Mr. Gary Yeoman reports
ILOOKABOUT ANNOUNCES RESULTS FOR THE YEAR ENDED DECEMBER 31, 2018
iLookabout Corp. has released its audited consolidated financial statements for the year ended Dec. 31, 2018, and its related management's discussion and analysis, which are available at SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their request to iLookabout Corp., office of the chief financial officer, 408, 383 Richmond St., London Ont., N6A 3C4.
"Two thousand eighteen was a year of material investment by the company in both internal and external initiatives that we are confident position us well for meaningful future growth," stated Gary Yeoman, chair and chief executive officer of iLookabout. "We are now poised to transform the company, and we look forward to realizing the early benefits of our investments in 2019."
Highlights of financial results
Discussion with respect to the noted results can be found in the company's management's discussion and analysis.
Three months ended Dec. 31, Year ended Dec. 31,
2018 2017 (1) 2018 2017 (1)
Revenue $2,271,000 $2,337,000 $9,212,000 $9,167,000
Comprehensive income (loss) 397,000 (140,000) (397,000) (174,000)
Adjusted EBITDA, unaudited (2) 351,000 505,000 1,073,000 1,135,000
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(1) Restated for the impact of adoption of international financial reporting standard 15.
(2) Adjusted EBITDA is an unaudited non-generally accepted accounting principle measure
and does not have any standardized meaning prescribed under IFRS and, therefore, may not
be comparable with 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. The company defines and calculates adjusted EBITDA
as earnings (loss) before interest, taxes, depreciation/amortization of equipment and
intangible assets, share-based compensation expense, and other costs or income that are:
(i) non-operating; (ii) non-recurring; and/or 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.
Prior to the fourth quarter of 2018, the company defined and calculated adjusted EBITDA as comprehensive income (loss) before interest, taxes, depreciation/amortization of equipment and intangible assets, share-based compensation expense, and other costs or income that is of a non-operating and/or non-recurring nature. Quantification of this change can be found in the company's management's discussion and analysis.
About iLookabout Corp.
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 Web-based application, GeoViewPort, unifies property-related data and enables desktop review of properties.
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