IBEX Reports Results for the First Quarter Ended October 31, 2019

MONTRÉAL, Dec. 12, 2019 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today reported its financial results for the three months ended October 31, 2019.

“We were pleased to see that sales returned to the year ago level, and that the earnings-effect of the closure of the Iowa facility are beginning to be realized somewhat earlier than predicted”, said Paul Baehr, IBEX President & CEO. “We still expect to see wide variations in quarter to quarter sales as in the past but are still projecting a modest positive EBITDA  for Fiscal 2020 with sales similar to Fiscal 2019.”

Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended July 31, 2019 and the accompanying notes and the related management’s discussion and analysis can be found on the Company’s website at www.ibex.ca or under the Company’s profile on SEDAR at www.sedar.com.

FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2020

Revenues for the quarter ended October 31, 2019 totaled $1,078,740 were up $39,267 as compared to $1,039,473 in the same period of the prior year while expenses decreased $233,937.

As a consequence of the increase in revenues and decrease in expenses, the Company recorded net earnings of $64,463 (vs. net loss of $208,741 on a comparable basis in Fiscal 2019) and a positive EBITDA of $170,601 (vs. negative $137,535 in same period year ago).

It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but IBEX, as well as investors and analysts, consider that this performance measure facilitates the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program. Note that other public companies may use alternative definitions.

EBITDA for the three months ended
	October 31, 2019		October 31, 2018
Net earnings (loss)	$64,463		($208,741)
Depreciation of property, plant, equipment and intangible assets	$58,439			$71,167
Depreciation of right-of-use assets	$42,212			-
Interest – Net	$5,487			$39
Earnings (loss) before interest, tax, depreciation and amortization	$170,601		($137,535)