Fred Vandenberg | Chief Executive Officer |
Sam Ritchie | Chief Financial Officer |
Glenn Mattern | Director, Business Development |
Craig Johnson | Private Investor |
Brian Boyd | Brandes Investment Partners |
Andrew Taylor | Private Investor |
Gerry Wimmer | Investorfile |
Lawrence Goldstein | Private Investor |
[Abrupt Start] | |
$437 -000 from $310 -000 in the same period in 2019. Annually | U.S. independent revenue grew by 15% to approximately $1.43 million from $1.243 million for the year ended August 31 - 2019. In the quarter - global independent revenue increased by approximately $152 -000 from $358 -000 for the same period in 2019 to $525 -000 in 2020 - an increase of 45.7%. Year-to-date - global independent revenues increased by 16.3% or $239 -000 to $1.71 million from $1.471 million in the prior year. Gross margin for the fourth quarter and for the fiscal year remained consistent at 92%. |
Overall | expenditures increased by 15.3% for the year ended August 31 - 2020. Of this increase - $280 -000 or 9.6% is a result of one-time restructuring costs and $163 -000 - or 5.6% relates to our increased investment in our technology and business development. Adjusted EBITDA for the fourth quarter grew by 27% to $210 -000 compared to $159 -000 for Q4 2019. For the year ended August 31 - 2020 - EBITDA increased to $329 -000 due to one-time restructuring costs and investments in product development for longer term accelerated growth. |
Working capital has declined due to the completion of the normal course issuer bid | totaling approximately $533 -000 and also due to the adoption of a new lease accounting standard - which required the recognition of obligations under capital leases. As at August 31 - 2020 - we had cash reserves of $2.622 million and had working capital of $2.424 million. |
I will now pass you over to Fred. |
Thanks, Sam.
Before Glenn gets into our business development activities, I am going to take a step back and talk about our goals, a little bit of the forest before the trees discussion and I will talk about our goals and how we plan to get there. And I think this will set a context on why I think 2020 was a really successful year.
Our first goal is to acquire a much larger market share to expand globally do what we do, but do it in more territories.
As we do that, our product, people and myself, are investigating ways to expand services, to expand what we see is our addressable market.