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09.08.2017 01:35:43

Grenville Strategic Royalty Announces 2017 Second Quarter Results

TORONTO, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Grenville Strategic Royalty Corp. (TSX-V:GRC) ("Grenville" or the "Company") today announced its financial and operating results for the three- and six-month periods ended June 30, 2017. Financial references are in Canadian dollars unless otherwise specified.2017 Second Quarter Financial HighlightsRoyalty Payment Income of $1,026,000Adjusted EBITDA(1) of $3,372,000Free Cash Flow(1) of $3,517,000Operational HighlightsClosed five new investments, consisting of US$150,000 in MedWorxs LLC, $125,000 in Fixt Wireless Inc., US$1,500,000 in ConnectAndSell, Inc., US$350,000 in Kare Intellex Inc. and US$500,000 in Frequentz, Inc., and one follow-on investment of US$125,000 in Factor 75Completed a Contract Buyout of $5 million, plus royalties earned, on the $2 million investment in Aquam CorporationAcquired 18.2 million shares in Lattice Biologics Ltd at an issue price of $0.20 per share in exchange for the extinguishment of the US$2,000,000 royalty agreement and US$700,000 in overdue royalty paymentsClosed after the end of the quarter one new investment in Hybrid Financial Ltd. for $425,000"We generated positive free cash flow again this quarter as the performing investments and our cost restructuring have established a sustainable path forward for the business. In total, we have generated more than $41 million in cash from the nearly $68 million invested to date," said Steve Parry, Chief Executive Officer of Grenville. "The Aquam buyout represents our seventh successful Contract Buyout, which provide non-dilutive cash to redeploy into new investments. The five new investments during the quarter and one new investment after the end of the quarter demonstrate we have returned to a consistent pace of capital deployment. We have sufficient cash on hand to continue this pace through calendar 2017, with a robust pipeline of new opportunities that align with the investment criteria of our new investment model that we implemented in mid-2016. We continue to focus on generating monthly royalty income above $400,000 where the business generates sustainable free cash flows."Financial HighlightsCanadian dollarsThree months ended June 30, 2017Three months ended June 30, 2016Revenues$  (2,067,408)$  1,290,572 Royalty Payment Income and Interest and Fee Income Earned 1,068,560  2,096,718 Adjusted EBITDA(1)   3,371,884    507,700 Free Cash Flow(1)   3,517,919    340,161 (Loss) for the period   (2,456,208)   (633,250)Basic (Loss) per share   (0.0231)   (0.0060)Diluted (Loss) per share   (0.0231)   (0.0060)Weighted basic average number of shares outstanding   106,317,656    106,267,252 Royalty agreements acquired in period 3,695,503  427,575 (1) Adjusted EBITDA and Free cash flow are non-IFRS measures. Refer to section Definition of Non-IFRS Measures for further explanation and definitions.RevenuesRevenues were $(2,067,000) and $(5,510,000) for the three-month (Q2 2017) and six-month (YTD 2017) periods ended June 30, 2017, respectively, compared to $1,291,000 and $(1,543,000) for the corresponding periods in 2016. With the adoption of IFRS 9, certain non-cash items are recognized in revenue. Revenues in the quarterly period were negatively impacted by net non-cash items of $3,135,000 made up of $1,213,000 of an unrealized loss in writing-down the fair value of royalty agreements acquired and promissory notes receivable, $1,432,000 for the unrealized loss in the change in the fair value of the shares held in Lattice Biologics Ltd. and the balance for unrealized foreign exchange loss.Royalty Payment Income and Interest and Fee Income EarnedRoyalty payment income plus interest and fee income earned was $1,069,000 and $2,419,000 for Q2 2017 and YTD 2017, respectively, compared to $2,097,000 and $4,715,000 for the corresponding periods in 2016. The change in ...Full story available on Benzinga.com
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