Mercator Transport Announces its Financial Results for The First Quarter 2013-2014
26 Setembro 2013 - 4:59PM
Access Wire
Montreal, Quebec, September 26, 2013 -
Mercator Transport Group Corporation ("Mercator Transport" or the
"Corporation") (TSX-V: GMT), announces its financial results for
the quarter ended July 31, 2013.
Financial
Highlights
Selected
Consolidated Results
Unaudited
----------------------------------------------------------------
|(in thousands of Canadian dollars, amounts per|Q1 201|Q1 201|
|share excepted) |3-2014 |2-2013 |
| |$ |$ re |
| | |cast 2|
|--------------------------------------------------------------|
|Logist ics and distribution (Gross Revenues) |5,561 |8,025 |
|--------------------------------------------------------------|
|Customs, duties and t axes |(370) |(1,028)|
|--------------------------------------------------------------|
|Net r evenues |5,191 |6,997 |
|--------------------------------------------------------------|
|EBITDA 1 (EBITDA 1 loss) |(107) |(456) |
|--------------------------------------------------------------|
|Net l oss from continuing operations |(480) |(784) |
|--------------------------------------------------------------|
|Net l oss from discontinued operations |- |(285) |
|--------------------------------------------------------------|
|Net loss attributable to owners of the |(453) |(1,042)|
|Corporation | | |
|--------------------------------------------------------------|
|Net l oss from continuing operations per | | |
|share, basic and fully diluted |(0.012 |(0.021 |
| |) |) |
|--------------------------------------------------------------|
|Net l oss per share, basic and fully diluted |(0.012 |(0.028 |
| |) |) |
----------------------------------------------------------------
1 See definition of non-IFRS measure in Mercator Transport's
MD&A.
2 See Note 3 (Sale and discontinued operations of West Africa) of
the consolidated financial statements for the three month period
ended July 31, 2013.
For
the quarter ended July 31,
2013, Mercator Transport's net revenues totaled $ 5.2
million, a decrease of
$ 1.8
million or
26% compared to the same period last year due
to reduced
sales in
France and Canada,
factor partially offset
by increased
revenues in
Argentina. The decrease in revenue is the
result of
funding constraints
of the Company,
constraints it currently
seeks to
solve in order to
return to growth mode
and profitability.
The
Company incurred an
EBITDA(1)
loss of $(107,000) for the quarter ended July 31,
2013, compared to $(456,000)
for the corresponding period of the
previous year. The
reduction of the loss
is attributable to a
30% reduction in selling and
administrative expenses as well as to
improved gross margins, factors partially offset by lower sales.
A net
loss from
continuing operations of $480,000, or $(0.012) per share, was
recorded in the first quarter of
2013-2014, compared to
a net loss of
$784,000, or $(0.021) per share, for the
corresponding quarter of the previous year due to
the improved EBITDA(1).
"The
first quarter results
are slightly lower than the fourth quarter of last year, with France having a
particularly difficult quarter. We had to
make organizational
changes at our offices
in Lyon
to try to rectify the situation. At the same time,
our team has worked
hard in
recent months to
keep a
tight control on costs and
improve our
margins. Finally, efforts
continue to find new financing to
allow the company to
return to growth
mode while targeting
a return to
profitability," said Mr. Jean-Pierre
Apelian, President and CEO.
Results
for the first quarter of 2012-2013 have been
restated due to the sale of all our West African subsidiaries
closed between October 15, 2012 and January 31, 2013. Results for
these subsidiaries for the comparative periods are presented in the
"Discontinued Operations" section of the income
statement.
For further
information, please refer to Mercator Transport's management discussion and analysis and quarterly
unaudited consolidated financial statements, available on SEDAR's
website, at www.sedar.com.
About Mercator
Transport
Mercator Transport specializes in air,
ocean and ground transport brokerage, international logistics and
distribution. Based in Montreal (Canada), with offices in Lyon
(France) and Buenos Aires (Argentina), Mercator Transport offers
value-added services in global supply chain management, and designs
customized solutions. Customer intimacy and commitment
differentiates Mercator Transport in its ability to implement
customers' requirements.
Neither TSX
Venture Exchange nor its Regulatory Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
Mr. Robert Gagnon,
Chief Financial Officer
Investor relations
investisseur@corpgmt.com
(514) 738-6464
(TSXV:GMT)
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