TORONTO--(BUSINESS WIRE)--
Adya Inc. (“Adya” or the “Company”), (TSX-V: ADYA) today announces its financial performance for the three months ended March 31, 2017.
Revenue for Q1 2017 was down 26% to $2,983,623 with a net loss of ($139,078) or ($0.003) loss per common share, compared to revenue of $4,020,921 with a net loss of ($91,684) or ($0.003) per common share for Q1 2016. As with fiscal 2016, the decline in revenue was attributed to a disruption in a service agreement in 2015 with a wireless service provider for roaming services along with forecasted market trend declines of traditional long distance services. To offset the decline in revenue, the Company was able to reduce its operating costs (excluding non-cash items) by $217,920 or %16. The balance sheet remains strong with a cash balance of $1,362,901 and working capital of $919,237.
“We continue to launch new product offerings and pursue acquisition opportunities with the goal to diversify our revenue streams,” said Rajiv Jagota, President and CEO of Adya. “I am excited to expand our channels of business that will provide key growth areas to help offset the industry-wide decrease in Long Distance revenues.”
FINANCIAL OVERVIEW
| Consolidated highlights for the three months ended March 31, | 2017 | 2016 | |||
| Revenue | 2,983,623 | 4,020,921 | |||
| Gross Margin | 1,259,316 | 1,489,578 | |||
| Gross Margin % | 42% | 37% | |||
| Adjusted EBITA | 117,744 | 129,350 | |||
| Net loss | (139,078) | (91,684) | |||
| Loss per share - basic and diluted | (0.003) | (0.003) |
Below is a reconciliation of “EBITDA” and “Adjusted EBITDA” to net income (loss) for the periods presented:
| EBITA | ||||||||||||
| Three months ended March 31, | 2017 | 2016 | +/- | % | ||||||||
| Net loss | $ | (139,078) | $ | (91,684) | $ | (47,394) | 52% | |||||
| Finance costs, net | 64,255 | 89,052 | (24,797) | (28%) | ||||||||
| Depreciation and amortization | 81,108 | 128,668 | (47,560) | (37%) | ||||||||
| EBITDA | $ | 6,285 | $ | 126,036 | $ | (119,751) | (95%) | |||||
|
ADJUSTED EBITA |
||||||||||||
| Three months ended March 31, | 2017 | 2016 | +/- | % | ||||||||
| Net loss | $ | (139,078) | $ | (91,684) | $ | (47,394) | 52% | |||||
| Finance costs, net | 64,255 | 89,052 | (24,797) | (28%) | ||||||||
| Depreciation and amortization | 81,108 | 128,668 | (47,560) | (37%) | ||||||||
| Share based payments | 111,459 | 3,314 | 108,145 | 3263% | ||||||||
| ADJUSTED EBITDA | $ | 117,744 | $ | 129,350 | $ | (11,606) | (9)% | |||||
A complete financial reporting package, including the Condensed Interim Consolidated Financial Statements and Notes and MD&A for the three months ended March 31, 2017, is available on our corporate website (www.adya.ca), at SEDAR website (www.sedar.com) or via email to [email protected] or via phone at 416-499-5463.
ABOUT ADYA
Adya is a publicly traded holding company and currently a strategic shareholder in telecommunications and technology companies. With offices located in Toronto, Canada, the Company is focused on diversifying its portfolio through the acquisition of accretive businesses, with recurring revenue, high shareholder value, and annuity revenue streams.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Adya or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Adya assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
Neither the 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.
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