|Glenbriar earns $68,544 in Q3|
2017-08-03 16:03 MT - News Release
Mr. Robert Matheson reports
GLENBRIAR RELEASES 2017 Q3 REPORT
Glenbriar Technologies Inc. has released its unaudited financial results for the nine months ended June 30, 2017.
Glenbriar Technologies Inc. 9 months ended June 30 3 months ended June 30 2017 2016 2017 2016 Revenue $2,820,593 $3,582,426 $ 955,759 $1,211,481 Gross profit 1,058,414 1,161,648 440,306 417,594 EBITDA 122,286 172,826 140,203 103,345 Income from operations 10,718 85,453 103,014 66,035 Net income (64,666) 15,053 68,544 38,182 Net income per share - - - - Average Common Shares 49,888,663 48,421,510 52,888,177 48,421,510
Revenue decreased 21% for the quarter ended June 30, 2017 from the prior year period, made up of no change in services and a 56% decrease in equipment and software sales. Project revenue continued to be negatively impacted by continued reduced economic activity in Alberta, including the bankruptcy or insolvency of a number of clients. However, this trend appears to be turning around and there are initial signs of recovery in the past few months. EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $140,203 for the quarter ended June 30, 2017 from $103,138 in the prior year period. Net income increased to $68,544 from $38,132 for the prior year period, reflecting improved margins on both services and equipment and software sales. The third quarter of 2017 continued to show a strong recovery from the first quarter of 2017.
In June 2017, Glenbriar became part of the Uniserve Communications team (TSX-V: USS) based in Vancouver. Glenbriar's customers will benefit from a larger dedicated customer support structure and Tier 2 data centre based in Vancouver, a Tier 3 facility on the east coast, and a cross-country network. Uniserve also provides a strong strategy group focused on the data centre space, which Glenbriar's customers can benefit from.
Universe's existing customers and prospects will benefit from Glenbriar's 20 plus strong managed services team, increased IP telephone capability and a dedicated "software as a service" (SaaS) team based In Waterloo.
Glenbriar Technologies Inc. (CSE: GTI) is a provider of innovative Cloud-enabled business technology solutions. From its offices in Calgary, Vancouver and Waterloo, Glenbriar delivers solutions that include IT Services, Cloud Services, Unified Communications and Software Services. See www.glenbriar.com for more details.
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