ONEnergy Inc. Reports Q3 2017 Results. Quarterly Revenues Increase 9 Percent to $12 million
(via TheNewswire)
TORONTO, CANADA / TheNewswire / November 28, 2017 - ONEnergy Inc. ("ONEnergy" or the "Company") (TSXV: OEG), an energy management firm serving commercial, industrial, multi-residential and residential customers in Canada and the U.S. via its ONEnergy(TM) and Sunwave(TM)-branded energy and energy-efficiency businesses today announced its financial results as at and for the three-month and nine-month periods ended September 30, 2017. All amounts are in Canadian dollars unless otherwise noted.
For the three-month period ended September 30, 2017, revenues from continuing operations increased by 8.9 percent to $12 million versus $11 million during the corresponding period in 2016. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") loss, and loss from continuing operations is $2.1 million and $1.5 million, respectively, compared to Adjusted EBITDA loss of $0.8 million and net loss from continuing operations of $0.3 million during Q3 2016.
For the nine-month period ended September 30, 2017, revenues from continuing operations increased by 31.3 percent to $34.6 million versus $26.4 million during the corresponding period in 2016. Adjusted EBITDA loss, and loss from continuing operations is $4.9 million and $6.0 million, respectively, compared to Adjusted EBITDA loss of $3.0 million and net income from continuing operations of $4.1 million during the nine-month period ended September 30, 2016. Net income from operations during the nine-month period ended September 30, 2016 included the proceeds from a $7.2 million legal settlement.
Cash and restricted cash as at September 30, 2017 totaled $5.6 million.
Trading in the common shares of ONEnergy ("Shares") were halted on December 21, 2016 on the announcement of ONEnergy's intent to enter into a transaction with OZZ Electric Inc. The Shares are expected to resume trading as soon as disclosure and other regulatory requirements can be completed to the satisfaction of the TSX Venture Exchange.
ONEnergy remains committed to delivering new value to shareholders of the Company and is currently evaluating opportunities both inside and outside of the energy management space and will update shareholders when the Company has completed this evaluation. In addition to the previously announced disposition of its Home Comfort business, this evaluation includes exploring the sale of other assets of the Company.
About ONEnergy Inc.
ONEnergy is an energy management firm serving commercial, industrial, multi-residential and residential clients via its ONEnergy(TM) and Sunwave(TM)-branded energy and energy-efficiency businesses. ONEnergy specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including energy-efficient heating, cooling and air-conditioning equipment, standalone and solar PV-integrated energy storage systems, complete turnkey high efficiency lighting for retrofits and new construction, energy management software and monitoring, supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, energy audits and more to help our customers conserve, simplify and effectively manage their energy usage and costs.
ONEnergy serves customers in both Canada and the United States, with offices in Toronto and Stamford, CT. ONEnergy common shares are listed on the Exchange under the symbol "OEG".
Material information about ONEnergy can be found on SEDAR under the Company's issuer profile at www.sedar.com. ONEnergy's corporate website may be found at www.onenergyinc.com and you can learn more about Sunwave's offerings at www.gosunwave.com.
For additional information please contact:
Stephen J.J. Letwin Ray de Ocampo
Chairman Chief Financial Officer
ONEnergy Inc. ONEnergy Inc.
irinfo@onenergyinc.com irinfo@onenergyinc.com
+1 (416) 444-4848 +1 (647) 253-2534
Beverly Brooks
Brooks Communications
brooks.communications@rogers.com
+1 (416) 546-2336
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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