Kontrol Technologies Corp

Good morning and welcome to the Control Technologies Q4 Full Year 2021 Earnings Conference Call. I'm joined by the CEO of Control Technologies, Mr. Paul Ghezzi, and CFO, Mr. Claudio Del Vasto. Before we begin, please be reminded that certain statements and information included in the management discussion and analysts and financial statements and presentations including information related to future financial or operating performance and other statements that express the expectations of management or estimates of future performance. Constitute forward-looking statements. For more information on the company's forward-looking statements and risk factors, please reference the management discussion and analysts and our financial statements for Q4 and full year 2021. For all public information filings, please visit www.cdar.com. Thank you. I would now like to turn the conference call over to Mr. Paul Ghezzi, CEO of Control Technologies. Mr. Ghezzi, you may begin your conference.

Thank you. Hello, everyone, and welcome to the Control Technologies fourth quarter and full year 2021 earnings conference call. I'm joined on the call today by our CFO, Claudio Del Vasto. 2021 was a breakthrough year for control driven by organic growth, innovation, and strategic acquisitions. We delivered record results across our key metrics as reflected in our year-over-year revenue growth of 367% to $58 million and adjusted EBITDA growth of 227% to $6.5 million in 2021, while also achieving profitability on a net income basis. With the North American economy reopening and a new focus on sustainable infrastructure, driving an improvement and upgrade cycle in the commercial and industrial building sectors, the company is well positioned for future growth. I'll provide an update on our business initiative shortly, but first I will turn the call over to Claudio for a review of our key financial metrics for Q4 and full year 2021. Claudio? Thanks, Paul.

Hello and good morning, everyone. This is Claudio Del Vasto, CFO of Control Technologies. As Paul noted, we achieved record growth in the fourth quarter and full year 2021. We're pleased to report that our revenue, earnings, and cash flow from operating activities all grew substantially in the year. Allow me to provide a very brief summary on our results. Revenues for the fourth quarter were $28.7 million, an increase of 567% from the same quarter in the prior year. Revenues for the full year of 2021 were 57.7 million, up 367% over 2020, and well above our 43 to 46 million guidance range. Gross profit for the fourth quarter was 5.9 million, an increase of 238% from the same quarter in the prior year. Gross profit for the full year of 2021 was 15.8 million, up 162% over 2020. Net income for the full year was $1 million, compared to a net loss of $1.9 million in 2020. Adjusted EBITDA for the full year 2021 was $6.5 million, an increase of 227% from 2020, and in line with our guidance of $6 million to $7 million. Cash flows from operating activities for the full year 2021 were $4.7 million, representing an increase of 200% from 2020. We improved our financial position through an early repayment of debt financing that totaled $3 million in 2021. In summary, Control delivered strong revenue and earnings performance, driven by growth across our platforms as we continue to strengthen our balance sheet. I'll now turn it back over to Paul.