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Zedcor Energy Inc. Announces 2020 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - May 19, 2020) -  Zedcor Energy Inc. (TSXV: ZDC) (the ...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Energy Inc. Announces 2020 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - May 19, 2020) -  Zedcor Energy Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three months ended March 31, 2020 and 2019.Amounts in the following tables and associated discussions are presented in thousands of dollars, except for per share amounts and percentages.HighlightsThree months ended March 31(in $000s)20202019Revenue4,7155,963Adjusted EBITDA1,22,0662,758Adjusted EBIT1,2555393Net loss from operations (287)(683)Net loss per share from operations Basic(0.005)(0.013) Diluted(0.005)(0.013)1 Adjusted for severances2 See Financial Measures Reconciliations belowSELECT FINANCIAL RESULTSRevenue for the quarter ended March 31, 2020 decreased by $1,248 from $5,963 to $4,715 compared to the same quarter in 2019. This decrease was due to:the decrease in revenues in the Security & Surveillance segment which wrapped up a large security project in the first part of the quarter; andthe decrease in Rentals segment revenues from low utilization of rental equipment as a result of low commodity prices.Operating gross margins for both the Security & Surveillance segment and the Rentals segment were mostly consistent for the quarter ended March 31, 2020 when compared to the same quarter in 2019; EBITDA for the quarter ended March 31, 2020 was $2,066, a decrease of $692 from the quarter ended March 31, 2019. This decrease is a result of the decrease in revenues in both operating segments. During the quarter ended March 31, 2020, the Company retrofitted 45 hybrid solar light towers with high resolution security cameras and motion sensor technology to expand the fleet of surveillance towers to 110. Of these 110 security towers, 45 units are outfitted with both high resolution cameras and ground disturbance sensor technology. The Company also purchased the assets to retrofit an additional 20 units which will increase the fleet to 130. A less capital intensive surveillance tower with expanded industrial application was designed and deployed during the quarter. All security towers saw high utilization for the quarter ended March 31, 2020.Net loss from operations decreased by $396 for the quarter ended March 31, 2020 when compared to the quarter ended March 31, 2019. The decrease in net loss is largely...