IBI Group Inc. Announces Second Quarter 2015 Results
Date
August 14, 2015
TORONTO, August 14, 2015 /CNW/ – IBI Group Inc. (the “Company”) (TSX: IBG) today announced financial results for the three months ended June 30, 2015.
OPERATIONAL HIGHLIGHTS
- Revenue for the three months ended June 30, 2015 was $80.9 million compared to $76.2 million in the same quarter in 2014, an increase of 6.2%.
- Adjusted EBITDA was $10.1 million (or 12.5% of revenue) for three months ended June 30, 2015 compared to $8.6 million (11.3% of revenue) in the same period last year.
- Net Income for the three months ended June 30, 2015 was $1.6 million compared to $0.9 million in the same quarter in 2014.
- Forecasting $316 million in total revenue for the year ended December 31, 2015, backlog is now at 11 months.
- Subsequent to quarter end, on July 31, 2015, the Company paid $5.0 million toward the principal of the term facility as a step-down payment out of operating cash flow.
- Days sales outstanding improved by 6 days in the quarter.
“We are pleased with our continued efforts to strengthen our balance sheet and we continue to see growth in committed work, particularly in Canada,” said CEO Scott Stewart. “In Q2, we successfully executed on our business plan and in doing so brought our EBITDA margin in line with industry standards. Customers have continued to seek out IBI as their designer of choice, resulting in a backlog which has grown to 11 months.”
For further information:
Stephen Taylor, CFO
IBI Group Inc.
55 St. Clair West, 7th Floor
Toronto, ON M4V 2Y7
Tel: 416-596-1930
Media:
Riyaz Lalani
Bayfield Strategy, Inc.
416-907-9365
