TMCnet News
Converge Technology Solutions Reports Second Quarter 2021 Financial ResultsCompany announces another record quarter as it positions itself for expansion into new markets. TORONTO and GATINEAU, QC, Aug. 11, 2021 /CNW/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three and six months ended June 30, 2021. All figures are in CAD dollars unless otherwise stated. Q221 Highlights
Subsequent to Quarter
"Converge is extremely proud to announce another record quarter of performance", said Shaun Maine, CEO of Converge. "The team continues to execute in all aspects of our business as we focus on providing best in class solutions to our increasing roster of valued customers. In addition to our exceptional North American growth, we are extremely excited to have closed our platform acquisition in Europe and we look forward to replicating our North American success overseas. To further expand our investor base around our European expansion, the Company will be exploring a secondary listing in the London Stock Exchange. Our scale and reach as well as the depth of expertise within our key practice areas make Converge one of the premier IT solutions providers in the market and we look forward to continuing to deliver for our valued customers, shareholders, employees and stakeholders. Additionally, Converge has created a new cybersecurity-focused SaaS entity, Portage CyberTech Inc, which combines its Becker Carrol and Vivvo business units. Portage will focus on growing its unique offerings and expanding its footprint in the months ahead and may raise capital directly to finance organic and M&A growth for its SaaS solutions. These are exciting times for Converge and we remain steadfast in our objective to meet and exceed the expectations of our customers and shareholders." Conference Call Details: Date: Thursday, August 12th, 2021 Participant Dial-in Numbers: Recording Playback Numbers: A live audio webcast and archive of the conference call will be available by visiting the Company's website at https://convergetp.com/investor-relations/. Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast. About Converge Summary of Consolidated Statements of Financial Position
Summary of Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Adjusted EBITDA (Non-IFRS Financial Measurement) Adjusted EBITDA represents net loss or income adjusted to exclude amortization, depreciation, interest expense and finance costs, foreign exchange gains and losses, income tax expense, and special charges. Special charges consist primarily of restructuring related expenses for employee terminations, lease terminations, and restructuring of acquired companies, as well as certain legal fees or provisions related to acquired companies. From time to time, it may also include adjustments in the fair value of contingent consideration, and other such non-recurring costs related to restructuring, financing, and acquisitions. The Company uses Adjusted EBITDA to provide investors with a supplemental measure of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements. Adjusted EBITDA is not a recognized, defined or standardized measure under IFRS. The Company's definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review the Company's financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:
Forward-Looking Information This press release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts". "estimates", "believes" or intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could, "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements. For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's filings statement available on SEDAR under the Company's profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements. View original content:https://www.prnewswire.com/news-releases/converge-technology-solutions-reports-second-quarter-2021-financial-results-301353613.html SOURCE Converge Technology Solutions Corp. |