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BADGER DAYLIGHTING ™ Badger Daylighting Ltd. Announces 2021 First Quarter Results and Inaugural Environmental , Social and Governance Report CALGARY , Alberta , May 04 , 2021 ( GLOBE NEWSWIRE ) -- Badger Daylighting Ltd. ( " Badger ” , the “ Company ” , “ we ” , “ our ” or " us " ) ( TSX : BAD ) reported first quarter results today . All results are presented in Canadian dollars unless otherwise stated . 2021 First Quarter Financial and Operational Highlights • Revenue was $ 108.5 million or approximately 79 % of revenue realized in the first quarter of 2020. After normalizing for the effects of foreign exchange , revenue was 83 % of revenue realized in the first quarter of 2020 . • Gross profit margin was 15.7 % compared to 22.2 % in 2020 and Adjusted EBITDA margin was 5.1 % compared with 13.3 % in the first quarter of 2020 . • Adjusted EBITDA was $ 5.5 million compared to $ 18.1 million in the first quarter of 2020. Excluding one - time general and administrative expenses of $ 1.9 million in the quarter relating to investments in key strategic initiatives , Adjusted EBITDA was $ 7.4 million . • The Board of Directors of Badger approved a 5 % increase in the dividend to $ 0.63 per common share on an annualized basis and the Toronto Stock Exchange accepted Badger's notice to implement a Normal Course Issuer Bid pursuant to which the Company may acquire for cancellation up to a maximum of 1.5 million common shares . • Continued improvements in working capital , collection of aged receivables and the extension of the Company's $ 100 million supplemental secured credit facility for an additional year all supported Badger's strong liquidity position maintained at over $ 300 million in the quarter . " During the first quarter , Badger continued to position its operations for the summer construction season and anticipated 2021 market recovery . Activity levels were impacted by extended holiday jobsite shutdowns in January and severe winter weather in February . The revenue run - rate improved significantly in March as the reopening of economies in the U.S. accelerated as a result of increasing vaccination rates . We are seeing early signs of a strong market recovery in 2021 as the North American economy , particularly in the U.S. , reopens and recovers from the COVID - 19 pandemic . We added operators , sales and support staff to capture this anticipated growth , ” said Paul Vanderberg , President and Chief Executive Officer . " The severe winter weather experienced in the first quarter impacted a wide range of critical infrastructure , highlighting the potential need for work on facilities and system upgrades . This needed work , along with increased focus on upgrading and expanding North America's infrastructure , represents significant long - term opportunity for Badger and provision of non- destructive excavation services , " added Mr. Vanderberg . " In support of sustainability and consistent with Badger's strong commitment to the health and safety of our employees , customers and communities , we are pleased to communicate our sustainability initiatives in Badger's inaugural ESG Report available on our website . Badger's business model is very well positioned to support sustainability initiatives across the infrastructure segments that we service , " concluded Mr. Vanderberg . Financial Highlights ( $ thousands , except revenue per truck per month ( " RPT " ) , per share and share information ) Revenue : Hydrovac service revenue Other revenue Total revenue 2021 Three months ended March 31 , 2020 102,309 130,207 6,159 6,471 108,468 136,678 RPT - Consolidated ( mixed currency ) ( 1 ) 20,344 24,966 RPT - U.S. ( U.S. dollars ) ( 1 ) 22,551 25,959 RPT - Canada ( Canadian dollars ) ( 1 ) 14,866 22,361 Adjusted EBITDA ( 1 ) 5,491 18,139 Adjusted EBITDA per share , basic and diluted ( 1 ) ( 2 ) $ 0.16 $ 0.52