· Cambria's EBITDA from continuing operations increased by $2.16 million to $430,000 from a loss of $1.73 million in FY 2015.
· Excluding legal costs, EBITDA from continuing operations increased by almost $3 million to $1.24 million from a loss of $1.73 million in FY 2015.
· Cambria's cash flow from operations increased by $6.56 million to $3.63 million from a net cash outflow of $2.93 million in FY 2015.
· Cambria slashed central costs by almost half to $1.1 million from $2.0 million in FY 2015 (down 45%).
· Excluding legal costs of $820,000, central overheads decreased by 86% to $280,000 from $2 million in FY 2015.
· Cambria reduced consolidated borrowings to $4.4 million from $7 million in FY 2015, a 37% decrease. Post-VAL Loan Conversion (discussed under Subsequent Events below) borrowings will drop to $2.9 million, a 59% decrease from FY 2015 levels.
· $390,000 in annual interest savings is expected from the reduction in borrowings and the VAL Loan Conversion. Compared to FY 2015, which reflects a full year of interest costs on previous borrowings, the annual interest savings will be $480,000.
· Payserv, Cambria's largest subsidiary by revenue and profit, achieved a 100% increase in profit after tax ("PAT") to $1.0 million. Excluding minority interest, PAT increased by 248% to $740,000. Revenues for the period increased 7% to $5.36 million. Consolidated EBITDA increased by 43.1% to $1.76 million.
· Millchem pared its EBITDA loss by 76% to $230,000 in FY 2016 from $950,000 in FY 2015.
· Excluding legal expenses of $820,000, Cambria achieved a consolidated profit of $70,000 from continuing operations compared to a loss of $2.9 million in FY 2015. Including legal expenses, Cambria reduced its consolidated loss from continuing operations by $2.16 million to a loss of $740,000.
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