Black Diamond Reports Third Quarter 2020 Results

CALGARY, Alberta, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Black Diamond Group Limited ("Black Diamond", the "Company" or "we"), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced its operating and financial results for the three and nine months ended September 30, 2020 (the "Quarter") compared with the three and nine months ended September 30, 2019 (the "Comparative Quarter"). All financial figures are expressed in Canadian dollars.

In the third quarter of 2020, Black Diamond reported consolidated revenue of $41.2 million, Adjusted EBITDA of $9.8 million, and core rental revenue of $15.9 million.

Key Highlights from the Third Quarter of 2020

• Subsequent to the end of the Quarter, Workforce Solutions ("WFS") received a $720 million conditional Letter of Award to support construction of the Goldboro LNG project in Nova Scotia.
• Subsequent to the end of the Quarter, won a new rental-only contract in WFS associated with a pipeline project for $6.4 million over a 30 month term, with rent beginning in mid-November. 
• Generated consolidated Adjusted EBITDA of $9.8 million in the Quarter.
• Modular Space Solutions ("MSS") rental revenue of $9.9 million was another quarterly record and grew 13% from the Comparative Quarter.
• MSS rental fleet grew to 6,660 units, or 9% from the Comparative Quarter while utilization held steady and average rental rates increased 8%.
• LodgeLink room bookings set a quarterly record and grew 129% to ~32,000 room nights.

The MSS segment has continued to grow its recurring, rental-revenue due to ongoing fleet growth, strengthening rental rates, stable utilization and increased ancillary rentals through Value Added Products and Services ("VAPS").  Rental revenue in the Quarter grew to a quarterly record of $9.9 million, up 13% versus the Comparative Quarter.  MSS revenue of $23.9 million was up 8% versus the Comparative Quarter as a Sales revenue decline of 29% from the Comparative Quarter was offset by Non-rental revenue growth of 30% from the Comparative Quarter.  Adjusted EBITDA of $7.8 million was a quarterly record and increased 7% from the Comparative Quarter, while Adjusted EBITDA margin of 33% from the Comparative Quarter was unchanged.