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Xebec Announces Q1 2020 Financial Results
Xebec Announces Q1 2020 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n - Revenues of 12.2 million, EBITDA of $0.8 million and net loss of $0.7 million - MONTREAL, May 27, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (\"Xebec\"), a global provider of renewable gas solutions, is pleased to announce its 2020 first quarter results today, with the following highlights: Revenues of $12.2 million in the first quarter of 2020 compared to $9.8 million for the same period in 2019, a 24% increase.Positive EBITDA at $0.8 million for 2020 compared to $1.1 million for the same first quarter in 2019.Net loss of $0.7 million or $(0.01)/share for 2020, compared to a net profit of $0.4 million or $0.01/share for the same period in 2019.Working capital increased at $39.7 million as of March 31, 2020, for a current ratio of 2.9:1 compared with working capital of $36.9 million and a 3.2:1 ratio on December 31, 2019.    % of Change Q1 2020Q1 2019 (In millions of dollars)(unaudited)(unaudited) Revenues12.29.824%Gross profit3.03.3(9) %Gross profit as a percentage of revenues25%34% EBITDA (1)0.80.8 Adjusted EBITDA (2)0.41.0 Net income (loss)(0.7)0.4 Net income (loss) per share - basic ($/share)(0.01)0.01 Weighted average number of shares85,288,04857,174,783 As at:March 31, 2020Dec. 31, 2019  Total assets72.064.5 Total liabilities30.325.5 Equity41.739.0 As at: May 20, 2020May 27, 2019 Backlog89.871.9  (1) EBITDA is a non-IFRS financial measure and the Company defines it as earnings from operations excluding financial charges, taxes, foreign exchange loss (gain) and amortization.(2) Adjusted EBITDA starts with EBITDA and adjusts for Stock-based compensation expenses, impairment of inventories, exchange gain/loss on the obligation arising from non-controlling interest participation in a subsidiary, foreign exchange loss (gain) and accretion of debt. Financial Results Revenues of $12.2 million for the first quarter of 2020 compared to $9.8 million for the same period in 2019, a 24% increase. The increase is mainly explained by the higher volume of major cleantech contracts and revenue from the acquisition in California completed in December 2019.Gross profit of $3.0 million or 25% of revenues for the first quarter of 2020 compared to $3.3 million for the same quarter in 2019, a 9% decrease compared to the same period...