Business
Zedcor Inc. Announces Second Quarter Results for 2023 With Increase in Year Over Year Revenue and $0.03 Earnings per Share
Calgary, Alberta--(Newsfile Corp. - August 15, 2023) - Zedcor Inc. (TSXV: ZDC) (the "Company") to...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Second Quarter Results for 2023 With Increase in Year Over Year Revenue and $0.03 Earnings per ShareCalgary, Alberta--(Newsfile Corp. - August 15, 2023) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three months and six months ended June 30, 2023.Q2 2023 revenues were $6.2 million and the Company had net income before income taxes of $2.5 million or $0.03 per share. This represented a 18% increase in revenues compared to Q2 2022 and a 62% increase in net income for June 30, 2023. Zedcor recorded $1.8 million of adjusted EBITDA for the three months ended June 30, 2023. This compares to $1.7 million of adjusted EBITDA for the three months ended June 30, 2022. During the quarter, the Company has allocated approximately 26% 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 across all sectors. We have also expanded to the United States which will further expand our assembly capabilities and also allow us to get access to a large market. We are planning to exit 2023 with approximately 45 security towers in the US 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 which is proceeding extremely well, and we are moving towards an anticipated contract with this customer. With our expanded financing in place, we remain on track to exit 2023 with approximately 900 security towers, a diversified customer base and a growing, North American footprint.\" Financial and Operating Results for the three months and six months ended June 30, 2023:Three months ended June 30Six months ended June 30 (in $000s)2023202220232022 Revenue6,2165,25612,6599,887EBITDA23,9052,5105,9853,851Adjusted EBITDA1,21,8241,6943,9593,067Adjusted EBIT1,26898761,7771,527              Net income 2,4721,5283,2241,956 ...