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Grenville Strategic Royalty Announces 2017 First Quarter Results
Grenville Strategic Royalty Announces 2017 First Quarter Results Grenville Strategic Royalty Announces 2017 First Quarter ResultsRecords Royalty Payment Income of $1.3 million in Q1 2016TORONTO, ONTARIO--(Marketwired - May 10, 2017) - Grenville Strategic Royalty Corp. (TSX:GRC) ("Grenville" or the "Company") today announced its financial and operating results for the three-month period ended March 31, 2017 ("Q1 2017"). Financial references are in Canadian dollars unless otherwise specified.2017 First Quarter Financial HighlightsRoyalty Payment Income of $1,333,000 Adjusted EBITDA(1) of 157,000 Free Cash Flow(1) of $52,000 Operational HighlightsClosed four investments subsequent to the end of the quarter, consisting of three new investments of US$150,000 in Medworxs LLC, $125,000 in Fixt Wireless Inc. and US$1.5 million in ConnectAndSell, Inc. and one follow-on investment of US$125,000 in Factor 75 Announced a Contract Buyout of $5 million, plus royalties earned, on the $2 million investment in Aquam Corporation, subsequent to the end of the quarter "Our results are starting to reflect the important improvements we have made in the business during the last twelve months. We have reduced our cost structure to a point where we generate cash on a consistent basis. While we are still seeing fair value decreases on the balance sheet related to the legacy portfolio, we are generating significant free cash flows related to Contract Buyouts, including the April buyout of Aquam. The Aquam buyout increased capital available for new investments to approximately $10 million, which along with investments by our joint venture partners is sufficient to fund a robust program in 2017," said Steve Parry, Chief Executive Officer of Grenville. "To put this in perspective, we have generated more than $40 million in cash from the $66 million invested to date. The core positions within the portfolio are producing and align well with our go-forward investment model reflecting the profound learning we have extracted from the first four years of deploying this unique SME royalty product."Financial HighlightsCanadian dollarsThree months ended March 31, 2017 Three months ended March 31, 2016 Revenues$(3,442,258)$(2,833,267)Royalty Payment Income and Interest Income Earned 1,333,641 2,581,429 Adjusted EBITDA(1) 157,101 1,586,562 Free Cash Flow(1) 52,232 (639,064)(Loss)/Profit for the period (3,792,281) (3,190,773)Basic Earnings/(Loss) per share (0.0357) (0.0306)Diluted Earnings/(Loss) per share (0.0357) (0.0306Full story available on Benzinga.com
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