Zedcor Inc. Announces First Quarter Results for 2023 With 39% Increase in Year Over Year Revenue, $2.1 Million in Adjusted EBITDA and Positive Earnings per Share

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[{"type":"text","content":"Zedcor Inc. Announces First Quarter Results for 2023 With 39% Increase in Year Over Year Revenue, $2.1 Million in Adjusted EBITDA and Positive Earnings per ShareCalgary, Alberta--(Newsfile Corp. - May 24, 2023) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three months ended March 31, 2023.Q1 2023 revenues were $6.4 million and the Company had net income before income taxes of $0.8 million or $0.01 per share. This represented a 39% increase in revenues compared to Q1 2022 and a 75% increase in net income for March 31, 2023. Zedcor recorded $2.1 million of adjusted EBITDA for the three months ended March 31, 2023. This compares to $1.4 million of adjusted EBITDA for the three months ended March 31, 2022. During the quarter, the Company has allocated approximately 18% of its MobileyeZ security tower fleet to Ontario. These towers are being utilized at construction and automotive customer sites. Zedcor has continued to allocate security towers to Eastern Canada as it expands its service capabilities in Eastern Canada.Todd Ziniuk, President & CEO said: \"We continue to see strong demand for our MobileyeZ security towers. We believe our integrated model of security tower rentals, coupled with uncompromising service is truly unique. We have had preliminary conversations with customers in the United States and believe there is an opportunity to expand our services to the USA. We have started to spend time researching the market and believe there is an opportunity to grow revenue. We plan to expand to the US in the second half of 2023 while continuing to expand in Canada, with a focus on Eastern Canada. We are also seeing demand for our services across different industry verticals that we are excited about. In April, we launched a pilot project with a large home improvement retailer. We are enthusiastic about this opportunity and will use it to expand our service offering to other retailers as well.\" Financial and Operating Results for the three months ended March 31, 2023:Three months ended March 31 (in $000s, except per share amounts)20232022 Revenue6,4434,631Adjusted EBITDA1,22,1351,373Adjusted EBIT21,088651       Net income 752428       Net income per share   Basic0.010.01 Diluted0....

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