Friday, May 8, 2015

DIRTT Environmental Solutions Ltd. - DRT.t

DIRTT Environmental Solutions Ltd. - DRT.t creates customizable, sustainable architectural interiors. A set of robust interface elements support reconfiguration, extreme levels of customization, and distributed manufacturing.

DIRTT’s solutions include DIRTT Walls, DIRTT Millwork, DIRTT Power and DIRTT Networks, along with cutting-edge ICE® technology, and ICEberg®, a powerful modular vs. traditional construction cost-comparison tool.

On May 7, 2015 the company released Numbers

DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX: DRT), a leading technology-enabled designer, manufacturer and installer of fully customized, prefabricated interiors, today announced its financial results for the three months ended March 31, 2015. This news release contains references to Canadian dollars and United States dollars. Canadian dollars are referred to as "$" and United States dollars are referred to as "US$".
Selected Highlights
For the quarter ended March 31, 2015 the Company reported:
  • Revenue increased by $16.2 million, or 40.0% over Q1 2014, to $56.7 million, a record for the first quarter;
  • Trailing 12 month revenue was $203.5 million, a 35.7% increase over the prior 12-month period ($149.9 million);
  • Adjusted EBITDA (see "Non-IFRS Measures") increased by $5.0 million over Q1 2014 to $8.7 million;
  • Net cash flows provided by operating activities before changes in non-cash working capital was $10.1 million, an increase of $6.1 million over Q1 2014; and
  • DIRTT entered into a strategic collaboration with Corning Incorporated to bring Corning® Willow® Glass to DIRTT's suite of interior construction solutions.
"We were very pleased with our financial performance this quarter as contributions from both large projects and our core small and medium-sized enterprise customers helped drive record first quarter revenue," said Scott Jenkins, President of DIRTT. "Looking ahead we expect to build momentum across all industries with the exception of the energy sector. A good mix of smaller and larger projects along with opportunities in new industry verticals, both in North America and internationally, should generate continued growth as we approach the second half of the year and move into 2016."
"Top-line growth continues to reflect solid improvements in our numbers and demonstrate the strength and scalability of our business model," said Derek Payne, CFO of DIRTT. "While we haven't seen any slowdown or disruptions from our energy clients, we do recognize this segment of our business could be impacted going forward. We are, however, confident in the long-term prospects for all other industry segments and geographic markets where DIRTT is becoming the new standard for interior construction."
Summary Financial Results
Three months ended March 31,
($ thousands, except per share amounts)
Revenue 56,701 40,515
Gross profit 23,801 17,090
Gross profit % 42.0% 42.2%
Adjusted gross profit (1) 24,511 17,623
Adjusted gross profit % (1) 43.2% 43.5%
Selling, general and administrative ("SG&A") 20,071 16,092
Adjusted SG&A (1) 17,428 14,093
Adjusted SG&A as a % of revenue (1) 30.7% 34.8%
Operating income 3,730 998
Adjusted EBITDA (1) 8,689 3,715
Income tax expense 222 294
Net income (loss) 4,682 (70)
Net income (loss) per basic share 0.06 (0.00)
Net income (loss) per diluted share 0.06 (0.00)
Cash flows provided by operating activities (1)
before changes in non-cash working capital
10,129 4,067
As atMarch 31, 2015December 31, 2014
($ thousands, except per share amounts)
Cash and cash equivalents 44,829 39,836
Working capital 58,406 50,434
Long-term debt 11,960 9,852
(1)See "Non-IFRS Measures".




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