Entrec Corporation Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Capital Expenditures Guidance for the Year 2016
ENTREC Corporation reported consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, revenue was CAD 30,613,000 compared to CAD 51,085,000 a year ago. Loss before finance items and income taxes was CAD 6,919,000 compared to loss before finance items and income taxes of CAD 155,000 a year ago. Loss before income taxes was CAD 6,464,000 compared to loss before income taxes of CAD 2,428,000 a year ago. Net loss was CAD 4,814,000 or CAD 0.04 per basic and diluted share compared to net kiss of CAD 1,777,000 or CAD 0.02 per basic and diluted share a year ago. Adjusted EBITDA was CAD 1,417,000 compared to CAD 7,402,000 a year ago. Adjusted net loss was CAD 6,273,000 or CAD 0.06 per share compared to adjusted net loss of CAD 1,356,000 or CAD 0.01 per share a year ago.
The Company will incur only minimal capital expenditures for the foreseeable future and currently expects capital expenditures for the year ending December 31, 2016 will be under CAD 2 million.