Glacier Reports First Quarter 2021 Results - Seite 2

Operational Performance, Significant Developments in Q1 2021 and Outlook

Operational Performance

Consolidated revenue for the three months ended March 31, 2021 was $39.5 million, down $3.8 million or 8.7% from the same period in the prior year. Consolidated EBITDA was $4.4 million for the three months ended March 31, 2021, up $2.5 million from the same period in the prior year. Including the Company’s share of joint ventures and associates, revenue was $46.9 million, down $5.5 million or 10.5% and EBITDA was $5.6 million, up $2.4 million.

The Company recognized wage subsidies from the Canadian Emergency Wage Subsidy (“CEWS”) program of $2.2 million for the three months ended March 31, 2021. Consolidated EBITDA was $2.2 million excluding CEWS. The Company’s EBITDA of $4.4 million also includes other grants and subsidies received during the year.

The federal government announced that the CEWS program will continue until September 2021, but at levels significantly reduced from previous periods. Other subsidies are also expected to continue throughout 2021.

The Company is reporting net income for the period ended March 31, 2020 of $1.7 million and income per share of $0.1 compared to a net loss of $12.2 million and loss per share of $0.10 in the comparative period. The Company recognized a gain on sale of the energy operations of $2.2 million during the current period. The Company recorded an impairment charge of $10.9 million in the comparative period as the result of the negative impacts of the beginning of the pandemic.

Including the Company’s share of joint ventures and associates, revenue was $183.5 million, down $45.9 million or 20.0% and EBITDA was $29.8 million, up $13.4 million.

The Company implemented a wide variety of cost reductions in response to the decline in revenues. These included temporary wage roll-backs, reduced work weeks, layoffs and a wide variety of other cost reduction measures.

The Company is monitoring conditions on an ongoing basis and will respond accordingly. Revenues have been recovering gradually, and the Company is working to maintain sufficient levels of operating income within these levels, and making concerted efforts to bring revenues back further and increase profits and cash flow.

Sale of Energy Business

On March 12, 2021, the Company sold its energy information business for $4.5 million in cash at closing, net of a $0.2 million escrow holdback, plus a potential earn-out of up to $3.5 million. The earn-out is revenue based and payable over three years. The Company recorded an estimated $1.2 million as a receivable, within Other assets, relating to the discounted deferred consideration.