Business
Zedcor Inc. Announces Third Quarter Results for 2021
Calgary, Alberta--(Newsfile Corp. - November 16, 2021) - Zedcor Inc. (TSXV: ZDC) (the "Company...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Third Quarter Results for 2021Calgary, Alberta--(Newsfile Corp. - November 16, 2021) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three and nine months ended September 30, 2021.The third quarter results reflect the Company's continued execution of its strategy and pivot away from its traditional oilfield equipment rentals business. Q3 2021 was the first quarter which show standalone results for Zedcor's Security & Surveillance operations. The Company is pleased to announce positive net income, earnings per share and that revenues more than doubled when compared to Q3 2020. This transition away from oilfield equipment rentals was fully completed subsequent to September 30 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 nine months ended September 30, 2021: Three months ended September 30  Nine months ended September 30 (in $000s, except per share amounts)2021202020212020 Revenue from continuing operations3,6841,6739,4744,543Revenue from discontinued operations-9953,0525,252   Adjusted EBITDA1,21,3491,1545,0034,121   Adjusted EBITDA from continuing operations1,21,3498563,4421,838   Adjusted EBIT1,27264611,197735   Net income (loss) from continuing operations 296(421)(1,045)(1,771)   Net income (loss) from operations296(1,006)(3,097)(2,428)   Net income (loss) per share from continuing    operations          Basic0.01(0.01)(0.02)(0.03)      Diluted0.01(0.01)(0.02)(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 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 $1,349 and $3,442 of adjusted...