CEMATRIX Corporation Announces Record Sales for the Year Ended December 31, 2012
18 Março 2013 - 10:25AM
Marketwired Canada
CEMATRIX Corporation (TSX VENTURE:CVX) (the "Corporation" or the "Company" or
"CEMATRIX") is pleased to announce the release of its consolidated financial
results for the year ended December 31, 2012.
The Corporation reported record sales revenues of $8.5 million, a $0.7 million
dollar improvement over the previous year ended December 31, 2011. Earnings,
before the deferred tax recovery, were $0.157 million, down from $0.403 million
reported for 2011. The improvement in sales was primarily due to an increase in
activity in the oil and gas sector of Western Canada. The decline in earnings,
before the deferred tax recovery, of $0.246 million was primarily due to the
Company experiencing lower margins and higher operating costs.
The Company proactively took on projects with lower margins to sustain sales and
cash flows during a very slow start to the construction season. Margins on
certain projects completed in the late summer/fall were negatively affected by
delays in projects that resulted in the Company completing these projects with a
higher material costs than anticipated. Total comprehensive income for 2012 was
$0.857 million, up from $0.403 million in 2011; this increase is due to the
recognition of a $0.700 million deferred tax asset representing the recovery of
deferred taxes not previously recorded.
Highlights for the year include:
-- The Company's contracted sales of $12.4 million; $8.5 million of these
contracted sales were completed in 2012 and the balance of $3.9 million
are scheduled for 2013.
-- The Company reported record sales of $8.5 million, up from the previous
year of $7.8 million. Infrastructure sales now account for over 70% of
total sales with the balance coming from the oil and gas sector in
Western Canada.
-- The Company experienced a number of project delays which resulted in
$2.9 million of sales, originally scheduled for completion in 2012, to
be re-scheduled to 2013.
-- The Company's recorded a non-cash recovery of deferred taxes of $0.700
million because it became more probable that the Company would generate
sufficient future taxable income to recognize the future tax benefit of
certain tax loss carry forwards.
-- The Company's wholly owned subsidiary, CEMATRIX (Canada) Inc., entered
into an agreement with the Business Development Bank of Canada ("BDC")
to provide $1.35 million of working capital and capital expenditure
financing.
Selected financial information for the quarter and year ended December 31, 2012
is as follows:
Quarter ended December 31
2012 2011 Change
---------------------------------------------------------
Revenue $ 2,943,268 $ 1,746,681 $ 1,196,587
---------------------------------------------------------
---------------------------------------------------------
Gross margin 931,606 478,646 452,960
Operating expenses (574,474) (477,427) (97,047)
---------------------------------------------------------
Operating income 357,132 1,219 355,913
Finance costs and
other items (29,676) (67,780) 38,104
Recovery of
deferred taxes 700,000 - 700,000
---------------------------------------------------------
Total comprehensive
income $ 1,027,456 $ (66,561) $ 1,094,017
---------------------------------------------------------
---------------------------------------------------------
Income (loss)per
common share $ 0.030 $ (0.002) $ 0.032
---------------------------------------------------------
---------------------------------------------------------
Year ended December 31
2012 2011 Change
---------------------------------------------------------
Revenue $ 8,549,150 $ 7,827,123 $ 722,027
---------------------------------------------------------
---------------------------------------------------------
Gross margin 2,257,733 2,300,593 (42,860)
Operating expenses (1,967,804) (1,678,285) (289,519)
---------------------------------------------------------
Operating income 289,929 622,308 (332,379)
Finance costs and
other items (132,641) (218,846) 86,205
Recovery of
deferred taxes 700,000 - 700,000
---------------------------------------------------------
Total comprehensive
income $ 857,288 $ 403,462 $ 453,826
---------------------------------------------------------
---------------------------------------------------------
Income (loss)per
common share $ 0.025 $ 0.012 $ 0.013
---------------------------------------------------------
---------------------------------------------------------
The Company is off to a strong start in 2013 with $3.9 million of contracted
sales in place; as well its product is specified into a number of other projects
that are not yet contracted. Sales in the first quarter of 2013 are expected to
be stronger than the previous year because of several scheduled projects in the
quarter. The first quarter is normally considered to be the off season for the
Company's sales.
This press release should be read in conjunction with the Corporations Audited
Consolidated Financial Statements and Management Discussion and Analysis for the
year ended December 31, 2012, both of which can be found on SEDAR.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta.
The Corporation, through its wholly owned subsidiary, is a manufacturer and
supplier of technologically advanced cellular concrete products with
applications in a variety of markets, including oil and gas construction and
infrastructure construction. Cellular concrete provides a cost and labour saving
solution as a replacement for rigid and other insulating materials in
frost-susceptible or permafrost conditions. Cellular concrete is also used in
void filling situations and as a replacement for granular fills and weak or
unstable soils.
Forward-looking information: This news release contains certain information that
is forward looking and is subject to important risks and uncertainties (such
statements are usually accompanied by words such as "anticipate", expect",
"would' or other similar words). Forward looking statements in this document are
intended to provide CEMATRIX security holders and potential investors with
information regarding CEMATRIX and its subsidiaries' future financial and
operations plans and outlook. All forward looking statements reflect CEMATRIX's
beliefs and assumptions based on information available at the time the
statements were made. Readers are cautioned not to place undue reliance on this
forward looking information. CEMATRIX undertakes no obligation to update or
revise forward looking information except as required by law. For additional
information on the assumptions made and the risks and uncertainties which may
cause actual results to differ from the anticipated results, refer the
CEMATRIX's Management Discussion and Analysis dated March 14, 2013 under
CEMATRIX's profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX
with Canadian securities regulators.
FOR FURTHER INFORMATION PLEASE CONTACT:
CEMATRIX Corporation
Jeff Kendrick
President and Chief Executive Officer
(403) 219-0484
The Howard Group
Jeff Walker
Investor Relations
(888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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