GLV Group announces its fiscal 2015 first quarter results

Highlights of the first quarter of fiscal 2015  Revenues of $161.2 million, up 11% compared with the same quarter of the previous fiscal year  Adjusted EBITDA(1) of $5.6 million, up 13% compared with the same quarter of the previous fiscal year  Net loss attributable to shareholders of GLV Inc. of $3.1 million compared with net earnings of $1.3 million for the same quarter of the previous fiscal year  Backlog of $359.1 million, down 6% from the March 31, 2014 level  Net debt of $47.0 million, up $21.3 million from the March 31, 2014 level Montréal, Canada, August 7, 2014 – (All amounts are in Canadian dollars) For the first quarter of fiscal 2015, GLV Inc. (GLV Group or the Corporation) reported revenues of $161.2 million, up 11% from the first quarter of the previous fiscal year (6% organic growth(1) at constant exchange rates), and adjusted EBITDA(1) of $5.6 million, up 13%. The Corporation recorded a net loss attributable to shareholders of GLV Inc. of $3.1 million or $0.07 per share, basic and diluted, compared with net earnings of $1.3 million or $0.03 per share, basic and diluted, for the same quarter of the previous fiscal year. Net loss for the quarter is primarily due to foreign exchange loss, restructuring costs and to a loss related to the total return swap. “Although the Corporation’s overall profitability fell short of our expectations, we are encouraged by the growth in revenues and adjusted EBITDA(1) for the first quarter of fiscal 2015. Given the application of more rigorous selection criteria for accepting contracts and the implementation of our strategy to refocus on our target markets, including the Parts and Services market, we have a favourable outlook for GLV Group,” stated President and Chief Executive Officer Richard Verreault. Ovivo’s revenues for the first quarter were up 14% from the same quarter of the previous fiscal year (5% organic growth(1) at constant exchange rates), driven primarily by the Electronics and Metals segment as well as the Parts and Services market which grew 28% (18% organic growth at constant exchange rates(1)) compared with the first quarter of fiscal 2014. Revenues at GL&V Pulp and Paper grew 11% compared with the corresponding quarter of the previous fiscal year (7% organic growth(1) at constant exchange rates), bolstered mainly by the new equipment market. (1) A non-IFRS financial measure, see Section 11, “Reconciliation of non-IFRS financial measures” in the Corporation’s management’s discussion and analysis for the quarter ended June 30, 2014.

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