Business
Zedcor Inc. Announces Third Quarter Results for 2022 With 57% Increase in Revenue, $2.1 Million in Adjusted EBITDA and 226% Increase in Net Income
Calgary, Alberta--(Newsfile Corp. - November 15, 2022) - Zedcor Inc. (TSXV: ZDC) (the "Company...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Inc. Announces Third Quarter Results for 2022 With 57% Increase in Revenue, $2.1 Million in Adjusted EBITDA and 226% Increase in Net IncomeCalgary, Alberta--(Newsfile Corp. - November 15, 2022) - Zedcor Inc. (TSXV: ZDC) (the \"Company\") today announced its financial and operating results for the three and nine months ended September 30, 2022.Q3 2022 revenues increased to $5.8 million and the Company had net income of $1.0 million or $0.01 per share. This represented a 57% increase in revenues compared to Q3 2021 and a 226% increase in net income for September 2022. Zedcor recorded $2.1 million and $5.2 million of adjusted EBITDA from continuing operations for the three months and nine months ended September 30, 2022. This compares to $1.4 million and $3.5 million of adjusted EBITDA from continuing operations for the three and nine months ended September 30, 2021. During the quarter, the Company has allocated approximately 10% of its MobileyeZ security Tower Fleet to Ontario. These towers are being utilized at construction and automotive customer sites. Zedcor plans to continue to allocate security towers to Eastern Canada as it completes its 2022 capital asset spending.Todd Ziniuk, President & CEO said: \"I am encouraged about the direction of the Company and the opportunities we are seeing with new and existing customers to meet their surveillance and security requirements with the application of Zedcor's technology. The strong financial results for Q3 2022 reflect the efforts of our team who deliver exceptional service to our customers every day. We continue to see strong demand for our video surveillance as a service offering with customers shifting away from traditional security services. This is further demonstrated by Zedcor's continued expansion across Canada.\" Financial and Operating Results for the three and nine months ended September 30, 2022:Three months ended September 30Nine months ended September 30 (in $000s)2022202120222021  Revenue5,7973,68415,6829,474EBITDA from continuing operations1,22,0901,3165,9413,303Adjusted EBITDA from continuing operations1,22,1211,3735,1883,466Adjusted EBIT1,21,2557262,7821,197Net income (loss) from continuing operations 9662962,922(1,045)Net income loss from operations9662962,922(3,097)Net income (loss) per share from continuing operations   
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