Zedi Inc. announced earnings results for the first quarter ended 2013. For the quarter the company reported revenues of $27,904,000, a 6% increase over $26,281,000 a year ago. EBITDA was $4,312,000, a 3% increase over $4,168,000 a year ago. Cash flow from operating activities was $4,540,000, up 4% a year ago. Profit was $1,477,000, which was consistent with the prior year after having been impacted by additional and one-time expenses noted above. EBITDA for the quarter did not outpace revenue growth as it was impacted by the following 2 things. An increased investment in both U.S. and Canada for sales and service capability to support Artificial Lift business and charges related to reorganization within product management group. Overall on a consolidated basis 83% of the first quarter year-over-year revenue growth occurred in Canada with 17% coming from the United States. Recurring revenue in the first quarter was $15.9 million compared to $15.3 million in the first quarter of 2012, a 5% increase which is largely driven from within data management line of business.

Centrica Energy Upstream announced that it has implemented approximately CAD 1 million of Zedi technology that was purchased in late 2012 to automate 76 existing measurement sites across Western Canada. These sites were retrofitted with Zedi's automated field devices, Smart-Alek and Zedi SCADA, in the first quarter of 2013. In addition, Centrica Energy will use the Zedi Access online platform to remotely monitor and control these sites. With Zedi's field technology and Zedi Access online platform, production data moves automatically from the well head to Zedi Access in real time. The consolidation of data on one secure website gives customers the ability to make instant decisions and changes on their wells, track trends and produce reports on an individual site or an entire field. This helps with prioritization of activity to reduce operational costs, production downtime and exposure to regulatory audits. The ability to automate the import of Zedi Access daily volumes to a field data capture platform has freed up the operators from manually entering numbers to focus on production and other corporate priorities.

Zedi Inc. reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's revenues were $28,580,000, a 15% increase over $24,996,000 in fourth quarter 2011. EBITDA grew 44% to $5.69 million and profit before tax grew 75% to $3.16 million compared to fourth quarter of 2011. After considering working capital changes, cash from operations was $1.4 million, up $4.1 million from the $2.7 million that was used in operations in fourth quarter of 2011. For the year, the company's annual revenues were $104,278,000, a 15% increase over $90,922,000 in 2011. EBITDA was $15,111,000, a 14% increase over $13,242,000 reported in 2011. Cash flow from operating activities was $16,137,000, up 15% from the prior year. Non-cash charges for amortization of intangibles from prior acquisitions increased but were offset by the EBITDA growth, resulting in 2012 profit of $4,475,000 being consistent with the prior year. Recurring revenue covered 214% of operations expenses and 177% of total cash expenditures continuing the trends established over the past three years on these metrics. The company reported profit of $4.475 million. Profit was impacted by an increase in the non-cash amortization of intangibles related to prior acquisitions, but that increase was offset by the growth of the company's EBITDA. Profit before tax declined 5% from $6.65 million to $6.3 million based on a non-cash amortization.