ILA Announces Results for the Second Quarter Ended June 30, 2019
2019 Second Quarter Revenue $2.51M; Adjusted EBITDA $258K
TORONTO, Aug. 29, 2019 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) today announced that its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2019 and 2018, and the related Management’s Discussion and Analysis (“MD&A”) are available at and on the Company’s website at /investor-relations/financial-information. Shareholders may request a hard copy of this material by directing their request to: iLOOKABOUT Corp., Office of the CFO, 408-383 Richmond Street, London ON, N6A 3C4
“Our financial results remained stable for the second quarter of this year. Subsequent to the end of the second quarter, we completed the acquisition of the operating assets of Clarocity Corp., which we are very excited about. This acquisition is a catalyst in executing on our growth strategy, which will provide value to our shareholders, clients and employees,” stated Mr. Gary Yeoman, Chair and CEO of iLOOKABOUT, “The addition of Clarocity is one of many steps in our goal of becoming an innovator and leader in the real estate valuation data and analytics industry. The technology and management team of Clarocity are exceptional and we look forward to a prosperous future together.”
Highlights of Financial Results:
| Unaudited | Unaudited | |||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||
| (In thousands of Canadian dollars) | 2019 | 2018 | 2019 | 2018 | ||||||
| Revenue | $ | 2,512 | $ | 2,323 | $ | 5,145 | $ | 4,715 | ||
| Adjusted EBITDA, Unaudited1 | 258 | 225 | 734 | 551 | ||||||
Discussion with respect to the above noted results can be found in the Company’s MD&A.
1Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) are related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
About ILA
ILA is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. Our proprietary innovative platform is driving the next-generation of real property valuation solutions. Accurate data and property valuations form the basis for our clients to value assets, fund loans, securitize portfolios and to analyze & update property tax assessments. As a fully integrated valuation technology company, we are setting new standards in real estate valuation quality and reliability. ILA is a brand built on innovation, execution, accuracy, industry expertise and forward looking products and services.
ILA’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: Gary Yeoman, CEO 416-347-7707 Robin Dyson, CFO 519-931-6235
