Mr. Gary Yeoman reports
ILA ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2019
iLookabout Corp.'s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2019, and June 30, 2018, and the related management's discussion and analysis (MD&A) are available on SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their request to iLookabout, office of the chief financial officer, Suite 408, 383 Richmond St., London, Ont., N6A 3C4.
"Our financial results remained stable for the second quarter of this year. Subsequent to the end of the second quarter, we completed the acquisition of the operating assets of Clarocity Corp., which we are very excited about. This acquisition is a catalyst in executing on our growth strategy, which will provide value to our shareholders, clients and employees," stated Gary Yeoman, chair and chief executive officer of iLookabout. "The addition of Clarocity is one of many steps in our goal of becoming an innovator and leader in the real estate valuation data and analytics industry. The technology and management team of Clarocity are exceptional, and we look forward to a prosperous future together."
HIGHLIGHTS OF FINANCIAL RESULTS
(in thousands of Canadian dollars)
Three months ended June 30, Six months ended June 30,
2019 2018 2019 2018
Revenue $ 2,512 $ 2,323 $ 5,145 $ 4,715
Adjusted EBITDA, unaudited (1) 258 225 734 551
(1) Adjusted EBITDA is an unaudited non-GAAP (generally accepted accounting principles)
measure and does not have any standardized meaning prescribed under IFRS (international
financial reporting standards), and therefore it 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. Adjusted EBITDA is defined and calculated by the company as earnings (loss)
before interest, taxes, depreciation/amortization of property and equipment, intangible
assets and right-of-use assets, share-based compensation expense, and other costs or
income that are: (i) non-operating; (ii) non-recurring; and/or (iii) 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.
Discussion with respect to the results in the attached table can be found in the company's MD&A.
About iLookabout Corp.
iLookabout is a real estate valuation platform with technologies that leverage the power of data designed to address the dynamic real estate valuation market. The company's proprietary innovative platform is driving the next generation of real property valuation solutions. Accurate data and property valuations form the basis for the company's clients to value assets, to finance loans, to securitize portfolios, and to analyze and update property tax assessments. As a fully integrated valuation technology company, iLookabout is setting new standards in real estate valuation quality and reliability.
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