TORONTO, Dec. 12, 2017 /CNW/ - Discovery Air Inc. (the "Corporation") announced its financial and operating results for the quarter ended October 31, 2017. The interim condensed consolidated financial statements and management discussion and analysis ("MD&A") will be available on SEDAR at www.sedar.com and on the Corporation's website at www.discoveryair.com.
Selected Financial Information |
Three months ended October 31 |
Nine months ended October 31 | |||||||||||||||
(thousands of Canadian dollars, except per share amounts) |
2017 |
2016 |
% change |
2017 |
2016 |
% change | |||||||||||
(unaudited) |
|||||||||||||||||
Results of operations |
|||||||||||||||||
Revenue |
$ |
42,640 |
$ |
42,919 |
-1% |
$ |
120,153 |
$ |
139,416 |
-14% | |||||||
EBITDA* |
$ |
5,120 |
$ |
6,190 |
-17% |
$ |
12,700 |
$ |
25,157 |
-50% | |||||||
Loss |
$ |
(4,349) |
$ |
(3,885) |
$ |
(15,113) |
$ |
(5,810) |
|||||||||
Basic and diluted loss per share |
$ |
(0.05) |
$ |
(0.05) |
$ |
(0.18) |
$ |
(0.07) |
|||||||||
Cash provided by (used in) operations |
$ |
10,228 |
$ |
9,585 |
$ |
(6,911) |
$ |
6,738 |
|||||||||
Working Capital* |
$ |
55,194 |
$ |
67,225 |
-18% | ||||||||||||
* See "Non-IFRS measures" below |
Financial Highlights
Forward-Looking Statements
Forward-looking information and statements are included in this earnings release. Please refer to the statement regarding forward-looking statements contained in the Corporation's MD&A for the three and nine months ended October 31, 2017, which are incorporated herein by reference. That statement provides an explanation as to what forward-looking statements are, and the specific factors, uncertainties and potential events that the Corporation has identified for the attention of readers. When relying on forward-looking information and statements to make decisions, investors and others should carefully consider these factors and other uncertainties and potential events.
The Corporation's interim condensed consolidated financial statements and MD&A for the three and nine months ended October 31, 2017, have been filed concurrently and are available on the Corporation's website at www.discoveryair.com and on SEDAR at www.sedar.com. The reader is encouraged to review the interim condensed consolidated financial statements and MD&A for quarter ended October 31, 2017 for more complete disclosure on the Corporation's financial condition and results of operations.
The Corporation's unsecured debentures trade on the Toronto Stock Exchange under the symbol DA.DB.A.
Non-IFRS Measures
References to "EBITDA" are to net profit (loss) before finance costs, income taxes, depreciation of property and equipment and intangible assets, gains and losses on disposal of assets and extinguishment of debt, gains on acquisition and disposals, impairment losses, and gains and losses resulting from the change in fair value of financial liabilities. Management believes EBITDA to be an important metric in measuring the performance of the Corporation's day-to-day operations. This measurement is useful in assessing the Corporation's ability to service debt and to meet other payment obligations, and as a basis for valuation. "Working Capital" is current assets less current liabilities excluding current portion of loans and borrowings and operating line of credit.
SOURCE Discovery Air Inc.
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