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Pivot Technology Solutions, Inc. Reports Fourth Quarter, Annual

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junkHustler Member Level  Thursday, 03/29/18 09:18:03 PM
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Pivot Technology Solutions, Inc. Reports Fourth Quarter, Annual 2017 Results
TORONTO, March 27, 2018

Fourth Quarter Adjusted EBITDA1 up 31.5% on Revenue Growth and Cost Management

TORONTO, March 27, 2018 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot"), a full-service information technology provider, today reported its financial results for the three and twelve months ended December 31, 2017. All figures are in US dollars unless otherwise stated.

Fourth Quarter Summary

~ Revenue was $399.4 million, up 1.4% from $394.0 million in Q4 2016
~ Service revenue grew 1.2%
~ Product revenue grew 1.4%
~ Gross profit was $48.9 million (12.2% margin), up from $48.5 million (12.3% margin) in Q4 2016
~ Adjusted EBITDA1 was $11.1 million, up 31.5% from $8.5 million in Q4 2016 reflecting revenue growth and effective cost management
~ Income before income taxes was $6.1 million up 34.1% from $4.6 million in Q4 2016
~ Tax expense was $8.7 million, including a one-time $5.8 million non-cash charge related to the impact of US Tax Reform, compared to $1.7 million in Q4 2016
~ Loss for the period was $2.6 million due to the one-time, non-cash tax charge, compared to Income of $2.9 million in Q4 2016
Reflecting the one-time, non-cash income tax charge, loss per share was $0.07 compared to diluted income per share of $0.05 in Q4 2016

*********

A nice Q. Lets keep it going for 2018!

GLTA & JMO

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