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Acasta Enterprises Inc
Symbol C : AEF
Shares Issued 70,215,298
Close 2018-11-08 C$ 1.09
Recent Sedar Documents

Acasta Enterprises loses $3.88-million in Q3

2018-11-08 19:22 ET - News Release

Mr. Ian Kidson reports

ACASTA ENTERPRISES REPORTS THIRD QUARTER RESULTS

Acasta Enterprises Inc. has released its consolidated financial results for the quarter ended Sept. 30, 2018, and provided a corporate update.

Financial and operating highlights:

  • Acasta's results from continuing operations for the three-month period ended Sept. 30, 2018, included revenues of $45.9-million, a net loss of $3.6-million or six cents per share (basic and diluted), an adjusted net loss of $3.7-million or six cents per share (basic and diluted), and adjusted EBITDA (1) of $1.0-million, compared with revenues of $43.6-million, a net loss of $6.9-million or eight cents per share (basic and diluted), adjusted net loss of $8.4-million or nine cents per share (basic and diluted), and adjusted EBITDA of $1.7-million for the three-month period ended Sept. 30, 2017.

Third quarter 2018 results conference call

Acasta's senior management will host a conference call on Friday, Nov. 9, 2018, at 9 a.m. Toronto time, to discuss the company's financial and operating results. Please dial 1-416-340-2217 or toll-free (Canada and the United States) 1-800-806-5484, with passcode 9561089 followed by the pound key. To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call.

The conference call will be available for replay at 1-905-694-9451 or toll-free (Canada and the U.S.) 1-800-408-3053, with passcode 1921051 followed by the pound key, expiring on Dec. 14, 2018.

(1) EBITDA is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for finance costs, current and deferred income tax, and depreciation and amortization expenses.

                CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                     (in thousands of Canadian dollars, except per-share amounts)

                                                Three months ended Sept. 30     Nine months ended Sept. 30
                                                     2018              2017           2018            2017

Revenue                                         $  45,877         $  43,607      $ 132,275       $ 129,033
Cost of revenue, expenses and other items              
Cost of revenue                                    37,896            32,293        107,260          87,136
Selling, general and administrative expense        11,624            17,129         55,333          48,666
Finance costs, net                                  1,463             5,177         24,802           8,063
Impairment of goodwill and intangible assets            -                 -         79,775               -
Net unrealized gain on change in fair value 
of financial instruments                             (655)                -           (563)           (236)
Net loss (gain) on foreign exchange                  (101)           (1,439)         1,047          (2,994)
Other (income) loss, net                             (304)           (2,105)           955          (5,801)
(Loss) before income tax                           (4,046)           (7,448)      (136,334)         (5,801)
Current income tax expense (recovery)                (459)              571         (2,330)          5,500
Deferred income tax recovery                            -            (1,085)        (7,103)         (3,927)
Net (loss) from continuing operations              (3,587)           (6,934)      (126,901)         (7,374)
Net income (loss) from discontinued 
operations, net of tax                               (296)           (2,805)      (144,894)            591
Net (loss)                                         (3,883)           (9,739)      (271,795)         (6,783)
Other comprehensive income (loss) from 
discontinued operations, net of tax                     -           (14,616)              -        (28,752)
Total comprehensive (loss)                         (3,883)          (24,355)      (271,795)        (35,535)
Net income (loss) per share                                                                              
Basic -- continuing operations                  $   (0.06)        $   (0.08)     $   (1.74)      $   (0.08)
Basic -- discontinued operations                        -         $   (0.03)     $   (1.99)      $    0.01
Diluted -- continuing operations                $   (0.06)        $   (0.08)     $   (1.74)      $   (0.08)
Diluted -- discontinued operations                      -         $   (0.03)     $   (1.99)      $    0.01

We seek Safe Harbor.

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