December 23, 2009 – (HOSTSEARCH.COM) –
iWeb (TSX-V : IWB), a global provider of Internet hosting services and IT infrastructure, today released its financial results for the year ended September 30, 2009. The complete financial statements and management report of the Company are available on the websites www.sedar.com and investors.iweb.com.
Financial Highlights:
- Revenues increase by 74% to $27.1M in 2009 compared to $15.6M for 2008
- Adjusted EBITDA1 at $6.6M for 2009; 24.3% of revenues
- Operating income of $390,000 compared to a loss of $134,000 one year earlier, an improvement of $524,000
- Cash flows generated from operations of $6.2M
- Additional financing facility of $3M with its major Canadian banking partner
"Revenue growth has been a priority for iWeb in 2009" says Eric Chouinard, iWeb President and Chairman.. "We are very proud of the 74% increase in revenues and the 71% increase of our Adjusted EBITDA, as well of our operating income. Our 5th consecutive year of high growth was also a very challenging year; we had to adapt our strategic plan to maintain growth despite the difficult economic situation of the last 12 months."
"By making a difference in our industry and for our clients, we also created additional value for our shareholders" says Martin Leclair, President, Products and Technologies. "The way businesses are consuming computing is evolving dramatically and iWeb is playing an important role in this technological shift by making it easy for businesses to migrate towards and adopt these new technologies. This represents an important opportunity, and we are actively working to be a part of it."
Financial Review for 2009
Revenues for the year ended September 30, 2009 were $27.1M, an increase of $11.5M or 74% compared to 2008 revenues of $15.6M.
Adjusted EBITDA were $6.6M (24.3% of revenues) compared to $3.9M (24.7% of revenues) for 2008.
Cash flows generated from operations increased to $6.2M in 2009, compared to $3.6M for 2008. In the last 12-month period, the company acquired tangible and intangible assets for an amount of $9.1M.
In addition, in order to finance expenses related to its future data center, the Company is working actively in setting an additional financing facility.
Key Financial Data (in thousands of dollars, except per share amounts, the first figure is 2009 the second is 2008)
Financial year ended September 30
Revenues
$27,146
$15,617
Gross Profit
$12,614
$7,754
Operating income (loss)
$390
$(134)
Net earnings (loss)
$4
$(701)
Earnings (loss) per share – basic
$0,0001
$(0,0264)
Adjusted EBITDA
$6,598
$3,853
Total assets
$32,990
$29,145
Shareholders’ equity
$6,365
$5,973
Cash and term deposits
$2,215
$3,461
Cash flows from operations
$6,157
$3,555
1- T The Company defines Adjusted EBITDA as earnings before financial expenses, income taxes, amortization, and stock-based compensation, unrealized exchange gain/loss and straight-line amortization of rental expense.
About iWeb Group Inc.
iWeb is a worldwide provider of Internet hosting services and IT Infrastructure, with three secured data centers in Montreal. Since 2004, the company's compounded annual growth rate has been above 75%, making it one of Canada's 100 fastest growing companies according to PROFIT Magazine.
Founded in 1996 in Montreal, iWeb now generates more than 60% of its revenues from abroad; and employs over 170 full-time employees providing Dedicated Server Hosting, Co-location and Web Hosting services to close to 20,000 customers in 145 countries. iWeb's shares are listed on the TSX Venture Exchange (TSX-V: IWB).
