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Zedcor Energy Inc. Announces 2019 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - May 14, 2019) - Zedcor Energy Inc. (TSXV: ZDC) (the "Compa...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Energy Inc. Announces 2019 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - May 14, 2019) - Zedcor Energy Inc. (TSXV: ZDC) (the \"Company\")  today announced its financial and operating results for the three months ended March 31, 2019.Amounts in the following tables and associated discussions are presented in thousands of dollars, except for per share amounts and percentages.Highlights    Three months ended March 31(in $000s) 20192018Revenue 5,9635,228        Adjusted EBITDA1,2 2,7581,772        Adjusted EBIT1,2 393205        Net loss from continuing operations (683)(616)        Net loss per share from continuing operations      Basic (0.01)(0.01)     Diluted (0.01)(0.01)  1 Adjusted for severances2 See Financial Measures Reconciliations belowSELECT FINANCIAL RESULTSRevenue for the quarter ended March 31, 2019 increased by $735 or 12% from $5.2 million to $5.9 million compared to the same quarter in 2018. This increase was due to the revenue generated from the Security and Surveillance segment, as revenue from the Energy Services segment decreased by $485 quarter over quarter.Adjusted EBITDA for the quarter ended March 31, 2019 was $2,758, an increase of $986 from the quarter ended March 31, 2018. This increase is a result of the increase in revenue, along with a decrease in general and administrative costs. General and administrative costs decreased by $467, or 51%, in the first quarter of 2019 when compared to the first quarter of 2018. This decrease is due to the impact of IFRS 16, which resulted in a decrease in rent expense of $469 in the first quarter of 2019.During the quarter ended March 31, 2019, the Company sold underutilized assets with a net book value of $846 for proceeds of $465. The proceeds were used to pay down debt. Net loss from operations increased by $67 for the quarter ended March 31, 2019 when compared to the quarter ended March 31, 2018. The increase in net loss is largely due to the $381 loss on sale of equipment. Included in net loss from operations is a positive $8 impact from the adoption of the new IFRS 16 accounting standard.On March 25, 2019, the Company renewed the Loan and Security Agreement in the amoun...