GREY WOLF ANIMAL HEALTH REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS
- Revenue for the quarter of
$6.0 million was flat year over year. - Gross profit remained consistent at
$3.1 million for the quarter compared to$3.2 million for the same period in 2023. - Adjusted EBITDA1 remained consistent at
$0.9 million for the quarter compared to$0.9 million for the same period in 2023.
"During the first quarter of 2024, the
To support the long-term growth of Grey Wolf, we have been investing in our sales and marketing team to drive sales force effectiveness and strategy. As part of this initiative, we incurred a one-time employee settlement cost of
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Results of Operations |
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Y/E |
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Three months ended |
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Revenue |
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Gross profit |
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3,112,159 |
3,175,782 |
Gross profit % |
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51.5 % |
52.5 % |
Total operating expenses |
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2,821,010 |
2,656,388 |
Operating income for the period |
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291,149 |
519,394 |
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Income tax expense (recovery) |
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53,771 |
(29,893) |
Net income for the period |
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126,072 |
410,463 |
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Earnings per share |
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Basic and diluted |
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EBITDA |
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606,961 |
864,969 |
Adjusted EBITDA |
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855,231 |
938,316 |
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Total assets |
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Total liabilities |
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12,946,529 |
14,542,886 |
Total revenue for the three-month period ended
Gross margins for the three-month period ended
Total expenses for the three-month period ended
Adjusted EBITDA1 was
Cash and cash equivalents were
As at
Grey Wolf's financial statements and accompanying Management Discussion and Analysis for the three months ended
Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Company's operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this press release includes Adjusted EBITDA. The Company defines Adjusted EBITDA as earnings before financing and special transaction costs (including, for greater certainty, fees related to the Qualifying Transaction), interest income, interest and accretion expenses, income taxes, depreciation of property and equipment, depreciation of right of use assets, amortization of intangible assets, share-based compensation, change in fair value of embedded derivatives, foreign exchange gains or losses, and other income. The Company considers Adjusted EBITDA as an additional metric in assessing business performance and an important measure of operating performance and cash flow, providing useful information to help analyze and compare profitability between companies for investors and analysts.
The following table provides a summary of the differences between Grey Wolf's consolidated IFRS and Non-IFRS financial measures, which are reconciled below:
EBITDA and Adjusted EBITDA
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Adjusted EBITDA |
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Y/E |
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Three months ended |
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Net income for the period |
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Interest income |
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(54,067) |
(31,748) |
Interest and accretion expense |
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140,250 |
155,371 |
Income taxes |
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53,771 |
(29,893) |
Depreciation of property and equipment |
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75,255 |
68,122 |
Depreciation of right of use assets |
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21,930 |
48,904 |
Amortization of intangible assets |
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243,750 |
243,750 |
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EBITDA |
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606,961 |
864,969 |
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Adjustments |
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Share-based compensation |
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(22,601) |
58,146 |
Foreign exchange (gain) loss |
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25,123 |
15,201 |
Settlement costs |
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245,748 |
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Adjusted EBITDA |
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855,231 |
938,316 |
Neither the
Forward Looking Statements
Certain information included in this press release contains forward-looking information with the meaning of applicable Canadian securities laws. This information includes statements concerning the Company's objectives, its strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events or the negative thereof. Such forward-looking information reflects management's beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements.
Forward-looking information necessarily involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its subsidiaries, and cause actual results to differ materially from current expectations of estimated or anticipated events or results.
A more detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the Risk Factors section of Grey Wolf's Management Discussion and Analysis for the three months ended
SOURCE