GDI Integrated Facility Services Inc. releases its financial results for the fourth quarter and the year ended December 31, 2016

• Q4 2016 revenues of $228.9 million, an increase of $30.3 million, or 15.3%, over Q4 2015
• Q4 2016 net income of $9.2 million, a decrease of $18.3 million over Q4 2015, due to a large business acquisition gain in Q4 2015
• Q4 2016 Adjusted EBITDA¹ of $11.0 million, an increase of $3.5 million, or 47.3%, over Q4 2015
• Annual revenues of $873.1 million, an increase of $158.2 million, or 22.1%, over fiscal 2015
• Annual net income of $14.6 million, an increase of $16.3 million over fiscal 2015
• Annual Adjusted EBITDA¹ of $40.2 million, an increase of $5.2 million, or 14.8%, over fiscal 2015
• Long-term debt reduction of $23.3 million during fiscal 2016

LASALLE, QC, Feb. 28, 2017 /CNW Telbec/ - Today, GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) announced its financial results for the fourth quarter of 2016 and the fiscal year ended December 31, 2016.

For the fourth quarter of 2016 and the fiscal year ended December 31, 2016:

• Revenue for the fourth quarter of 2016 was $228.9 million, an increase of $30.3 million, or 15.3%, over the fourth quarter of 2015. Revenue for fiscal 2016 was $873.1 million, an increase of $158.2 million or 22.1%, over fiscal 2015. The increase in revenue in the fourth quarter and for fiscal 2016 was generated primarily through acquisitions and organic growth.
• Net income for the fourth quarter amounted to $9.2 million or $0.43 per share compared to net income of $27.5 million or $1.29 per share for the fourth quarter of 2015. However, in the fourth quarter of 2015, a gain of $24.9 million was recognized in the Ainsworth acquisition while a gain of $7.1 million recognized in the Airtron acquisition in the fourth quarter of 2016. Net income for fiscal 2016 was $14.6 million or $0.69 per share compared to a net loss of $1.7 million or $0.12 per share in fiscal 2015, mainly due to the derecognition of a $22 million deferred tax benefit in 2015.
• Adjusted EBITDA¹ for the fourth quarter of 2016 amounted to $11.0 million, an increase of $3.5 million, or 47.3%, over the fourth quarter of 2015 and Adjusted EBITDA¹ for fiscal 2016 amounted to $40.2 million, an increase of $5.2 million or 14.8% over fiscal 2015. The increase in Adjusted EBITDA¹ was mainly due to revenue and margin growth in the Janitorial Canada and Complementary services business of the Company, partially offset by weaker year-over-year results in the Janitorial USA business segment.
• GDI generated strong cash flow during fiscal 2016 resulting in a $23.3 million reduction in total long-term debt. Combined with the growth in Adjusted EBITDA¹ and acquisition related pro forma adjustments under GDI's credit agreement, both the Senior Debt and Total Debt to Adjusted EBITDA ratios were below 3.0x at the end of fiscal 2016.
• Ainsworth, GDI's subsidiary, concluded the acquisition of Airtron Canada, a leading provider of HVAC, building automation and energy efficiency services on November 13, 2016. The acquisition positions Ainsworth as the largest multi-trade technical services business in Canada, which focus on repair, maintenance and retrofit services for commercial, industrial and institutional clients.
• In December 2016, GDI concluded a public offering of $28.8 million aggregate principal amount of 5.00% convertible unsecured subordinated debentures due December 31, 2021, the net proceeds of which have been used to reduce indebtedness under GDI's revolving credit facilities, providing GDI with additional flexibility to pursue its strategic growth objectives.

"I am pleased with our fourth quarter of 2016 results. Our Janitorial Canada business segment is still performing well despite the softer conditions experienced in certain markets. We are optimistic for 2017 and remain focused on operating efficiencies and cost controls. The business units within our Complementary services business had a strong fiscal 2016 and are positioned to continue to perform well going forward. As we previously reported, our Janitorial USA business results were weighed down in 2016 by various one-time costs as well as wage pressures in certain markets. As a result, we plan on focusing on this market in 2017. In the fourth quarter of 2016, we concluded the acquisition of Airtron a strategic move for our technical services business segment. Over the last 16 months, we built the largest technical trade services business in Canada, and are now in the process of combining Airtron to our Ainsworth platform. The Airtron integration is proceeding as planned, we validated the cost synergies identified prior to the acquisition closing, and received a positive response from our client base regarding the addition of building automation and energy efficiency capabilities to Ainsworth's services offering. Finally, we generated strong cash flows in fiscal 2016, and coupled with the issuance of a tranche of subordinated convertible debentures in December we have significantly strengthened our balance sheet, reduced our total Debt/EBITDA ratio below 3.0x, and are well positioned to fund our growth objectives. We have a favorable outlook for fiscal 2017, and will continue to execute on our business plan", declared Claude Bigras, President and Chief Executive Officer of GDI.

ABOUT GDI

GDI is a leading commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, hotels, shopping centres, industrial facilities, healthcare establishments, distribution facilities, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial, installation, maintenance and repair of HVAC-R, mechanical and electrical systems, as well as other complementary services such as damage restoration and janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "confident" "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance and its objectives and strategies are forward-looking statements. Forward-looking statements, by their nature, involve inherent risks and uncertainties and are based on several factors and assumptions, both general and specific. Such factors and assumptions include expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.

Analyst Conference Call:	Wednesday March 1^st, 2017 at 9:00 a.m. (ET)
	Investors and Media representatives may attend as listeners only.
	Please use the following dial-in number to have access to the conference call by dialing 5 minutes before the start of the conference:
	Canada/United States access number: 1-800-617-7643
	Confirmation Code: 21847221
	A rebroadcast of the conference call will be available until March 15, 2017, by dialing:
	Canada and United States Access Number: 1-800-633-8625
	Confirmation Code: 21847221

December 31, 2016 audited consolidated financial statements and accompanied Management & Discussion Analysis are filed on www.sedar.com.

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1} The term "Adjusted EBITDA" does not have a standardized definition prescribed by International Financial Reporting Standards ("IFRS") and therefore, may not be comparable to similar measures presented by other companies.  Adjusted EBITDA is defined as operating income before depreciation and amortization, goodwill impairment, transaction, reorganization and other costs, capital appreciation plan expense and share-based compensation. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Non-IFRS financial measures" section of the Company's MD&A.

SOURCE GDI Integrated Facility Services Inc.

Investor, analyst and media: GDI Integrated Facility Services Inc., David Hinchey, Senior Vice President, Strategic Development, Telephone: [phone] ext. 282