions (ITCS) and Learning segments.ITCS: Revenues doubled to $46 million driven by the company's strong performance from its expansion into the United States with the acquisition of Computex last March, coupled with double-digit organic growth of 11% in its overall cyber practice.Learning: Revenues grew 16% to $26 million driven by continued demand in the military learning and preparedness market from its long-standing customers.A...