Business
ISC reports second quarter 2014 financial results
REGINA , Aug. 13, 2014 /CNW/ - Information Services Corporation (TSX:ISV) ("ISC" or ...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\nREGINA, Aug. 13, 2014 /CNW/ - Information Services Corporation (TSX:ISV) (\"ISC\" or \"the Company\"), Saskatchewan's exclusive provider of key registry information services, today reported on the Company's financial results for the second quarter ended June 30, 2014, and provided revised capital expenditure guidance for 2014.  \n\nHighlights of ISC's Q2 2014 financial results\n\n\nTotal revenue was $22.0 million, an increase of $0.8 million or 3.9 per cent, compared to $21.2 million for the three months ended June 30, 2013. \nEBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter of 2014 was $8.6 million compared to $8.1 million in the second quarter of 2013, an increase of 5.4 per cent. ISC's EBITDA margin for the second quarter of 2014 was 38.9 per cent compared to 37.4 per cent in the second quarter of 2013.\nAdjusted EBITDA was $8.6 million for the quarter compared to $10.7 million in the same quarter last year, with ISC generating an Adjusted EBITDA margin of 38.9 per cent for the quarter compared to 50.3 per cent in the second quarter of 2013. The Adjusted EBITDA margin in the second quarter of 2013 was unusually high, reflecting adjustments for costs associated with the Initial Public Offering (\"IPO\") and discontinued operations.\nNet income for the three months ended June 30, 2014 was $5.3 million, or $0.30 per share. In the second quarter last year, net income was $63.2 million, or $3.61 per share; however, for comparative purposes, it is important to note that ISC claimed an income tax recovery in the second quarter of 2013. Excluding the second quarter's tax implications and discontinued operations, ISC generated an increase in income over the second quarter of 2013 of $0.3 million, or 4.5 per cent. This translates to $0.42 per share for the quarter ended June 30, 2014 compared to $0.40 per share for the same period in 2013.\nDuring the quarter, the Company finalized new five-year service agreements with its information technology service providers. Finalizing these agreements provides stability to the registries and the operations, while updated terms provide the Company with more flexibility in information technology cost management.\nManagement's Discussion of ISC's Summary Quarterly Financial Results\n\n\n\n\n(Thousands of CAD dollars,\n\nexcept earnings per...