SSC Security Services Corp. Announces Continued Record Growth with FY2024 Q1 Results

Strongest Q1 Revenue in SSC’s history. Q1 2024 revenue of $30.9 million – an increase of 10.2% over Q1 2023, and $1.6 million higher than the last quarter (5.4% increase from the last quarter).
Q1 2024 Adjusted EBITDA of $1.4 million ($0.07 per share) – an increase of $0.5 million over Q1 2023 (56% increase over Q1 2023)
Q1 2024 Adjusted net income of $0.7 million ($0.04 per share) compared with an adjusted net income of $0.3 million ($0.01 per share) in Q1 2023.

REGINA, SK, Feb. 12, 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 first quarter of the 2024 fiscal year ended December 31, 2023. All figures are presented in Canadian dollars.

“Our results this quarter represent a strong start to our new fiscal year and our strategy of maintaining a strong balance sheet with no debt, robust organic growth, and careful cost management is paying off for our shareholders.” said Chairman and CEO Doug Emsley.

Q1 2024 HIGHLIGHTS

During the first quarter ended December 31, 2023, revenue was $30.9 million, up $2.9 million (10.2% organic growth) over revenue recorded in the same period last year and representing an increase of 5.4% from last quarter (Q4 2023).
Adjusted EBITDA for the quarter was $1.4 million ($0.07 per share), up from $0.9 million ($0.04 per share) during the same quarter last year (56% increase over Q1 2023).
During the quarter we paid $0.03 per share in dividends to shareholders and bought back 128,100 shares of the Company at an average of $2.59 per share.
We finished the quarter ended December 31 with (comparison to prior quarter – Q4 2023):

Cash and cash equivalents of $9.8 million ($14.8 million);
Working capital of $27.8 million ($28.3 million);
Legacy assets (including assets held for sale and mortgages & loans receivable) of $7.7 million ($8.3 million);
Total shareholders’ equity of $66.9 million ($67.7 million); and
Long-term debt of nil (nil).

Key Performance Indicators for the quarter and previous comparable period are summarized below:

Full story available on Benzinga.com