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12.05.2017 06:43:18

Gamehost Announces First Quarter 2017 Financial Results and May 2017 Dividend

Gamehost Announces First Quarter 2017 Financial Results and May 2017 Dividend Gamehost Announces First Quarter 2017 Financial Results and May 2017 DividendRED DEER, ALBERTA--(Marketwired - May 12, 2017) - Gamehost Inc. (TSX:GH) Management and Directors of Gamehost Inc. ("Gamehost" or the "Company") present results for the three months ended March 31, 2017 (the "Quarter"). Total operating revenues for the Quarter were down $1.4 million or 7.7% to $16.7 million compared to $18.1 million in the same quarter of 2016. Earnings before interest, taxes, depreciation and amortization ("EBITDA") that is attributable to shareholders of the Company ("EBITDA to Shareholders") was down $0.8 million or 11.3% to $6.3 million compared to $7.1 million in the same quarter of 2016. EBITDA to Shareholders margin declined 1.9 percentage points in the Quarter to 39.4% from 41.3% in year over year comparison.A familiar pattern is emerging to the Company's experience in previous recessions. The adverse impact of energy commodity cycles is felt first in the north and later in the south of the province. Recovery takes place in the same order. During the Quarter, Fort McMurray turned in year over year revenue results that were down just 1.0 percent. Grande Prairie revenues were lower by 6.4 percent and Calgary revenues were down 10.3 percent in year over year comparison for the Quarter. Wildfire reconstruction efforts are providing the catalyst for better results in the north. Continued investment interest in the Montney shale oil formation is helping to form a bottom in year over year performance results in Grande Prairie. Calgary, however, continues to feel the adverse impact of corporate layoffs in the energy sector.Since our last report, the Company has renewed a normal course issuer bid extending the Company's ability to act on advantageous buying opportunities through April of 2018. The Company's board of directors maintain their support of the Company's current dividend.As we look for further evidence that this latest of recessions affecting Alberta is firmly in the rear view mirror we will continue to encourage revenue growth and tightly manage costs in all of our operations. Condensed Interim Consolidated Statements of Comprehensive Income In Canadian dollars (millions except(unaudited) per share figures)three months ended March 31 2017 2016 Operating revenue$16.7 $18.1 Cost of sales Other (9.3) (10.0) Depreciation (0.4) (0.5) (9.7) (10.5)Gross profit 7.0 Full story available on Benzinga.com
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