IBEX Reports Results for the First Quarter Ended October 31, 2020

MONTRÉAL, Dec. 09, 2020 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today reported its financial results for the three months ended October 31, 2020.

“We are pleased that sales increased modestly versus the same quarter year ago, although less than the very strong performance in the immediately preceding quarter, indicating a return to a more normal sales pattern, said Paul Baehr, IBEX President & CEO. “Looking forward, we expect the full year fiscal sales to be somewhat lower than last year, and consequently we anticipate that Fiscal 2021 EBITDA will not reach the same level as F2020”.

Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended July 31, 2020 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 2021

Revenues for the quarter ended October 31, 2020 totaled $1,164,658 and were up 8% from $1,078,740 in the same period of the prior year.

The company recorded net earnings of $150,066, up $85,603 (vs. $64,463 on a comparable basis in Fiscal 2020) tracing to an increase in revenues of $85,918. Expenses increased by $48,483 (includes an income tax refund of $4,006), but were offset by other gains relating to the Canada Emergency Wage Subsidy (CEWS) of $48,168.

Expenses before taxes were $1,018,766, up $4,489 vs $1,014,277 in the comparable per year ago, tracing mainly to an increase in personnel costs offset by the CEWS.

As a consequence of the increase in revenues, partially offset by an increase in expenses, the Company recorded EBITDA of $246,430 versus $170,601 in the same period a year ago.

It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but we, 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 our definition of this measure may differ from the ones used by other public corporations: