Business
Zedcor Inc. Announces Second Quarter Results for 2021
Calgary, Alberta--(Newsfile Corp. - August 18, 2021) - Zedcor Inc. (TSXV: ZDC) (the "Comp...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Second Quarter Results for 2021Calgary, Alberta--(Newsfile Corp. - August 18, 2021) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three and six months ended June 30, 2021.Financial and Operating Results for the three and six months ended June 30, 2021:Three months ended June 30Six months ended June 30(in $000s)2021202020212020Revenue3,1031,4415,7902,870Adjusted EBITDA1,21,4928773,6582,924Adjusted EBIT1,2(65)111475(13)Net loss from continuing operations (935)(695)(1,341)(1,680)Net loss from operations(3,619)(1,135)(3,393)(1,422)Net loss per share from continuing operations    Basic(0.02)(0.01)(0.02)(0.03)Diluted(0.02)(0.01)(0.02)(0.03)     1 Adjusted for severance costs2 See Financial Measures Reconciliations belowOn June 30, 2021, the Company announced the sale of its Rental Segment assets. Accordingly, these operations were classified as discontinued operations on the Company's financial statements. The discussion throughout our MD&A reflect continuing operations of the Company's security and surveillance services, unless otherwise noted. Zedcor recorded $1,019 and $1,987 of adjusted EBITDA from continuing operations for the three months and six months ended June 30, 2021. This compares to $618 and $843 of adjusted EBITDA from continuing operations for the three and six months ended June 30, 2020. The Company's security and surveillance services segment saw increased revenues and EBITDA compared to 2020 due to increased fleet of MobileyeZ security towers as a result of increasing customer demand. Zedcor is actively managing the increased customer demand for security solutions by adding to its fleet of towers. The Company has also increased the size of its sales team and geographic footprint in order to market its services in other parts of Canada. Financial and operational highlights for the three and six months ended June 30, 2021 include: Revenue for the quarter ended June 30, 2021 increased by $1,662 from $1,441 to $3,103 compared to the same quarter in 2020. This increase was driven by a larger fleet of MobileyeZ security towers. During Q2 2020, the Company was in the process of retrofitting its existing fleet of solar hybrid light towers to MobileyeZ security towers. This process was co...