Mr. Geoffrey Rotstein reports
EQ INC. REPORTS FIRST QUARTER RESULTS
EQ Inc. has released its financial results for the first quarter ended March 31, 2015. Total revenue from operations for the quarter was $921,000, an increase of 19 per cent from the fourth quarter of 2014. The adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the quarter was approximately $684,000, which included approximately $175,000 of one-time items.
Highlights for the first quarter ended March 31, 2015
- Sequential revenue growth of 19 per cent compared with the fourth quarter of 2014;
- Completed a debt financing of $700,000;
- Transitioned from the Toronto Stock Exchange to the TSX Venture Exchange.
"Growth in the first quarter, typically a slower time in the media space, has shown that by focusing on clients' performance and delivering new and innovative products and solutions, our value proposition is strong," said Geoffrey Rotstein, president and chief executive officer. "Although we still need to show sustained growth, by continuing to add new clients and growing our existing relationships we are able to deliver some of the most complex digital solutions to our clients and help them grow their businesses. This, together with our dedication to mobile, is expected to shape our progress for the coming quarters."
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands of dollars, except per-share amounts)
Three months ended March 31,
2015 2014
Revenue $ 921 $ 2,015
Expenses
Publishing and advertising costs 518 1,054
Employee compensation and benefits 581 989
Other operating expenses 511 694
Depreciation of property and equipment 42 60
Amortization of domain properties and other intangible assets 28 274
1,680 3,071
(Loss) from operations (759) (1,056)
Finance income 4 6
Finance costs (40) (109)
(Loss) for the period (795) (1,159)
Net (loss) (795) (1,159)
Other comprehensive income (loss)
Foreign currency translation
adjustments to equity (18) 157
Other comprehensive income (loss), net of tax (18) 157
Comprehensive (loss) for the period (813) (1,002)
Loss per share
Basic and diluted (0.05) (0.07)
We seek Safe Harbor.
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