iLOOKABOUT Announces Results for the Second Quarter Ended June 30, 2018
2018 Second Quarter Revenue $2.32 million;
Year to Date Revenue $4.72 million; Year to Date Adjusted EBITDA $283,000
TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA) (“iLOOKABOUT” or “the Company”) today announced that its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2018 and 2017, and the related Management’s Discussion and Analysis (“MD&A”) are available at and on the Company’s website at . 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 core operations continue to remain stable and contribute to supporting our corporate infrastructure and the pursuit of strategic initiatives. We are particularly pleased with the progress of our collaborative efforts with Cherre, Inc. (“Cherre”) to initiate the strategic planning and early stage development of a platform to facilitate a real estate data marketplace utilizing blockchain technology. Our combined efforts have accelerated this initiative at a pace greater than initial expectations,” said Mr. Gary Yeoman, Chair and CEO of iLOOKABOUT, “We are very eager to continue this joint initiative which leverages the expertise and partnerships of both Cherre and iLOOKABOUT. We expect the resulting platform will address a clear market need that has not been addressable by alternative technologies to date.”
| Highlights of Financial Results: | ||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| 2018 | 20171 | 2018 | 20171 | |||||||||||||
| Revenue | $ | 2,323,085 | $ | 2,424,243 | $ | 4,715,023 | $ | 4,398,562 | ||||||||
| Comprehensive loss | (405,023 | ) | (156,984 | ) | (288,417 | ) | (209,374 | ) | ||||||||
| Adjusted EBITDA, Unaudited2 | 85,440 | 62,634 | 283,135 | 150,568 | ||||||||||||
| Discussion with respect to the above noted results can be found in the Company’s MD&A. | ||||||||||||||||
| 1Restated for the impact of adoption of IFRS 15. | ||||||||||||||||
| 2Adjusted 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 comprehensive income (loss) before interest, taxes, depreciation/amortization of equipment and intangible assets, share-based compensation expense and other costs or income of a non-operating and/or non-recurring nature. 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 iLOOKABOUT
iLOOKABOUT is a software, data analytics, data aggregation 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 provides powerful data analytics to the real estate industry through its Real Property Tax Analytics software offering. The Company’s proprietary StreetScape™ imagery and real property focused web-based application, GeoViewPort™, unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated analytics and workflow management applications into GeoViewPort™ which create highly valued service offerings for its clients. 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: Gary Yeoman, CEO 416-347-7707 Robin Dyson, CFO 519-931-6235
