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Zedcor Zedcor Inc. Announces First Quarter Results for 2021 and Sale of Certain Rental Assets CALGARY , ALBERTA - May 19 , 2021 : Zedcor Inc. ( the " Company " ) ( TSX VENTURE : ZDC ) today announced its financial and operating results for the quarter ended March 31 , 2021 , sale of its rig mat rental fleet and certain other oilfield rental assets . Sale of Rig Mat Rental Fleet : During the quarter , the Company continued to divest under - utilized Rental segment assets . As a result of declining customer demand and rental rates , the Company made the strategic decision to divest its rig mat rental fleet . In addition , the Company sold certain other assets during the quarter for total proceeds of $ 710 . This sale allows the Company to focus on its other rental services and reduce its debt load in order to expand its Security & Surveillance segment . Financial and Operating Results for the Year Ended March 31 , 2021 : ( in $ 000s ) Revenue Adjusted EBITDA ¹ , 2 Adjusted EBIT1,2 Net income ( loss ) from operations Net income ( loss ) per share from operations Basic Diluted 1 Adjusted for severance costs 2 See Financial Measures Reconciliations below Three months ended March 31 2021 2020 4,760 4,715 2,163 1,172 224 0.004 0.004 2,066 555 ( 287 ) ( 0.005 ) ( 0.005 ) Zedcor recorded $ 2,163 of adjusted EBITDA and $ 224 of net income for the three months ended March 31 , 2021. This compares to adjusted EBITDA of $ 2,066 and a net loss of $ 287 for the three months ended March 31 , 2020. The S & S segment saw sharply higher revenues and margins as the company saw high utilization and had an expanded fleet of security towers ( " MobileyeZ " ) in operation compared to Q1 2020. This was offset by decreased revenues and margins from the Rentals segment as demand for the Company's rental equipment remains depressed due to lower drilling rig activity in Western Canada as a result of the COVID - 19 pandemic . While oil prices and drilling rig activity started to increase in Q1 2021 compared to the second half of 2020 , rental rates are still at all - time lows and customers have not fully resumed activity levels seen historically . The Company qualified for the Canada Emergency Wage Subsidy ( " CEWS " ) and the Canada Emergency Rent Subsidy ( " CERS " ) programs as enacted in 2020 by the federal Government of Canada which supported the Company's results for the three months ended March 31 , 2021. The Company recognized $ 205 of CEWS and CERS in the EBITDA amounts for 2021 .