CALGARY, Alberta, May 04, 2021 (GLOBE NEWSWIRE) -- Badger Daylighting Ltd. (Badger, the Company, we, our or us) (TSX:BAD) reported first quarter results today. All results are presented in Canadian dollars unless otherwise stated.
2021 First Quarter Financial and Operational Highlights
- Revenue was $108.5 million or approximately 79% of revenue realized in the first quarter of 2020. After normalizing for the effects of foreign exchange, revenue was 83% of revenue realized in the first quarter of 2020.
- Gross profit margin was 15.7% compared to 22.2% in 2020 and Adjusted EBITDA margin was 5.1% compared with 13.3% in the first quarter of 2020.
- Adjusted EBITDA was $5.5 million compared to $18.1 million in the first quarter of 2020. Excluding one-time general and administrative expenses of $1.9 million in the quarter relating to investments in key strategic initiatives, Adjusted EBITDA was $7.4 million.
- The Board of Directors of Badger approved a 5% increase in the dividend to $0.63 per common share on an annualized basis and the Toronto Stock Exchange accepted Badger's notice to implement a Normal Course Issuer Bid pursuant to which the Company may acquire for cancellation up to a maximum of 1.5 million common shares.
- Continued improvements in working capital, collection of aged receivables and the extension of the Company's $100 million supplemental secured credit facility for an additional year all supported Badger's strong liquidity position maintained at over $300 million in the quarter.