Business
Novra Announces Fourth Quarter and Fiscal Year 2019 Financial Results
Winnipeg, Manitoba--(Newsfile Corp. - June 15, 2020) -   Novra Technologies Inc. (TSXV: ...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Fourth Quarter and Fiscal Year 2019 Financial ResultsWinnipeg, Manitoba--(Newsfile Corp. - June 15, 2020) -  Novra Technologies Inc. (TSXV: NVI) (\"Novra\") today announced its financial results for the fourth quarter and year ended December 31, 2019. All amounts are in Canadian dollars unless otherwise noted. Fourth Quarter and Annual 2019 Consolidated Financial ResultsOur first 9 months of 2019 marked a significant improvement as our revenue, net income and Adjusted EBITDA, a non-IFRS measure, had all improved compared to 2018. The unusual dip in revenue in Q4 negatively affected our 2019 financial results compared to our 2018 results. However, despite a net income loss, Adjusted EBITDA did remain positive for the year, which is an important indication of positive core operating results (refer to the Management's Discussion & Analysis (\"MD&A\") for a reconciliation of Adjusted EBITDA to Net Income). While Novra's fourth quarter revenue is traditionally strong, 2019 did not follow the usual pattern. Starting in the third quarter, we noticed delays in projects across markets and geographies, which we believe was an indication of an economic slowdown in most G20 economies that began even before the emergence of the COVID-19 pandemic. As a result, revenue for the fourth quarter was down significantly and this materially impacted both our quarterly and annual financial results. The following financial summary shows results for the three and twelve month periods ended December 31, 2019 and 2018.NM - Not meaningful(1) Amounts in the table may not reconcile due to rounding differences.(2) Refer to the Management's Discussion & Analysis (\"MD&A\") for a reconciliation of Adjusted EBITDA to Net Income (loss) as reported under IFRS.To view an enhanced version of this table, please visit:https://orders.newsfilecorp.com/files/4737/57933_3a41edf9b4c8892c_003full.jpgDuring the COVID-19 pandemic Novra has continued working without interruption. For the past few months our sales group has seen significant customer activity. This is very encouraging as we see our clients getting ready to place orders in the second half of 2020. Our operations, support and R&D groups have had no interruption in our ability to ship orders, provide exceptional support to our customers and advance innovation initiatives. We...