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Envoy's EBITDA more than doubles
THURSDAY, FEBRUARY 08, 2001 4:17 PM
- PRNewswire
TORONTO, Feb 8, 2001 /PRNewswire via COMTEX/ -- Envoy Communications Group Inc. (NASDAQ: ECGI, TSE: ECG) today announced exceptional first quarter consolidated operating results, highlighted by net revenue growth of 71%, an increase in EBITDA of 114% and net earnings growth of 68% compared to the first quarter of fiscal 2000. Even more encouraging was our performance against EBITDA/share which was up 82% versus the same quarter last year. The reason we are encouraged by this strong performance in EBITDA/share is that it represents both the strong growth from existing businesses and the accretive nature of our acquisitions in recent years. These strong results also confirm that Envoy remains on track to meet all communicated financial objectives for fiscal 2001.
The strength in Envoy's year-over-year numbers clearly demonstrate the benefits Envoy is realizing by continuing to focus on organic growth and the integration of its best-of-breed services on an international basis. "Delivering integrated best-of-breed services on an international platform allows us to increase revenue by providing multiple services to our clients around the world, which is good news for our clients and our shareholders," stated Envoy President and CEO, Geoff Genovese.
Key to our performance during the first quarter of fiscal 2001 was Envoy's organic growth rate of 24%. "Envoy's organic growth is primarily derived through two key methods. First, each of our operating units focus their efforts on winning new clients as a key to growth. The Hampel Stefanides $14 Million Court TV account win, the Sage Information Consultants contracts with Co-operators Insurance and the U.S.-based wins of Pitney Bowes, NPD Group, and Oxygen Media are evidence of this. Our other key method to drive internal growth is to cross sell our services to existing clients as evidenced through our current work with Steelcase U.S. Our design group recommended our technology group to the client and the technology area was ultimately awarded an exciting assignment from Steelcase. Clearly organic growth is one of Envoy's priorities in 2001," said Geoff Genovese.
Financial Highlights
For the three months
ended December 31 2000 1999 % Change
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Net Revenue $21,776,358 $12,704,336 71%
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EBITDA $4,434,226 $2,068,211 114%
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Earnings before Goodwill $1,815,115 $909,499 100%
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Net Earnings $1,084,248 $646,931 68%
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EBITDA/share $0.20 $0.11 82%
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Earnings before Goodwill/Share $0.08 $0.05 60%
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Adjusted EPS FD (x) $0.06 $0.04 50%
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Fully diluted shares outstanding for the first quarter 2001 were
22,231,537 and 18,415,201 for the first quarter 2000
(x) Due to new tax rates, Envoy is taking a one time, non-cash income tax
expense of $100,000. This charge results in a $0.01 reduction in Envoy's
fully-diluted EPS.
About Envoy
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Envoy (www.envoy.to) is an international company, committed to delivering "best-of-breed" services in each of its core disciplines: design, marketing and technology. Through the convergence of its core disciplines, the Envoy Communications Group of companies provides innovative business building solutions for marquee international clients that include adidas-Salomon, BASF, CIBC, Castrol, CDNOW, FedEx, Hewlett Packard, Honda, Panasonic, Pizza Hut, Prudential (USA), Safeway, SalomonSmithBarney, Sprint Canada, Steelcase, TD Waterhouse (USA) and Wal-Mart.
Q1 Results Conference Call
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