Business
Zedcor Inc. Announces Fourth Quarter Results for 2021, Record Revenues from Security & Surveillance Business and Appointment of Chief Revenue Officer
Calgary, Alberta--(Newsfile Corp. - April 6, 2022) - Zedcor Inc. (TSXV: ZDC) (the "Company") t...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Fourth Quarter Results for 2021, Record Revenues from Security & Surveillance Business and Appointment of Chief Revenue OfficerCalgary, Alberta--(Newsfile Corp. - April 6, 2022) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three and twelve months ended December 31, 2021.The fourth quarter results reflect the Company's continued execution of its strategy and pivot away from its traditional oilfield equipment rentals business. Q4 2021 revenues increased to $4.1 million and annual revenues increased to $13.6 million for the year ended December 31, 2021. This was a 66% increase compared to the Q4 2020 and a 94% increase for the year. Both numbers are also a high point for Company as it continues to expand its security & surveillance business. The transition away from oilfield equipment rentals was fully completed in the fourth quarter with the announcement of a $6.1 million fully committed 5-year term loan and a $3.0 million equipment financing facility. This will significantly reduce financing costs, improve cash flow and provide additional financing for continued expansion. Financial and Operating Results for the three and twelve months ended December 31, 2021:Three months ended December 31Twelve months ended December 31 (in $000s, except per share amounts)2021202020212020 Revenue from continuing operations4,0762,45813,5507,001 Revenue from discontinued operations-1,5093,0526,761   Adjusted EBITDA1,29611,7895,9685,913    Adjusted EBITDA from continuing operations1,29651,1814,4073,019   Adjusted EBIT from continuing operations1,24319261,6281,661   Net income (loss) from continuing operations (535)(39)(1,580)(1,810)   Net income (loss) from operations(804)(2,250)(3,901)(4,678)   Net income (loss) per share from continuing operations          Basic(0.01)0.00(0.03)(0.03)      Diluted(0.01)0.00(0.03)(0.03)                1 Adjusted for severance costs and discontinued operations 2 See Financial Measures Reconciliations belowOn June 30, 2021, the Company announced the sale of its Rental Segment assets. Accordingly, these operations were classified...