SOURCE: Distinct Infrastructure Group Inc.

Distinct Infrastructure Group Inc.

August 29, 2016 09:00 ET

Distinct Infrastructure Group Reports Record Revenue for Second Quarter of 2016

TORONTO, ON--(Marketwired - August 29, 2016) - Distinct Infrastructure Group Inc. ("Distinct" or the "Company") (TSX VENTURE: DUG) today released its financial results for the three and six months ended June 30, 2016. For the three-month period ended June 30, 2016, the Company reported record revenues of $15.5 million, an increase of $7.0 million or 82.3% as compared to the three months ended May 31, 2015. For the six-month period ended June 30, 2016, the Company reported record first-half revenues of $26.3 million, an increase of $11.6 million or 79.1% as compared to the six months ended May 31, 2015.

"The Company continues to experience exceptional growth as evidenced by its record revenues for the first half of 2016," said Joe Lanni, Co-Chief Executive Officer of the Company. "It is a testament to the abilities of management that the Company has been able to achieve the record revenues given the significant investment that it has made in its people, equipment and training. Having made the investment in the hiring and training of 100 additional employees in the first six months of 2016, the Company a solid foundation to continue its growth that it has experienced to date for the remainder of 2016 and through 2017 which will permit management to maximize operational efficiencies."

Further commenting on the positive financial results, Alex Agius, Co-Chief Executive Officer of the Company, stated, "The success that the Company has achieved to date is evidence of the Company's ability to manage its organic growth in its core business without sacrificing the quality of work that our customers have come to expect from us. We will continue to execute on our business strategy to grow organically while evaluating potential opportunities, both domestic and international, which will enhance the Company's offerings while expanding its customer base."

Additional highlights:

  • EBITDA of $1.6 million during the second quarter of 2016 as compared to $1.5 million in the second quarter of 2015, a 10.2% increase. The Company also reported first half EBITDA of $2.6 million as compared to $2.2 million in the first half of 2015, a 21.1% increase.
  • The Company continues to experience strong organic growth in the Ontario market driven by increasing demand from new and existing customers. Specifically, the Company's telecommunication infrastructure business continues to experience increased demand for projects from one of the Company's largest customers. As well, start-up revenues from the iVac segment continue to grow as that business shows robust internal and external growth.
 
 
Consolidated Financial Highlights
   June 30, 2016  December 31, 2015
Total current assets  43,561,938  35,908,724
Total non-current assets  19,690,208  14,376,669
Total Assets  63,252,146  50,285,393
       
Current liabilities  19,300,891  8,719,675
Long-term debt, debentures & finance lease obligations  27,534,452  25,050,270
Total Liabilities  46,835,343  33,769,945
       
Total Shareholders' Equity  16,416,803  16,515,448
Total Liabilities & Shareholders' Equity  63,252,146  50,285,393
     
     
     
     
   For the three months ended  For the six months ended
   June 30, 2016  May 31, 2015  June 30, 2016  May 31, 2015
             
Revenue  15,514,275  8,507,528  26,273,730   14,672,081
              
Expenses             
Direct costs  11,042,213  5,821,589  18,710,891   10,122,969
Selling, general and administrative  2,863,319  1,226,539  4,924,635   2,371,894
Depreciation  731,985  474,920  1,264,264   602,632
Total expenses  14,637,517  7,523,048  24,899,790   13,097,495
              
 Earnings from operations  876,758  984,480  1,373,940   1,574,586
              
 Other expenses             
 Finance expense  866,014  147,926  1,633,921   340,114
   866,014  147,926  1,633,921   340,114
              
 (Loss) / Income before taxes  10,744  836,554  (259,981 ) 1,234,472
              
 Income taxes  -  232,667  -   424,667
              
Net and comprehensive (loss) / income  10,744  603,887  (259,981 ) 809,805
              
(Loss) / earnings per share             
              
Basic  0.000  0.004  (0.001 ) 0.005
Diluted  0.000  0.004  (0.001 ) 0.005
          
          

The financial statements, notes to the financial statements and Management's Discussion and Analysis for the three and six months ended June 30, 2016 are available on SEDAR at www.sedar.com as well as DIG's investor relations website at www.diginc.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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