Glacier reports first quarter 2021 results

May 14, 2021, Vancouver, British Columbia (GLOBE NEWSWIRE)-Glacier Media Inc. (TSX:Global value chain) (“Glacier” or “Company”) reported revenue and earnings as of March 31, 2021.

Summary results

(Thousands of U.S. dollars)		For the three months ended March 31,
Except for per share and per share amount			2021				2020 year
income		$	39,497			$	42,81
EBITDA		$	4,403			$	1,933
Earnings before interest, taxes, depreciation and amortization			11.1	%			4.5	%
EBITDA per share		$	0.04			$	0.02
Capital expenditures		$	1,113			$	1,323
Net income (loss) attributable to ordinary shareholders		$	1,731			$	(12,209	)
Net income (loss) attributable to ordinary shareholders		$	0.01			$	(0.10	)
Weighted average net outstanding shares			125,213,346				125,213,346
Performance including joint ventures and joint ventures:
income (1)		$	46,890			$	52,393
EBITDA (1)		$	5,585			$	3,189
Earnings before interest, taxes, depreciation and amortization (1)			11.9	%			6.1	%
EBITDA per share (1)		$	0.04			$	0.03

⁽¹⁾ Some results are presented, including the company’s share of joint ventures and joint ventures, because this is the basis for management based on its business decisions and performance. The company’s joint ventures and partners include Great West Media Limited Partnership, Victorian colonists, Rhode Island Suburb Newspaper Co., Ltd., Village Media Inc. and Borden Bridge Development Corporation.

Operational performance, major developments and outlook for the first quarter of 2021

Operating performance

For the three months ended March 31, 2021, consolidated revenue was US$39.5 million, a decrease of US$3.8 million or 8.7% from the same period last year. For the three months ended March 31, 2021, consolidated EBITDA was US$4.4 million, an increase of US$2.5 million over the same period last year. Including the company’s share in joint ventures and associates, revenue was US$46.9 million, a year-on-year decrease of US$5.5 million or 10.5%, and EBITDA was US$5.6 million, a year-on-year increase of US$2.4 million.

In the three months ending March 31, 2021, the company confirmed a salary subsidy of $2.2 million from the Canadian Emergency Wage Subsidy (“CEWS”) program. The consolidated EBITDA excluding CEWS was $2.2 million. The company’s EBITDA is US$4.4 million, which also includes other grants and subsidies received during the year.

The federal government announced that the CEWS program will continue until September 2021, but the level is greatly reduced compared to the previous period. It is expected that other subsidies will continue to be provided in 2021.

The company reported net income of US$1.7 million as of March 31, 2020, and earnings per share of US$0.1, compared with a net loss of US$12.2 million and a loss of US$0.10 per share for the same period. During the period, the company confirmed a sales income of $2.2 million in energy sales. Due to the negative impact of the beginning of the pandemic, the company recorded $10.9 million in impairment charges during the comparison period.

Including the company’s share in joint ventures and joint ventures, revenue was US$183.5 million, a year-on-year decrease of US$45.9 million, or 20.0%, and EBITDA was US$29.8 million, a year-on-year increase of US$13.4 million.

In response to the decline in revenue, the company implemented a variety of cost-reducing measures. These measures include temporary wage cuts, reduced work weeks, layoffs and various other cost-cutting measures.

The company will continue to monitor the situation and respond accordingly. Revenue has gradually recovered, and the company is working hard to maintain operating revenue within these levels, and work together to further increase revenue and increase profits and cash flow.

Sale of energy business

On March 12, 2021, the company sold its energy information business for $4.5 million in cash at the close of the market, deducting a deposit of $200,000 in custody and a potential gain of up to $3.5 million. Income is based on income and should be paid within three years. The company recorded an estimated $1.2 million in receivables related to deferred consideration in other assets.

The complete arrangement plan of Glacier and GVIC

On March 31, 2021, the company and GVIC Communications Corp. (“GVIC”) completed the “Plan of Arrangement”. According to the plan, Glacier acquired all Class B and Class C voting ordinary shares of GVIC that Glacier did not hold. Non-voting shares and its subsidiaries, as well as GVIC’s wholly-owned limited partnership. GVIC shareholders receive 0.8 Glacier ordinary shares for every GVIC share held. The transaction resulted in the issuance of 7,542,213 new Glacier ordinary shares.

The transaction has been included in non-controlling interests, additional equity and reduction in additional contribution earnings.

Appearance

Overall, the company expects revenue to recover as time goes by and the pandemic weakens. Due to the uncertainty of the continuation of the COVID pandemic and its economic impact, it is not clear what impact the company’s operations and financial conditions will have in the short term.

The company is striving to achieve the following goals: The growth in revenue, profit and cash flow from data, analytics and intelligence products, and digital media products exceeds the decline in profits and cash flow related to print advertising. The company made progress in this area in the first two months of the first quarter of 2020 before the pandemic’s impact began. In the future and in the future, the company can obtain a lower level of income from its digital media, data and information business but generate profits.

Financial status. As of March 31, 2021, the company has no senior debt, with current and long-term debt totaling $2.6 million.

The company will pay a net deferred purchase price of $7.7 million over the next four years. This amount deducts the contribution of 5 million US dollars from minority partners. The company will recover USD 7.5 million of seller repurchase payables in the next three years due to the sale of the company’s interest in Fundata, and USD 1.2 million in potential income from energy sales in the next three years.

Glacier’s stock is traded on the Toronto Stock Exchange under the ticker symbol GVC.

For more information, please contact Mr. Orest Smysnuik, Chief Financial Officer at 604-708-3264.

About the company

Glacier Media Inc. is an information and marketing solutions company dedicated to continuous development in an industry that provides basic information and related services to provide high customer utility and value. The company’s products and services are mainly concentrated in two areas: 1) data, analysis and intelligence; and 2) content and marketing solutions.

Financial measures

In order to supplement the consolidated financial statements proposed under the International Financial Reporting Standards, Glacier uses certain non-IFRS indicators, which may be different from the performance indicators used by other companies. These non-IFRS indicators include earnings before interest, taxes, depreciation and amortization (EBITDA), as well as all indicators, including joint ventures and associates. These indicators cannot replace IFRS financial indicators. These non-IFRS measures do not have any standardized meanings stipulated by IFRS. Therefore, they are unlikely to be compared with similar measures proposed by other issuers.

Forward-looking statement

This press release contains forward-looking statements related to the company’s goals, objectives, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements related to our expectations; our expectation that the federal government will continue to reduce wage subsidies; and the company expects revenue to recover as the pandemic weakens. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery, and timely and expected cost savings realized. These forward-looking statements may be subject to risks, uncertainties and other factors that may lead to results, performance or other factors. The influence of factors. The company’s achievements are significantly different from any future results, performance or achievements expressed or implied by such forward-looking statements, and such statements should not be overly relied on.

Important factors that may cause actual results to differ materially from these expectations include failure to implement or fail to achieve the expected results of our strategic plan, failure to reduce debt, and other risk factors titled “Risk Factors” in the “Annual Information Sheet”. In the MD&A, the title is “Business Environment and Risks”, many of which are beyond our control. These other risk factors include, but are not limited to, the impact of the coronavirus, future cash flows in operations, and availability under existing banking arrangements are considered sufficient to support financial liabilities, and the company expects to successfully cooperate with CRA in terms of opposition. Ability to sell advertisements and subscriptions related to their publications, exchange rate fluctuations, seasonality and periodicity in the agricultural and energy industries, termination of government subsidies, general market conditions in Canada and the United States, including newsprint, the impact of corporate market competition, on key personnel Changes in the price of purchased consumables, such as the integration of newly acquired businesses, technological changes, tax risks, financing risks, debt repayment risks and cyber security risks.​​​​

The forward-looking statements in this press release only relate to events or information on the date of the statement. Unless otherwise required by law, the company assumes no obligation to disclose or update any forward-looking statements after the date of the statement or due to the occurrence of new information, future events or other reasons. Accident.