Novik increased the net earnings by 22% second quarter 2012 highlights
15 Agosto 2012 - 5:30PM
PR Newswire (Canada)
-- Sales for the quarter at $7.4 M -- 11 points increase in gross
margin to 48% of sales -- Adjusted EBITDA of 20% versus 19% on
sales in Q2 - 2012 -- Net earnings of $562,000 compared with
$460,000 -- Year-to-date net earnings of $672,000 versus $373,000
last year QUEBEC CITY, Aug. 15, 2012 /CNW Telbec/ - Novik inc.
releases today its results for the second quarter of fiscal year
2012. All amounts are expressed in Canadian dollars unless
otherwise indicated. NOVIK inc. for the periods ended June 30,
Second Second Year to Year to 2012 and 2011 (in thousands dollars,
except quarter quarter date date for amounts per share) 2012 2011
2012 2011 $ $ $ $ Operating results Revenues 7,429 9,019 12,781
13,505 Gross margin 3,531 3,351 5,701 4,955 Earnings before
depreciation, stock-based compensation, financial expenses and
income 1,508 1,699 2,253 2,089 taxes Net earnings 562 460 672 373
Basic and diluted net earnings 0.012 0.009 0.014 0.009 per share
NOVIK inc. June 30, Dec. 31, (in thousands dollars, except 2012
2011 for amounts per share) $ $ Financial position Total assets
25,106 25,316 Working capital 4,089 3,362 Total long-term financial
8,485 9,092 liabilities Total liabilities 12,112 13,270
Shareholder's equity 12,995 12,046 Shareholder's equity per share
0.27 0.25 Number of shares outstanding 48,615,199 48,470,858 During
the course of the second quarter of fiscal year 2012, Novik
recorded revenues of $7.4 M, compared with $9.0 M during the same
quarter of the previous fiscal year. Mr. Gaudreau, Novik's
CEO, is particularly proud to announce that "even with a level of
sales lower than the second quarter 2011, Novik managed to realize
a net earnings of 22% higher than during the same quarter of the
previous fiscal year." Mr. Gaudreau points out that the shortfall
in sales for the quarter is mostly tied to an apparent softness in
export sales outside North America. We expect a recovery in orders
flow from this market segment. Mr. Gaudreau adds that the US
distribution is showing growth from last year and indicates that
some of the market strategies are slowly making grounds.
These levels of sales are still positive considering the industry's
statistics. Novik's cumulative sales, for the first six months of
2012, amount to $12.8 M compared with $13.5 M for the same period
of the previous year. EARNINGS BEFORE INTEREST, STOCK-BASED
COMPENSATION COSTS, TAXES, DEPRECIATION AND AMORTIZATION ("adjusted
EBITDA") Earnings before interest, stock-based compensation costs,
taxes, depreciation, and amortization (adjusted EBITDA) is a
measure that has no standardized meaning prescribed by
International Financial Reporting Standards (IFRS). It is
therefore considered to be a non-IFRS measure. Accordingly,
the measure may not be comparable to similar measures presented by
other issuers. This measure is presented and described in
this management report in order to provide shareholders and
potential investors with additional information regarding the
company's liquidity and ability to generate funds to finance its
activities. For the second quarter of fiscal year 2012, adjusted
EBITDA on sales increased to 20% compared to 19% for the same
period of the previous fiscal year. Continued operating
improvement, new product introductions and efficient strategic
procurement of raw materials explain this progression in
profitability. For the six-month period ended on June 30, 2012,
adjusted EBITDA increased by 8% to $2,253,000 compared with
$2,089,000 for the same period of the previous fiscal year.
Adjusted EBITDA on sales for the first half 2012 was 18% versus 15%
over the corresponding first half last year. This ratio
demonstrates the significant increase in Novik's operating
performance in 2012. This desire of Novik's management to
improve this profitability threshold was clearly identified at the
beginning of the year and will remain a constant priority until the
end of the year. NET EARNINGS The company's net earnings for the
second quarter of fiscal year 2012 amounts to $562,000 compared
with a level of $460,000 for the same quarter of the previous
fiscal year. This increase in profitability is directly in
line with the same factors previously explained in the adjusted
EBITDA section: better management of production costs, procurement
strategies and new product introductions to the market. For the
six-month period ended on June 30, 2012, net earnings is $672,000
compared with $373,000 for the same period of the previous fiscal
year. This financial result represents a net improvement
compared with the previous year and is directly in line with
management's desire to maximize this profitability. OUTLOOK Just
like the first quarter of fiscal year 2012, Novik's current
financial performance is positive. Despite lingering effects
on the industry from the latest economic crisis and pressures on
the cost of its raw materials, Novik has managed to recover quickly
to achieve better financial results. The company has
successfully taken advantage of the opportunities created by the
industry's weakness by increasing its presence with various
distribution networks and intends to pursue this strategy to ensure
continued growth in its sales. At the operational level, we remain
on the lookout for any opportunities to improve our production
costs. Improving our productivity and buying raw materials at
competitive prices are constantly on the agenda with our various
teams in order to be able to generate potential savings. About
NOVIK Novik (NVK) is a leader in the design, manufacturer and
distribution of innovative polymer exterior siding, roofing
coverings and accessories that replace traditional materials such
as stone, brick or wood shingles. These products target the
world-wide residential and commercial construction industry.
Forward-looking statements contained in this press release involve
known and unknown risks, uncertainties or other factors that may
cause actual results, performance or achievements of the company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Novik Inc. CONTACT: Source : Novik inc.For
further information:Michel GaudreauPresidentTel. : (418)
878-6161E-mail : micgau@novik.comFrancois GirouxEVP & General
ManagerInterim Chief Financial OfficerTel. : (418) 878-6161E-mail :
fragir@novik.com
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