300% revenue growth in the third quarter vs. the same period last year
267% Adjusted EBITDA in the third quarter vs. the same period last year
TORONTO, May 12, 2021 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX: DND), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, today announced its financial results for the three and nine months ended March 31, 2021.
"The Company's strong financial performance and growth in the third quarter demonstrate our ability to successfully execute on our acquisition strategy", said Matt Proud, CEO of Dye & Durham. "During the quarter we made significant progress on integration and realizing synergies from recent acquisitions, which we expect will continue to drive even stronger financial results in the current quarter".
Third Quarter Fiscal 2021 Highlights
The Company generated third quarter fiscal 2021 revenue of $68.9 million, representing an increase of 300% compared to the same period in fiscal 2020.
The Company recorded a net loss of $10.6 million in the third quarter of fiscal 2021, compared to a net loss of $1.3 million for the same period in fiscal 2020. The increase in net loss is primarily attributable to the financing costs associated with recent financings.
Adjusted EBITDA was $37.6 million in the third quarter of fiscal 2021, representing a 267% increase compared to $10.3 million in its third quarter of fiscal 2020.
Completed the third quarter in a strong financial position with access to over $1.0 billion in capital to execute on its acquisition growth strategy.
On February 5, 2021, the Company signed a definitive agreement to acquire all issued and outstanding shares of GlobalX Pty Ltd for total consideration of approximately $166.0 million. The transaction is expected to close toward the end of the fourth quarter of the current fiscal year.
On January 8, 2021, the Company completed the acquisition of SAI Global's Property Division in Australia for total cash consideration of $89.0 million. This acquisition creates a significant footprint into the Australian market for Dye & Durham and provides a platform to build a larger Australian business through future acquisitions.
On May 11, 2021, the Board of Directors declared a quarterly dividend of $0.01875 per share to shareholders of record on June 11, 2021.
Conference Call Notification
The Company will hold a conference call to discuss its business on Wednesday, May 12, 2021, at 8:30 a.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.
CONFERENCE CALL DETAILS
Wednesday, May 12, 2021
8:30 a.m. ET
(416) 764-8659 or (888) 664-6392
(416) 764-8677 or (888) 390-0541
58610233 (Live call); 610233# (Taped replay)
This call is being webcast and can be accessed by going to:
An archived replay of the webcast will be available for two weeks by clicking the link above.
About Dye & Durham
Dye & Durham Limited is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.
Additional information can be found at www.dyedurham.com.
This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective and to discuss Dye & Durham's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of Dye & Durham's financial information reported under IFRS.
The Company uses non-IFRS measures including:
Adjusted EBITDA adjusts EBITDA (net income (loss) before amortization and depreciation expenses, finance and interest costs, and provision for income taxes for stock-based compensation expense, asset impairment charges, loss on settlement of loans and borrowings, gains or losses from changes in fair value of derivative financial instruments and contingent consideration liabilities measured at fair value through profit or loss, specific transaction related expenses related to acquisitions, IPO and capital structure reorganization, operational restructuring costs, restructuring costs includes impact to the full year of cost synergies related to the reduction of employees in relation to acquisitions.
This press release contains forward–looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities legislation, which reflect the Company's current expectations regarding future events. Particularly, information regarding the Company's expectations of future results, performance, prospects or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "forecast", "target", "goal", "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "predict", or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Such forward-looking information is necessarily based on a number of opinions, estimates and assumptions, including but not limited to those assumptions described under the heading "Caution Regarding Forward-Looking Information" in the Company's Management's Discussion & Analysis for the quarter ended March 31, 2021 (the "MD&A"). Forward-looking information is subject to and entirely qualified by known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results or performance to be materially different from those expressed or implied by such forward-looking information, including but not limited to factors discussed under the heading "Risk Factors" in the Company's annual information form for the year ended June 30, 2020 and under the heading "Risks and Uncertainties" in the MD&A, which are available on the Company's profile on SEDAR at www.sedar.com. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Accordingly, investors should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company's expectations as of the date of this news release, and are subject to change after such date and the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE Dye & Durham Limited
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