2016 Revenue $8.79 million; Adjusted EBITDA $319,000
TORONTO, ON--(Marketwired - April 26, 2017) - iLOOKABOUT Corp. (
"In 2016, various efforts were initiated in order to refocus the Company's strategy and pursue new growth initiatives. We are only at the beginning of iLOOKABOUT's diversification from a government concentrated software solutions provider to a more scalable technology product suite," said Laurence Rose, Chief Executive Officer. "We have a number of near-term opportunities that we are pursuing, including commercializing our proprietary software for the private sector, and believe our existing core business provides a good platform to build from, and which we expect will drive continued growth in Revenue and Adjusted EBITDA."
2016 and Recent Significant Developments
Highlights from the Fourth Quarter and Full Year 2016 Annual Results:
Unaudited | Audited | |||||||||||||||
Three months ended | Three months ended | Year ended | Year ended | |||||||||||||
December 31, 2016 | December 31, 2015 | December 31, 2016 | December 31, 2015 | |||||||||||||
Revenue | $ | 2,193,277 | $ | 1,628,227 | $ | 8,790,956 | $ | 7,481,725 | ||||||||
Direct operating expenses | 802,790 | 708,456 | 3,608,699 | 3,383,267 | ||||||||||||
Gross margin | 1,390,487 | 919,771 | 5,182,257 | 4,098,458 | ||||||||||||
Other operating expenses: | ||||||||||||||||
Technology | 431,644 | 308,177 | 1,564,395 | 1,182,050 | ||||||||||||
Selling and business development | 244,442 | 317,349 | 1,074,666 | 1,250,383 | ||||||||||||
General and administration | 918,408 | 632,804 | 3,006,167 | 2,774,086 | ||||||||||||
1,594,494 | 1,258,330 | 5,645,228 | 5,206,519 | |||||||||||||
Loss from operations | (204,007 | ) | (338,559 | ) | (462,971 | ) | (1,108,061 | ) | ||||||||
Finance costs | (412 | ) | (22,052 | ) | (15,300 | ) | (128,222 | ) | ||||||||
Foreign exchange gain (loss) | 31,564 | 58,803 | (19,088 | ) | 276,447 | |||||||||||
Loss for the period | $ | (172,855 | ) | $ | (301,808 | ) | $ | (497,359 | ) | $ | (959,836 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Items that will not be reclassified to earnings (loss) for the period: | ||||||||||||||||
Foreign exchange gain (loss) on the translation of foreign operations | (17,993 |
) | (23,298 |
) | 20,719 |
(151,376 |
) | |||||||||
Comprehensive loss for the period | $ | (190,848 | ) | $ | (325,106 | ) | $ | (476,640 | ) | $ | (1,111,212 | ) | ||||
Loss per share, basic and diluted | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |||||
Adjusted EBITDA* | $ | 44,134 | $ | (38,196 | ) | $ | 319,085 | $ | 53,005 | |||||||
*Adjusted EBITDA is a non-GAAP measure and is defined and calculated as comprehensive income (loss) before interest, tax, depreciation, amortization and share-based compensation expenses. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company. | ||||||||||||||||
Revenue
Revenue increased 35% to $2,193,000, and increased 17% to $8,791,000, for the three months and year ended December 31, 2016 compared to the same periods in the prior year.
These increases are primarily attributable to:
This increase in revenue was partially offset by:
Gross Margin
Gross margin increased 51% to $1,390,000 from $920,000 for the three months ended December 31, 2016 and 2015, respectively; and increased 26% to $5,182,000 from $4,098,000 for the years ended December 31, 2016 and 2015, respectively. These increases are mainly attributable to increased revenue for the reasons noted in the "Revenue" discussion above.
The increases in gross margin were partially offset by increases in direct operating expenses, including increased third party data licensing expense required to (i) support the generation of increased revenue related to derivative reports and re-licensing of data to end customers, and (ii) accrue for a minimum purchase commitment under a value-added reseller agreement, which commitment was greater for 2016 than for 2015.
Comprehensive Loss
Comprehensive loss decreased 41% to $191,000 from $325,000 for the three months ended December 31, 2016 and 2015, respectively. For the years ended December 31, 2016 and 2015, comprehensive loss decreased 57% to $477,000 from $1,111,000. These improvements are primarily attributable to:
These improvements were partially offset by:
Adjusted EBITDA
Adjusted EBITDA improved 216% to $44,000 from ($38,000) for the three months ended December 31, 2016 and 2015, respectively. For the year ended December 31, 2016, Adjusted EBITDA increased 502% to $319,000 from $53,000 in 2015. These improvements are primarily attributable to: (i) increases in Revenue; (ii) expansion of Gross Margin, (iii) a decrease in finance costs in 2016 due to the repayment of the Company's secured term credit facility early in 2016; and (iv) a decrease in share-based compensation resulting from fewer stock options being granted in 2016 as compared to 2015.
Outstanding Share Data
As at December 31, 2016, iLOOKABOUT had:
Subsequent to December 31, 2016 the following share-related events occurred:
About iLOOKABOUT
iLOOKABOUT is a software, data analytics and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's proprietary StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort™, unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated powerful data analytics and workflow management applications into GeoViewPort™ which creates highly valued service offerings for its clients. The Company provides powerful data analytics to the real estate industry through its Real Property Tax Analytics ("RPTA") software offering. To augment its technology based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.
iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Contact:
Laurence Rose
Chief Executive Officer
laurence.rose@ilookabout.com
647.920.6383
www.ilookabout.com
Robin Dyson
Chief Financial Officer
robin.dyson@ilookabout.com
1.866.963.2015
www.ilookabout.com