EFT Canada Inc.
TSX VENTURE : EFT

EFT Canada Inc.

November 06, 2014 12:27 ET

EFT Canada Reports Improved Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 6, 2014) - EFT Canada Inc. ("EFT Canada" or the "Company") (TSX VENTURE:EFT), today announced financial results for the three months ending September 30, 2014.

Q1 2014 Highlights

Revenue increased 5.2% to $565,410 in Q1 2014, compared to $537,689 in Q1 2013.

Gross profit increased 15.9% to $417,285 in Q1 2014, compared to $360,157 in Q1 2013.

Gross profit margin increased 6.8% to 73.8% in Q1 2014, compared to 67% in Q1 2013.

EBITDA* increased 465.5% to $87,547 in Q1 2014, compared to $15,482 in Q1 2013.

Net income increased 203% to $150,718, or $0.011 per share in Q1 2014, compared to a loss of ($146,969), or ($0.011) per share in Q1 2013.

The Company's financial statements and management's discussion and analysis are available on www.sedar.com.

* EBITDA is a non-IFRS financial measure which does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA provides useful information to users as it reflects the net earnings prior to the effect of non-operating expenses and one-time events such as interest, tax, depreciation and amortization, share based payments and other income. Management uses EBITDA in measuring the financial performance of the Company as this measure reflects results that are controllable by management in day-to-day operations. Management monitors EBITDA against budget and past results on a regular basis. The above EBITDA figure is calculated prior to any depreciation and amortization, foreign exchange gains or losses, interest, bad debts, impairment of long-lived assets, stock based compensation and taxes incurred by the Company.

EFT CANADA INC.

EFT Canada, founded in 2003, is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise. For more information, please visit www.eftcanada.com.

This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information:
    EFT Canada Inc.
    Jonathan Pasternak
    President
    (416) 781-0666
    Email: jpasternak(at)eftcanada.com