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Grenville Strategic Royalty Announces 2017 Third Quarter Results
- Records Royalty Payment and Interest Income of $1.2 million in Q3 2017 -TORONTO, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Grenville Strategic Royalty Corp. (TSXV:GRC) ("Grenville" or the "Company") today announced its financial and operating results for the three- and nine-month periods ended September 30, 2017. Financial references are in Canadian dollars unless otherwise specified.2017 Third Quarter Financial HighlightsRoyalty Payment and Interest Income of $1,187,000Adjusted EBITDA(1) of $556,000Free Cash Flow(1) of $166,000"For the fifth time in the last six quarters we generated positive free cash flow in the quarter. The core of the portfolio continues to perform, which together with the cost discipline we've implemented, provide a stable foundation for future growth," said Steve Parry, Chief Executive Officer of Grenville. "At present, the markets are valuing the business at 33% of book value despite the portfolio generating positive free cash flow, the potential for additional contract buyouts and the improved portfolio performance. The pipeline is as strong as it's ever been and we screened more opportunities in the quarter than ever before. While the timing of new investments has been lumpy recently, we remain confident in our ability to access high-quality opportunities based on the existing pipeline. In the interim, we are building our cash position – which is ready to deploy – and we are being vigilant as we select the best opportunities for our next round of investments." Financial HighlightsCanadian dollarsThree months ended September 30, 2017Three months ended September 30, 2016Revenues$ (1,222,621)$ (854,503)Royalty Payment Income and Interest and Fee Income Earned 1,193,359 2,044,058 Adjusted EBITDA(1) 555,774 1,376,396 Free Cash Flow(1) 166,068 163,992 (Loss)/Profit for the period (1,763,068) (1,690,843)Basic Earnings/(Loss) per share (0.0166) (0.0159)Diluted Earnings/(Loss) per share (0.0166) (0.0159)Weighted basic average number of shares outstanding 106,317,656 105,596,427 Royalty agreements acquired in period 425,000 370,797 (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 $(1,223,000) and $(6,732,000) for the three-month (Q3 2017) and nine-month (YTD 2017) periods ended September 30, 2017, respectively, compared to $(855,000) and $(2,397,000) 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 $2,427,000 compared to $3,014,000 for the same period in 2016. This non-cash amount relates to $1,382,000 for an unrealized loss from the change in fair value of royalty agreements acquired and promissory notes receivable, $365,000 for an unrealized loss in the change of the fair value of the shares held in Lattice Biologics Ltd. and $680,000 of unrealized foreign exchange loss.Royalty Payment Income and Interest and Fee Income EarnedRoyalty payment income plus interest and fee income earned was $1,193,000 and $3,574,000 for Q3 2017 and YTD 2017, respectively, compared to $2,044,000 and $6,698,000 for the corresponding periods in 2016. The change in the quarterly period was ...Full story available on Benzinga.com
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