Early this morning Australian securities Exchange announced that Indoor Skydive Australia Group Limited have been reinstated to official quotation from the start of today’s trade, 26 September 2018. After reinstatement, the share price of IDZ drifted lower than a previous trading level. It went as low as 10% to trade at $0.099 on 26 September 2018. Prior to reinstatement
IDZ last traded on 19 July 2018 at $0.110.
The reinstatement of IDZ’s official quotation comes after the release of company’s Preliminary Final Report for the fiscal year ended 30 June 2018. The announcement in relation to the resolution of dispute with Texas-based SkyVenture International Limited contributes another major factor for IDZ’s return on ASX. After the receipt of arbitral award on 19 July 2018, ISA Group and SkyVenture International Limited agreed to a settlement, addressing all issues between them. The settlement provides for ISA Group to pay SkyVenture for its legal costs, to transfer all ownership in the AirRider brands and all economic benefits associated with the Malaysian facility to SkyVenture.
In a release of preliminary results for FY18, the company stated that it was a challenging year for ISA group delivering lower than expected performance with statutory net loss of $10,140,582, up from last year’s loss of $891,290. Whereas, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $2,293,178 from $982,510 in 2017. It may look attractive, but actually it does not take into account the one-off expenses incurred by the company in respect of impairment of AirRider brand, legal fees expense and dispute settlement cost which makes to approximately $8,680,467, nearly four times of underlying EBITDA.
Earnings per share continue to stay in negative and during FY18 it jumped to -7.42 cents per share from -0.68 cents per share in FY17. No dividend was recognized or paid for the year ended 30 June 2018.
Also, it was seen that cash from operating activities declined from $2,148,332 in FY17 to $879,913 in FY18. This reflects a lower business activity in the second half of the fiscal year 2018, as informed by the company. As at 30 June 2018, cash in hand of ISA group was $953,541.
With the revitalized partnership with SkyVenture, ISA Group continues to target medium to long term growth in Australia, China, South East Asia and Hong Kong.
IDZ’s stock has seen a performance change of -63.33% over the past one year. The stock last traded at $0.099 on 26 September 2018.
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