Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact firstname.lastname@example.org
SOURCE GDI Integrated Facility Services Inc.
LASALLE, QC, Feb. 28, 2018 /CNW Telbec/ - Today, GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) announced its financial results for the fourth quarter of 2017 and the fiscal year ended December 31, 2017.
For the fourth quarter of 2017 and the fiscal year ended December 31, 2017:
"I am pleased with our 2017 fourth quarter results, all of our business segments performed well in both Q4 and in 2017, and GDI's consolidated Adjusted EBITDA margin1 has shown considerable improvement. Our Janitorial Canada business segment is delivering consistent performance, and despite the tight market conditions this business generated an Adjusted EBITDA margin1 of 5.5% in 2017. We are still working closely with clients to minimize the impact of the substantial minimum wage increase in Ontario that came in effect January 1st, 2018. Our Janitorial USA business segment had a strong fourth quarter and a very good 2017 recording an Adjusted EBITDA margin1 of 7.4% for the year, following the emphasis on operational efficiencies and cost controls that were put in place in 2017. The business units within our Complementary Services business had a very strong fiscal 2017 and are positioned to continue to perform well going forward. Finally, I am pleased with the work accomplished within our Technical Services business segment in 2017. The integration of the Airtron acquisition was a significant initiative, I am happy to report that the integration is almost completed and has been a success. The Technical Services segment recorded $232.9 million in revenue and generated an Adjusted EBITDA margin1 of 4.1% before integration costs in fiscal 2017, contributing almost 20% of GDI's consolidated Adjusted EBITDA1 in 2017. We are poised to fuel the growth potential of this segment by taking a proactive go to market strategy and leveraging GDI's extensive platform", said Claude Bigras, President & Chief Executive Officer of GDI.
"I am also very pleased with the cash flow generated in fiscal 2017, which is strengthening our balance sheet, reducing our total Debt/EBITDA ratio below 2.5x, and positioning GDI to fund our growth objectives. We have a favorable outlook for fiscal 2018, and will continue to execute on our business plan. Finally, I am excited to have Mike Masse join GDI as COO of our Janitorial Canada business. Mike's experience in the industry will be instrumental to GDI to pursue its growth plans and to solidify GDI as the top choice for integrated facility services in Canada", concluded Mr. Bigras.
GDI is a leading commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, hotels, shopping centres, industrial facilities, healthcare establishments, distribution facilities, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial, installation, maintenance and repair of HVAC-R, mechanical and electrical systems, as well as other complementary services such as damage restoration and janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
Analyst Conference Call:
Wednesday March 1st, 2018 at 9:00 a.m. (ET)
Investors and Media representatives may attend as listeners only.
Please use the following dial-in number to have access to the conference call by dialing 5 minutes before the start of the conference:
Canada/United States access number: 1-800-768-8691
Confirmation Code: 21885049
A rebroadcast of the conference call will be available until March 7, 2018, by dialing:
Canada and United States Access Number: 1-800-633-8625
Confirmation Code: 21885049
December 31, 2017 audited consolidated financial statements and accompanied Management & Discussion Analysis are filed on www.sedar.com.
1 The terms "Adjusted EBITDA" and "Adjusted EBITDA margin" do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. Adjusted EBITDA is defined as operating income before depreciation and amortization, goodwill impairment, transaction, reorganization and other costs and share-based compensation. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Non-IFRS financial measures" section of the Company's MD&A.
©2017 PR Newswire. All Rights Reserved.