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Coastal Reports Record Q3, 2012 Revenue Of $50.3 Million

Stocks in this article: COA

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The following selected financial information is qualified in its entirety by, and should be read in conjunction with our audited consolidated financial statements for the fiscal year ended October 31, 2011 and accompanying notes and Management's Discussion and Analysis which may be viewed on SEDAR at .

Coastal's risks and uncertainties are discussed in detail in the Company's Annual Information Form dated December 14, 2011, which is also available on SEDAR.

Adjusted EBITDA as referenced in this news release is a Non-IFRS measure and is defined as earnings before interest, taxes, depreciation and amortization, share based compensation and restructuring charges. See "Supplemental Non-IFRS Measures" herein.

The following table provides a reconciliation of net income to Adjusted EBITDA:

  For the three months ended July 31, For the nine months ended July 31,
 ($000's) 2012 2011 2012 2011
Net loss (1,861) (1,485) (2,299) (3,799)
Depreciation and amortization 752 757 2,190 2,006
Interest expense, net 98 75 329 210
Income tax expense (recovery) (58) 384 271 (138)
Share-based payments expense 171 240 747 600
Foreign exchange (gain) loss 750 (336) 588 (330)
Management change costs -- -- -- 2,335
Adjusted EBITDA (148) (375) 1,826 884

Transition to International Financial Reporting Standards

Coastal adopted IFRS for the 2012 fiscal year as required by the CICA Accounting Standards Board. The financial statements, including the fiscal 2011 comparative figures are prepared in accordance with IFRS and IAS 34, Interim Financial Reporting. Reconciliations prepared in accordance with IFRS 1, First-time Adoption of International Financial Reporting Standards are provided in note 12 of the unaudited condensed consolidated interim financial statements. The transition to IFRS did not result in a material impact on the Coastal's business functions or activities.

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