Positive adjusted EBITDA of $730,000 and total revenues of $19.5
TEL AVIV, Israel–(BUSINESS WIRE)–EZTD Inc. (OTCQB:EZTD) (“EZTD” or “the Company”), a worldwide
leader of online binary options trading, is pleased to announce that its
common stock has been approved for quotation on the U.S.
over-the-counter bulletin board (OTCBB) and to provide an update on its
business and trading for the nine-month period ended September 30, 2015.
Business and Trading Update
EZTD has developed and currently operates an online trading platform
allowing retail customers to trade a wide range of binary options
internationally with more than 100 different assets. The Company’s
proprietary trading platform is accessible from multiple operating
systems (Windows, Safari, iOS and Android, and mobile apps). It is
designed to be as intuitive and user-friendly as possible.
During the nine-month period ended September 30, 2015, the Company
invested in new sponsorships and increased it investments in brands and
The Company generated revenues primarily from its binary options
business. The Company’s total revenues for the nine months ended
September 30, 2015 increased by 36% to approximately $19.5 million, from
approximately $14.3 million for the nine months ended September 30,
2014. This growth is mainly due to the Company’s increased spending on
customer acquisition, website development, R&D and marketing.
In addition, the Company reported positive adjusted EBITDA of $730,000
for the nine months ended September 30, 2015, while in the nine months
ended September 30, 2014 the Company had negative adjusted EBITDA of
“We are delighted to have commenced trading in the public marketplace
and are committed to providing our investors with information on the
Company and the progress it makes,” said Shimon Citron, EZTD’s Chief
Executive Officer. “We look forward to continuing to provide excellent
service to all of our customers and we expect to finish 2015 with
approximately $25 million in annual revenues,” Citron concluded.
* See ‘Reconciliation of EBITDA and Adjusted EBITDA to Net Income’ below.
About EZTD Inc.
Launched in June 2011, EZTD (formerly, EZTRADER Inc.) is one of the
pioneers of secure and regulated online binary trading and maintains its
position as a leading, reputable and reliable binary options platform.
The Company offers 24/7 trading on more than 120 assets including
commodities, stocks, currency pairs and indexes.
Currently available in more than 11 languages, the Company is growing
rapidly and continues to seek exciting opportunities to further enhance
its presence throughout Europe. The Company’s advanced mobile app is
user-friendly and secure, and is available for both Android and
iOS-compatible smartphones and tablets. EZTD is a sponsor to some of the
leading sports teams in Europe. The Company is authorized by CYSEC
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements. Statements that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the
foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,”
“will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate”
or “continue” are intended to identify forward-looking statements. For
example, when the Company discusses its expected 2015 revenues it is
using a forward-looking statement. Readers are cautioned that certain
important factors may affect the Company’s actual results and could
cause such results to differ materially from any forward-looking
statements that may be made in this news release. Factors that may
affect the Company’s results include, but are not limited to, regulatory
approvals, product demand, market acceptance, impact of competitive
products and prices, product development, commercialization or
technological difficulties, the success or failure of negotiations and
trade, legal, social and economic risks, and the risks associated with
the adequacy of existing cash resources. Additional factors that could
cause or contribute to differences between the Company’s actual results
and forward-looking statements include, but are not limited to, those
risks discussed in the Company’s filings with the U.S. Securities and
Exchange Commission. Readers are cautioned that actual results may
differ significantly from those set forth in the forward-looking
statements. The Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO NET INCOME
U.S. dollars in thousands.
Nine months ended
|Add: Financial expenses, net||2,229||755|
|Add: Income taxes||
|Add: Depreciation and amortization||325||143|
|Add: Impairment of bank deposits||–||4,122|
|Add: Other (income) expense||608||–|
|Add: Stock-based compensation||1,279||1,182|
The table above reconciles net income to EBITDA and Adjusted EBITDA.
EBITDA is defined as net income before net interest expense, income
taxes, depreciation and amortization and a one-time expense of a
non-recurring loss due to the bankruptcy of Corporate Commercial Bank in
Bulgaria, which is not relevant to forward-looking analyses and is not
linked to the Company’s operational performance. Adjusted EBITDA is
defined as EBITDA before other operating expenses related to the
acquisition of a subsidiary in Japan and a regulatory fine, and expenses
related to stock-based compensation. Although EBITDA and Adjusted EBITDA
are not measures of performance calculated in accordance with GAAP,
management believes that they are useful to the Company and to an
investor in evaluating the Company because they are widely used measures
to evaluate a company’s operating performance.
+44 207 618 9100