MARKHAM, Ontario, July 29, 2021 (GLOBE NEWSWIRE) — Sangoma Technologies Corporation (TSX VENTURE:STC), a trusted leader in delivering cloud-based Communications as a Service solutions for companies of all sizes, is providing a business update for Fiscal 2021.
“Many of our shareholders seek information about our fiscal year, before the full audit cycle is completed,” noted David Moore, Sangoma’s Chief Financial Officer. “This release is a way for us to provide a business update and accelerate some high-level disclosure before the announcement of our full financial results after the completion of our annual audit. At that point, we will hold a conference call with investors to discuss the full results in detail.”
“I am most pleased that Sangoma has delivered another very strong year, especially given the unusual challenges of the global Covid pandemic,” said Bill Wignall, President and CEO of Sangoma. “It is reassuring to see continued momentum in the business during these difficult times, and I’m especially gratified to finish the year with Sangoma expected to exceed our previously announced guidance. Although the audit is still ongoing, we can now share that we expect sales to be approximately $167 million (up from $166 million in our prior guidance on May 20), and EBITDA to exceed the $30 million we had indicated in our most recent forecast. Both measures include the fourth quarter results from our March 31 acquisition of Star2Star. I look forward to sharing full financial results with our shareholders once the audit is complete around late September, at which time we will provide guidance for Fiscal 2022, as we have in prior years.”
EBITDA is one of the non-IFRS measures that has been used by the Company to monitor its performance for many years. It does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Sangoma has determined that it will be renaming this non-IFRS measure as Adjusted EBITDA for its fiscal 2021 results. Such change is to the nomenclature only and the measure will continue to be calculated as it has been in the past. Please see the Company’s MD&A for the three and nine month periods ended March 31, 2021, available on www.sedar.com, for definitions of and additional information on the Company’s use of non-IFRS measures.