Business
Xebec Reports Record Q2, 2019 with a 140% Increase in Revenue
Xebec Reports Record Q2, 2019 with a 140% Increase in Revenue.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n- EBITDA of $1.8 million, and Net Profit of $1.0 million -\n MONTREAL, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (OTC: XEBEF) (“Xebec”), a global provider of clean energy solutions announced today its 2019 second quarter and six-month periods results, with the following highlights: Record revenues of $12.8 million in the second quarter of 2019 compared to $5.3 million for the same period in 2018, a 140% increase.Positive EBITDA at $1.8 million for the second quarter 2019 compared to $0.3 million for the same period in 2018.Net profit of $1.0 million or $0.02/share for the second quarter 2019, compared to a net loss of ($0.1) million or ($0.003)/share for the same period in 2018.Working capital increased to $8.0 million on June 30, 2019, for a current ratio of 1.8:1 compared with working capital of $5.3 million and a 1.6:1 ratio on December 31, 2018. Financial Highlights:       Three months ended June 30, % of Change Six months ended June 30, % of Change  2019 2018 (1)  2019 2018 (1)  (In millions of dollars)(unaudited) (unaudited)  (unaudited) (unaudited)  Revenues12.8 5.3 140%22.5 8.5 165%Gross profit4.0 1.6 150%7.3 2.4 200%Gross profit as a percentage of revenues31%30% 32%28% EBITDA (2)1.8 0.3  2.9 (0.6) Net income (loss)1.0 (0.1) 1.4 (1.5) Net income (loss) per share - basic ($/share)0.02 (0.003) 0.03 (0.03) Weighted average number of shares58,116,344  42,620,528   57,648,164 42,562,769  As at:   June 30, 2019 Dec. 31, 2018   Total assets   22.4 15.1  Total Liabilities   19.0 15.7  Equity   3.4 (0.6) As at:    August 12, 2019  August 6, 2018  Backlog   63.5 68.1  (1) The three-month and six-month periods ended June 30, 2018, has been adjusted to reflect IFRS 15 application.(2) EBITDA is a non-IFRS financial measure, and the Company defines it as earnings from operations excluding finance charges, taxes, foreign exchange loss (gain) and amor...