GDI Integrated Facility Services Inc. releases strong financial results for the first quarter ended March 31, 2017

Posted on: May 10, 2017
  • First quarter revenues of $243.3 million, an increase of 16.5% over the first quarter of 2016
  • Net income of $0.7 million, an increase of $1.7 million over the first quarter of 2016
  • First quarter Adjusted EBITDA1 of $10.7 million, up 41% from the first quarter of 2016
  • Organic growth of 7.0% recorded in Q1 2017

LASALLE, QC, May 10, 2017 /CNW Telbec/ – Today, GDI Integrated Facility Services Inc. (“GDI” or the “Company”) (TSX: GDI) announced its financial results for the first quarter of 2017.

For the first quarter ended March 31, 2017:

  • Revenue reached $243.3 million, an increase of $34.5 million, or 16.5%, compared to the first quarter of 2016. The increase in revenue resulted primarily through acquisitions and organic growth of 7.0%.
  • Adjusted EBITDA1 amounted to $10.7 million, an increase of $3.1 million, or 41.4%, over the corresponding quarter of 2016. Integration costs of $1.0 million related to the Airtron acquisition were recorded. Excluding integration costs, Adjusted EBITDA1 for the quarter would have been $11.7 million, representing an Adjusted EBITDA margin1 of 4.8%.
  • Revenue growth was recorded in all business segments, Adjusted EBITDA margins1 increased in the Canadian Janitorial, Technical Services and Complementary Services segments compared to the corresponding quarter of 2016, and Adjusted EBITDA margin1 in the Janitorial USA segment showed strong sequential improvement over the fourth quarter of 2016.
  • Net income reached $0.7 million, or $0.03 per share, compared to a net loss of $1.0 million, or ($0.05) per share for the first quarter of 2016

“GDI delivered solid results in the first quarter of 2017. We recorded revenue growth in all business segments and generated higher Adjusted EBITDA1 and Adjusted EBITDA margin1 in all but the Janitorial USA segment. The integration of the Airtron acquisition is proceeding as planned, with the Technical Services segment recording an Adjusted EBITDA margin1 of 4.2% prior to integration costs of $1.0 million incurred in the first quarter. The Complimentary Services segment reported a record quarter with Adjusted EBITDA1 of $2.5 million, a significant increase over Q1 2016, driven by strong growth in the franchise business. The Janitorial USA segment recorded a strong organic growth of 8.7% in the quarter, and while Adjusted EBITDA margin1 of 6.1% was lower year-over-year it showed significant improvement over the Adjusted EBITDA margin1 of 4.7% in Q4 2016. With the good performance of the business in general, we ended the quarter with a solid balance sheet and debt to Adjusted EBITDA1 ratios well within management’s comfort zone. We have a positive outlook for the remainder of 2017 and our focus will be to continue to execute on our business plan”, stated 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”; “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 based on information currently available to the Company, 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.

1 The terms “Adjusted EBITDA” and “Adjusted EBITDA margin” do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. Adjusted EBITDA is defined as operating income before depreciation and amortization, goodwill impairment, transaction, reorganization and other costs and share-based compensation. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the “Non-IFRS financial measures” section of the Company’s MD&A.


Analyst Conference Call:

Thursday May 11th, 2017 at 8:00 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: 1-800-617-7643

onfirmation Code:21851549

A rebroadcast of the conference call will be available until May 25, 2017, by dialing:

Canada and United States Access Number: 1-800-633-8625

Confirmation Code: 21851549


March 31, 2017 consolidated financial statements and accompanied Management & Discussion Analysis are filed on


SOURCE GDI Integrated Facility Services Inc.


Signup Form