19:31:28 EDT Mon 17 Jun 2024
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Ciscom Corp
Symbol CISC
Shares Issued 51,563,831
Close 2024-03-27 C$ 0.075
Market Cap C$ 3,867,287
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Ciscom loses $1.46-million in 2023

2024-03-27 23:20 ET - News Release

Mr. Michel Pepin reports


Ciscom Corp. has filed its audited financial statements and management's discussion and analysis for the 12 months ended Dec. 31, 2023, under its corporate profile on SEDAR+. As expected, Ciscom received a clean audit report. Ciscom delivered solid growth, and results include positive cash flows from operations for 2023.

In 2023, Ciscom's revenues surged to $35.2-million, up 138 per cent from $14.8-million in the previous year, primarily driven by the strategic acquisition of Prospect Media Group, completed on Sept. 30, 2022. This substantial revenue growth underscores Ciscom's successful expansion and integration strategy.

Gross profit for the year stood at $6.9-million, a 200-per-cent increase from $2.3-million in 2022, with gross margins improving to 19.6 per cent from 15.6 per cent. This improvement, amounting to a 26.2-per-cent year-over-year increase, reflects the successful retirement of low-margin projects and the realization of cost synergies through efficient procurement and operational initiatives, a notable achievement in a challenging economic landscape.

The company achieved a cash-adjusted operating profit (earnings before interest, taxes, depreciation and amortization) of $1.34-million in 2023, compared with a net cash-adjusted operating loss of $370,000 in 2022, marking an impressive year-over-year improvement of $1.71-million. This performance attests to the effectiveness of Ciscom's cost reduction initiatives, which have saved $625,000 annually across various operational areas.

Although Ciscom reported a net loss of $1,461,000 for 2023, slightly improving from a net loss of $1,545,000 in 2022, the year's expenses included $537,000 in restructuring costs and $208,000 in non-recurring expenses. The company also faced significant non-cash expenses totalling $2.4-million, including share-based compensation, intangible assets amortization and provision for loan loss, among others. Nonetheless, the operations generated positive cash flows of $1.3-million in 2023, a significant turnaround from a cash use of $900,000 in the previous year.

Ciscom continues to be in good standing with its banking partners, reflecting the company's solid and rigorous financial management and governance. Looking ahead, Ciscom is poised for further growth, with a focus on client-centric services and a commitment to operational excellence.

Michel Pepin, president and chief financial officer of Ciscom, shared his enthusiasm for the company's growth, stating: "Despite the hurdles posed by the economic environment, our team's unwavering commitment to excellence has not only preserved but enhanced our service quality. Our balanced approach of nurturing recurring sales, pursuing organic growth and executing strategic acquisitions has fortified our position for sustained prosperity. The amalgamation of our innovative technology and the unparalleled dedication of our team forms the bedrock of our competitive advantage and relevance in the market. This synergy propelled us to a stellar close of the year, setting a robust foundation for the future."

About Ciscom Corp.

Ciscom actively invests in, acquires and manages market-leading companies within the information and communication technology sector, targeting small- and medium-sized enterprises with proven profitability. This approach allows entrepreneurs to monetize their equity and continue contributing, enhancing shareholder value through acquisitions. As a leader in omnimedia, particularly in data-driven marketing, Ciscom, through its subsidiaries, optimizes advertising spend across platforms, ensuring high return on investment and customer engagement. Strategic ICT acquisitions bolster service offerings and shareholder value, marking Ciscom as an emergent force in the data-driven and technology market. Ciscom became an issuer in June, 2023, on the Canadian Securities Exchange and in October, 2023, on the OTCQB. Ciscom has two subsidiaries, namely Market Focus Direct and Prospect Media Group.

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