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BADGER INFRASTRUCTURE SOLUTIONS Badger Infrastructure Solutions Ltd. Announces 2021 Second Quarter Results CALGARY , Alberta , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Badger Infrastructure Solutions Ltd. ( " Badger " , the " Company " , " we " , " our " or " us " ) ( TSX : BDGI ) reported second quarter results today . All results are presented in Canadian dollars unless otherwise stated . Second Quarter Financial and Operational Highlights • Revenue was $ 135.6 million compared with $ 134.5 million in the second quarter of 2020. After normalizing for the effects of foreign exchange , revenue was up 11 % compared with the second quarter of 2020 . • Gross profit margin was 19.2 % compared with 34.5 % in 2020 and Adjusted EBITDA margin was 10.6 % compared with 26.4 % in the second quarter of 2020 . • Adjusted EBITDA was $ 14.4 million compared with $ 35.6 million in the second quarter of 2020 , which included $ 5.2 million in Canada Emergency Wage Subsidy benefits . Excluding one - time general and administrative expenses of $ 1.9 million in the quarter relating to investments in key strategic initiatives , normalized Adjusted EBITDA was $ 16.3 million . • Consolidated revenue per truck per month ( " RPT " ) was $ 26,633 compared with $ 23,458 in the second quarter of 2020 . • Maintained a strong liquidity position with over $ 300 million in cash and credit facility capacity supported by continued improvements in working capital and collection of aged receivables . " We were encouraged with the second quarter revenue improvement from 2020 and from the first quarter , with some regions trending towards 2019 levels . However , the revenue recovery has been uneven regionally and from month to month . As a result , our direct costs ramp up to support anticipated activity for the summer construction season and COVID - 19 recovery , outpaced revenue growth and compressed gross margins in the quarter , ” said Paul Vanderberg , President and Chief Executive Officer . " With continued revenue growth and focus on matching operating expenses to revenue as the recovery continues , we anticipate margins returning to historical levels . We continue to position Badger to maximize shareholder value , positioning the operations to address both the near - term market recovery and the longer - term market opportunity that we see in the North American non - destructive excavation market , ” concluded Mr. Vanderberg . Financial Highlights ( $ thousands , except revenue per truck per month ( " RPT " ) , per share and share information ) Three months ended 2021 June 30 , 2020 2021 Six months ended June 30 , 2020 Revenue : Hydrovac service revenue Other revenue Total revenue RPT - Consolidated ( mixed currency ) ( 1 ) RPT - U.S. ( U.S. dollars ) ( 1 ) 129,736 5,856 135,592 128,346 6,138 134,484 232,045 12,015 244,060 258,553 12,609 271,162 26,633 23,458 n / a n / a 29,835 25,621 n / a n / a RPT - Canada ( Canadian dollars ) ( 1 ) 18,617 17,782 n / a n / a Adjusted EBITDA ( 1 ) 14,408 35,559 19,899 53,698 Adjusted EBITDA per share , basic and diluted ( 1 ( 1 ) ( 2 ) $ 0.41 $ 1.02 $ 0.57 $ 1.54 Adjusted EBITDA margin ( 1 ) 10.6 % 26.4 % 8.2 % 19.8 % ( Loss ) profit before income tax ( 3,314 ) 2,263 ( 22,840 ) 9,101 Net ( loss ) profit ( 2,818 ) 1,701 ( 17,754 ) 6,769 Net ( loss ) profit per share , basic and diluted ( 2 ) ( $ 0.08 ) $ 0.05 ( $ 0.51 ) $ 0.19 Cash flow from operating activities before working capital and other adjustments 14,435 34,841 19,628 53,015 Cash flow from operating activities before working capital and other adjustments per share , basic and diluted ( 2 ) $ 0.41 $ 1.00 $ 0.56 $ 1.52 Dividends paid 5,489 5,229 10,715 10,201