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Xebec Announces Q2 2020 Financial Results
Xebec Announces Q2 2020 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n MONTREAL, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (\"Xebec\"), a global provider of renewable gas solutions is pleased to announce today its 2020 second quarter and six-month periods results, with the following highlights: Record revenues of $19.6 million in the second quarter of 2020 compared to $12.8 million for the same period in 2019, a 53% increase.Negative EBITDA at $0.1 million for the second quarter 2020 compared to a positive $1.8 million for the same period in 2019.Net loss of ($0.8) million or ($0.01)/share for the second quarter 2020, compared to a net profit of $1.0 million or $0.02/share for the same period in 2019.Working capital increased to $87.2 million on June 30, 2020, for a current ratio of 6.5:1 compared with working capital of $36.9 million and a 3.2:1 ratio on December 31, 2019. Financial Highlights:         Three months ended June 30,% of ChangeSix months ended June 30,% of Change 20202019 20202019 (In millions of dollars)(unaudited)(unaudited) (audited)(audited) Revenues19.612.8  53 %31.822.541 %Gross profit4.34.0  8 %7.37.3- %Gross profit as a percentage of revenues22%32% 23%33% EBITDA (1)(0.1)1.5 0.52.2 Adjusted EBITDA (2)(0.1)1.8 0.32.8 Net income (loss)(0.8)1.0 (1.5)1.4 Net income (loss) per share - basic ($/share)(0.01)0.02 (0.02)0.03 Weighted average number of shares88,884,226 58,116,344  87,086,13757,648,164 As at:   June 30, 2020Dec. 31, 2019 Total assets   113.564.5 Total liabilities   33.525.5 Equity   80.039.0 As at:    August 10, 2020 August 12, 2019 Backlog   85.563.5 (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 $31.8 million for the six-month period ended Ju...