Q3 2024 revenue of $29.7 million – an increase of $3.2 million, or 12.1%, over Q3 2023. This is the strongest Q3 revenue in the Company's history.
Q3 2024 Adjusted EBITDA of $1.3 million ($0.06 per share) – an increase of $0.3 million, or 30%, over Q3 2023.
REGINA, SK, Aug. 20, 2024 /CNW/ - SSC Security Services Corp. ("SSC" or the "Company) (TSXV:SECU) (OTCQX:SECUF), a national provider of cyber, physical and electronic security services to commercial, industrial and public sector clients across Canada, is pleased to release its results for the third quarter of the 2024 fiscal year ended June 30, 2024. All figures are presented in Canadian dollars.
"Our revenue growth remains strong, and our profitability continues to improve as a result of strong efforts from our management team and employees. Our revenues are at historic levels, and we look forward to delivering positive results in the future. We always attempt to maintain a singular focus on customer satisfaction with our service delivery and that is paying off right now. As well we are always looking for new ways to create value for our shareholders through cross selling our existing physical, electronic and cyber security services. I am very proud of our employee efforts to make the world we live in a safer place for our clients and the public in general," said Chairman and CEO Doug Emsley.
Q3 2024 HIGHLIGHTS
During the third quarter, which ended on June 30, 2024, revenue was $29.7 million. This represents an increase of $3.2 million (12.1% organic growth) over the revenue recorded in the same period last year. Year-to-date revenues are $91.0 million, up 14.2% compared to the same period last year.
Adjusted EBITDA for the quarter was $1.3 million ($0.06 per share), up from $1.0 million ($0.05 per share) during the same quarter last year (30% increase over Q3 2023). Year-to-date adjusted EBITDA is $3.8 million, up 37.2% compared to the prior year.
During the quarter we paid $0.03 per share in dividends to shareholders and bought back 116,800 shares of the Company.
We finished the quarter ended June 30, 2024 with:
Cash and cash equivalents of $12.4 million (versus $14.1 million in Q2 2024);
Working capital of $28.3 million (versus $28.6 million in Q2 2024);
Remaining Legacy assets of $6.7 million (versus $6.8 million in Q2 2024);
Total shareholders' equity of $65.5 million (versus $66.3 million in Q2 2024); and
No long-term debt.
Key Performance Indicators for the quarter and previous comparable period are summarized below:
Key Performance Indicators
Quarter ended
Nine months ended
June 30
June 30
2024
2023
2024
2023
Revenue
29,726
26,512
91,010
79,749
Cost of Sales
25,425
22,511
77,899
67,521
Gross Profit
