GDI Integrated Facility Services Inc. releases its financial results for the fourth quarter and the year ended December 31, 2015

Posted on: February 26, 2016
  • Annual revenues increased by 18.7% or $112.5 million
  • Fourth quarter revenues increased by 22.2%, or $36.0 million
  • Ainsworth Inc. (”Ainsworth”) acquired on November 6th, 2015

LASALLE, QC, Feb. 26, 2016 /CNW Telbec/ – Today, GDI Integrated Facility Services Inc. («GDI» or the «Company») (TSX: GDI) announced its financial results for the fourth quarter of 2015 and the fiscal year ended December 31, 2015.

For the fiscal year and the fourth quarter ended December 31, 2015:

  • Fiscal 2015 revenue reached $714.9 million, an increase of $112.5 million or 18.7%, and for the 2015 fourth quarter, revenue amounted to $198.6 million, an increase of $36.0 million or 22.2%, over the corresponding periods of fiscal 2014. Revenue growth was primarily generated through acquisitions, foreign exchange appreciation and organic growth.
  • Fiscal 2015 Adjusted EBITDA1 amounted to $35.0 million, a decrease of $2.5 million or 6.6%, and 2015 fourth quarter Adjusted EBITDA1 amounted to $7.5 million, a decrease of $1.5 million or 16.9%, over the corresponding periods of fiscal 2014. The decline is mainly due to softer economic conditions and elevated vacancy rates in Canada, longer than expected ramp-up of manufacturing operations in Ontario and additional costs related to becoming a public company.
  • Fiscal 2015 net loss amounted to $1.7 million or $0.12 per share compared to a net loss of $18.6 million or $(13.55) per share in fiscal 2014, and 2015 fourth quarter net income amounted to $27.4 million or $1.29 per share compared to a net loss of $6.0 million or $(3.21) per share for the corresponding period in fiscal 2014. Fiscal 2015 net loss decreased by the $24.9 million gain on acquisition, net finance expense reduction of $17.0 million partially offset by a one-time non-cash income tax charge of $21 million and a decline in operating income. Net income improvement for 2015 fourth quarter was primarily explained by the $24.9 million gain on acquisition and the $8.7 million decrease in net finance expense partially offset by the decline of the operating income.
  • GDI concluded the acquisition of Ainsworth last November 6th, a leader in Canada providing a broad range of multi-trade services including mechanical maintenance, HVAC-R, electrical systems, cabling for data transport, and high voltage services for commercial, industrial, institutional, government and residential building clients.

“Recognizing the softer economic conditions in Canada, we are not satisfied with our 2015 results. Our focus in 2016 will be on achieving operating efficiencies across all of our business segments, integrating Ainsworth in order to optimize revenue and business synergies, and moving GDI back towards our historic margin profile. Despite the challenges in 2015, we were able to achieve a number of significant strategic initiatives, including our going-public transaction, strong growth in our U.S. business and the establishment of a highly synergistic cross-Canada Technical Services platform through the acquisition of Ainsworth. We have a positive outlook for fiscal 2016, and plan to 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:

Monday February 29th, 2016 at 9:00 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: 1 800-940-2599

Confirmation Code: 21806329

A rebroadcast of the conference call will be available until March 7, 2016, by dialing:

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

Confirmation Code: 21806329



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.

i December 31, 2015 audited consolidated financial statements and accompanied Management & Discussion Analysis are filed on



SOURCE GDI Integrated Facility Services Inc.


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