Business
Xebec Announces Q4 and Full Year 2019 Financial Results
Xebec Announces Q4 and Full Year 2019 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n MONTREAL, April 15, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (\"Xebec\"), a global provider of clean energy solutions announced today its 2019 fourth quarter and twelve-month period results, with the following highlights: Record revenues of $13.6 million in the fourth quarter of 2019 compared to $6.1 million for the same period in 2018, a 123% increase.Positive EBITDA at $1.4 million for the fourth quarter 2019 compared to ($0.8) million for the same period in 2018.Net loss of ($0.5) million or ($0.01)/share for the fourth quarter 2019, compared to a net loss of ($1.0) million or ($0.02)/share for the same period in 2018. Quarterly earnings were negatively impacted by significantly higher amortization & depreciation, audit, recruiting and consulting expenses.Working capital increased to $36.9 million on December 31, 2019, for a current ratio of 3.2:1 compared with working capital of $5.3 million and a 1.6:1 ratio on December 31, 2018.Cash on hand of $22.7 million on December 31, 2019 compared with $3.9 million on December 31, 2018.         Three months ended December 31, % of Change Twelve months ended December 31, % of Change  2019 2018  2019 2018  (In millions of dollars)(unaudited) (unaudited)  (audited) (audited)  Revenues13.6 6.1 123% 49.3 20.2 144% Gross profit4.1 1.5 173% 15.5 5.7 172% Gross profit as a percentage of revenues30% 25%  31% 28%  EBITDA (1)1.4 (0.8)  5.1 (1.9)  Adjusted EBITDA (2)1.9 (0.8)  6.3 (1.2)  Net income (loss)(0.5) (1.0)  2.0 (2.9)  Net income (loss) per share - basic ($/share)(0.01) (0.02)  0.03 (0.07)  Weighted average number of shares77,547,423  52,913,937   64,319,442 42,737,000  As at:   Dec. 31, 2019 Dec. 31, 2018   Total assets   64.5 15.1  Total liabilities   25.6 15.7  Equity   38.9 (0.6)  As at:    April 14, 2020  April 16, 2019  Backlog...