(NewsDirect)
ISC CEO Shawn Peters joined Steve Darlingfrom Proactive to share the company's financial results for thethird quarter ending on September 30, 2023.
The report contains some noteworthyhighlights that reflect ISC's continued growth and success.
One of the key highlights from thefinancial report was the substantial increase in revenue, whichamounted to $54.6 million for the quarter. This represents asignificant 12% uptick when compared to the same period in 2022. Theincrease in revenue can be attributed to the ongoing growth incustomer engagement and transactions within ISC's Servicessegment, coupled with fee adjustments that were implemented in theRegistry Operations sector in July 2023.
Peters went on to mention that the adjusted Earnings BeforeInterest, Taxes, Depreciation, and Amortization (EBITDA) for thequarter stood at an impressive $19.2 million, compared to $17.0million in the previous year. This growth can be attributed primarilyto a higher contribution from Registry Operations, which benefitedfrom the fee adjustments made during the quarter, as well as thecontinued expansion of customer interactions and transactions in theServices division.
The adjustedEBITDA margin also showed improvement, reaching 35.2% compared to34.9% in the third quarter of 2022.
Moreover, Peters highlighted what he considers to be asignificant development of the quarter and year-to-date—theextension of ISC's exclusive Master Service Agreement with theProvince of Saskatchewan. This extension secures ISC's role inmanaging and operating the Saskatchewan Registries until 2053, markinga major milestone for the company and reinforcing its long-termcommitment to serving the region.
In summary, ISC'sfinancial results for the third quarter of 2023 demonstrate itssustained growth and the positive impact of strategic initiatives,including fee adjustments and customer-focused activities. Theextension of the Master Service Agreement with the Province ofSaskatchewan further solidifies ISC's position as a key player inits field and underscores its commitment to providing essentialservices to the region for decades to come.
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