- Revenues of $9,798,691
compared to $7,361,752, an increase
of 33% over the same quarter in 2012
- 104% increase in net earnings to $1,710,938 compared to $839,093
- 29% EBITDA margin on revenue compared to 26% in Q3
2012
- 52% increase in EBITDA to $2,880,255 compared to $1,899,173
- 58% decrease in net borrowings from $6,289,500 as of September
30, 2012 to $2,620,444
- 80% increase in year-to-date net earnings of $2,715,303 compared to $1,511,103 for the same quarter in 2012
QUEBEC CITY, Nov. 18, 2013 /CNW Telbec/ - Novik Inc. (TSXV:
NVK) ("Novik" or the "Corporation") released
today its 2013 third quarter results. All amounts are expressed in
Canadian dollars.
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|
|
|
|
NOVIK INC.
for the periods ended September 30, 2013 and 2012 |
Period of
three months |
Period
of
three months |
Period of
nine months |
Period
of
nine months |
(in thousands of
dollars, except data per share) |
2013 |
2012 |
2013 |
2012 |
|
$ |
$ |
$ |
$ |
Operating
results |
|
|
|
|
|
|
|
|
|
Revenues |
9,799 |
7,362 |
23,040 |
20,143 |
Gross margin |
4,778 |
3,752 |
10,718 |
9,453 |
Earnings before interest,
income taxes, stock-based
compensation costs, depreciation, and amortization |
2,359 |
1,535 |
3,742 |
2,800 |
Net earnings |
1,711 |
839 |
2,715 |
1,511 |
Basic and diluted net
earnings per share |
0.034 |
0.017 |
0.054 |
0.031 |
|
|
|
NOVIK INC. |
September 30 |
December 31 |
(in thousands of
dollars, except data per share) |
2013 |
2012 |
|
$ |
$ |
Financial
position |
|
|
|
|
|
Total assets |
27,496 |
24,703 |
Working capital |
8,305 |
4,494 |
Long-term debt including
the current portion |
5,847 |
6,839 |
Total liabilities |
10,226 |
10,461 |
Shareholders' equity |
17,270 |
14,242 |
Shareholders' equity per
share |
0.35 |
0.29 |
|
|
|
Number of outstanding
shares |
49,200,858 |
48,825,858 |
Mr. Michel
Gaudreau, Chairman of the Board and President and Chief
Executive Officer of the Corporation, was pleased with the results
for the third quarter 2013. Mr. Gaudreau stated that "the
introduction of innovative products and the ramp up of new targeted
customers contributed to the increase in revenues".
During the third quarter of 2013, the
Corporation generated record revenues for a third quarter at
$9,798,691 compared with $7,361,752 in 2012, an increase of 33%.
During the first nine months of 2013, the
Corporation generated $23,039,899 in
revenues compared with $20,142,912 in
2012, a 14% increase. Management believes that the product and
market strategies implemented in the latter part of the previous
year and the successful execution of its business plan are
resulting in the improvements being realized in the generation
of increased revenues, EBITDA and Net Income.
EARNINGS BEFORE DEPRECIATION, AMORTIZATION,
FINANCIAL EXPENSES, STOCK-BASED COMPENSATION COSTS AND TAXES
("Adjusted EBITDA")
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 in Canada.
Accordingly, this measure may not be comparable to similar measures
presented by other issuers. This measure is presented in order to
provide shareholders and potential investors with additional
information regarding the Corporation's liquidity and ability to
generate funds to finance its activities.
For the third quarter of 2013, adjusted EBITDA
amounted to $2,610,065 compared with
$1,508,064 for the same period of the
previous fiscal year, a significant increase of 73%. Adjusted
EBITDA on sales for the third quarter of 2013 was 27% versus 20%
over the corresponding period of last year. Higher overall sales,
changes in the product mix with the introduction of new products,
new customers and continuous improvement activities support this
level of performance.
For the first six-month period ended on
June 30, 2013, adjusted EBITDA
increased by 13% to $2,551,074
compared with $2,253,364 for the same
period of the previous fiscal year. Adjusted EBITDA on sales
for the first half of 2013 was 19% versus 18% over the
corresponding first half of last year, despite a slow start in Q1
2013.
NET EARNINGS
The net earnings for the third quarter of the
fiscal year 2013 were $1,710,938
compared with $839,093 for the same
quarter of the previous fiscal year. This increase of 104% in
profitability is directly in line with the increase of the sales
and the same factors previously referred to in the adjusted EBITDA
section.
For the nine-month period ended on September 30, 2013, net earnings were
$2,715,303 compared with $1,511,103 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 profitability through innovation
and operational efficiency.
OUTLOOK
Mr. Gaudreau concluded that "with the
improvements in the North American markets, Novik is pleased with
the positive results delivered".
Management believes that the innovation efforts
made in recent years in designing and marketing unique products
have allowed Novik to differentiate itself from its competitors. At
the same time, internal efforts to generate operational savings
through better use of raw materials, equipment, and value-added
production methods have been implemented to allow Novik to improve
its profitability despite the constant pressure of raw material
price levels.
About NOVIK
Novik (NVK) is a leader in the design,
manufacture 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 are based upon current expectations and involve known
and unknown risks, uncertainties or other factors associated with
Novik's business and the environment in which the business is
operated and that may cause actual results, performance or
achievements of the Corporation to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements including the matters discussed in
the MD&A of Novik for the year ended December 31, 2012.
Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking,
including those identified by the expressions "anticipate",
"believe", "plan", "estimate", "expect", "intend", and similar
expressions to the extent they relate to Novik or its management.
Forward-looking statements are not historical facts, but reflect
Novik's current expectations regarding future results or events.
Novik assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements
except as may be required by Canadian securities laws.
Neither the TSX Venture Exchange nor its
Regulation 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.
SOURCE Novik Inc.