GDI Integrated Facility Services Inc. releases its financial results for the first quarter ended March 31, 2016

Posted on: May 12, 2016
  • First quarter revenues increased by 27.2% or $44.6 million
  • Extension of the Senior Secured Credit Agreement until May 2021

LASALLE, QC, May 12, 2016 /CNW Telbec/ – Today, GDI Integrated Facility Services Inc. (“GDI” or the “Company”) (TSX: GDI) announced its financial results for the first quarter of 2016.

For the first quarter ended March 31, 2016:

  • Revenue reached $208.8 million, an increase of $44.6 million or 27.2% over the corresponding period of Fiscal 2015. Revenue growth was generated through acquisitions, foreign exchange appreciation and organic growth.
  • Adjusted EBITDA1 amounted to $7.5 million, a decrease of $1.5 million or 16.7% over the corresponding period of Fiscal 2015. Fiscal 2016 Adjusted EBITDA margin1 amounted to 3.6% compared to 5.5% the year before. The decline in Adjusted EBITDA1 and Adjustment EBITDA margin1 is due to the first quarter of Fiscal 2016 having additional costs of $1.8 million related to one extra working day compared to Fiscal 2015 and the Technical Services segment Adjusted EBITDA1 of $(0.6) million as GDI began to work on the realignment of the Ainsworth business acquired last November (together ”One Time Adjustments”).
  • When excluding the One Time Adjustments, the Adjusted EBITDA1 would have been $10.0 million in the first quarter of Fiscal 2016, compared to $8.8 million in Fiscal 2015. As a result, consolidated Adjusted EBITDA margin1 would have reached 5.6%2 in the first quarter of Fiscal 2016 compared to 5.5%2 in Fiscal 2015, which is the highest level since becoming publicly traded on the TSX.
  • Net loss amounted to $1.0 million or $0.05 loss per share compared to a net loss of $9.4 million or $5.47 loss per share in the corresponding period of Fiscal 2015.  
  • GDI continued to focus on cost efficiencies within its business and realigned certain activities, resulting in aggregate severance costs of approximately $1.9 million.
  • GDI extended its Senior Secured Credit Agreement for one additional year until May 2021.


1 The defined terms do not have standardized definitions prescribed by International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other companies. For more details, consult the “Non-IFRS financial measures” section of the MD&A.

2 Calculation excludes the Technical Services segment revenues from the consolidated revenues of the first quarter of Fiscal 2016 and 2015.

“Notwithstanding the extra working day in the first quarter, we had a positive start to 2016. We have begun to realize a gradual improvement in our Canadian Janitorial segment, our production and distribution business is performing well and we expect will continue to improve, and with recent client wins we expect our franchise business to grow meaningfully. We are making operational improvements within the Ainsworth business unit as planned, and at the same time are focusing on repositioning GDI in the market from being the largest and leading commercial janitorial services provider in Canada to being the largest and leading integrated facility services provider in Canada. We have a positive outlook for fiscal 2016, and continue to execute on our business plan”, declared Claude Bigras, President and Chief Executive Officer of GDI.  


GDI is a leading commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, hotels, shopping centres, industrial facilities, healthcare establishments, distribution facilities, airports and other transportation facilities. GDI’s commercial facility services capabilities include commercial janitorial, installation, maintenance and repair of HVAC-R, mechanical and electrical systems, as well as other complementary services such as damage restoration and janitorial products manufacturing and distribution. GDI’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at  


Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GDI’s future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as «may»; «will»; «should»; «expect»; «plan»; «anticipate»; «believe»; «intend»; «estimate»; «predict»; «potential»; «continue»; «foresee»; «confident» “ensure” or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI’s future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.


Analyst Conference Call:

Friday May 13th, 2016 at 7:30 a.m. (ET)

Investors and Media representatives may attend as listeners only.

Please use the following dial-in number to have access to the conference call by dialing 5 minutes
before the start of the conference:

Canada/United States access number: 1 888-225-2695

Confirmation Code: 21810880

A rebroadcast of the conference call will be available until May 20, 2016, by dialing:

Canada and United States Access Number: 1 800-558-5253

Confirmation Code: 21810880


March 31, 2016 Unaudited Condensed Consolidated Interim Financial Statements and accompanied Management & Discussion Analysis are filed on


SOURCE GDI Integrated Facility Services Inc.


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