- 345% increase in net earnings to $1,919,030 compared to $431,073 in 2011
- 49% increase in 2012 adjusted EBITDA to $5,060,075 compared to $3,390,290 in 2011
- 20% EBITDA margin on revenue compared to 13% in
2011
- 7 point increase in gross margin to 47% of revenues
- Annual revenues at $25,395,236
compared to $25,936,880 in
2011
- Net borrowings are down by 34% from $8,290,584 as of December
31, 2011 to $5,468,924
QUEBEC CITY,
Feb. 28, 2013 /CNW Telbec/ - Novik
Inc. (TSXV: NVK) releases today its 2012 annual results. All
amounts are expressed in Canadian dollars.
|
NOVIK inc.
for the fiscal years ended December 31, 2012 and 2011
(in thousands dollars, except for amounts per
share) |
|
12 months
period |
|
12 months
period |
|
|
2012 |
|
2011 |
|
|
$ |
|
$ |
Operating results |
|
|
|
|
|
Revenues |
|
25,395 |
|
25,937 |
|
Earnings before depreciation,
amortization, financial expenses,
stock-based compensation costs and income taxes |
|
5,060 |
|
3,390 |
Net earnings |
|
1,919 |
|
431 |
Basic and diluted net earnings per
share |
|
0.039 |
|
0.009 |
|
|
|
|
|
Financial position |
|
|
|
|
|
Total assets |
|
24,703 |
|
25,316 |
Working capital |
|
4,494 |
|
3,363 |
Total long term financial
liabilities |
|
6,839 |
|
9,092 |
Total liabilities |
|
13,270 |
|
13,072 |
Shareholder's' equity |
|
14,242 |
|
12,046 |
Shareholder's equity per share |
|
0.29 |
|
0.25 |
|
Number of shares outstanding |
|
48,825,858 |
|
48,470,858 |
Mr. Michel Gaudreau,
Chairman of the Board, is proud to announce net earnings of
$1,919,030 for the fiscal year 2012,
a 345% increase when compared to the previous year. Mr.
Gaudreau stated "Novik has succeeded in achieving record sales over
the past two years, and is poised to benefit from additional market
share gains in 2013. The efforts in innovation made in recent
years to develop new, sophisticated and unique products allow Novik
to better position itself in the industry and to stand out further
from its competitors.
REVENUES
During fiscal year 2012, the company generated
$25,395,236 in revenues compared with
$25,936,880 in 2011 in spite of very
significant softness in international markets. Mr. Gaudreau
considers that the current challenging environment within the
construction and exterior covering market in North America has confirmed Novik's team
commitment to reduce costs, improve operational effectiveness and
offer more new products with better margin in order to keep
creating sustainable value for the shareholders in the short term
while building solid grounds for growth.
Sales in the final quarter of 2012 decreased by 3%
to $5,252,323 compared with
$5,431,077 in the same period of the
previous year. This decrease is mainly coming from unrealized
outsourcing revenues from industrial customers in 2011 that did not
occur in 2012.
Our sales team keep its focus in developing strong
and strategic partnership with retailers and distributors in order
to take advantage of business opportunities existing on the North
American market even in the current market conditions.
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 company's liquidity and ability to
generate funds to finance its activities.
For the fiscal year ended December 31, 2012, Adjusted EBITDA amounted to
$5,060,075 compared with $3,390,290 for the previous fiscal year,
representing year-over-year growth of 49%. Adjusted EBITDA margin
increased to 20% in 2012 versus 13% in 2011 as a result of Novik's
continued focus on improvement in manufacturing and operating
efficiencies.
NET EARNINGS
The net earnings for fiscal year 2012 were
$1,919,030 compared with $431,073 for the previous fiscal year.
Novik generated an operating profit of $3,335,108 in 2012 compared with $1,466,429 in 2011. The improvement comes
from a mix of higher margin products, the introduction of new
products at the end of Q1 that generated sales all year, a clear
focus on strategic procurement of resins and continued operations
efficiencies.
OUTLOOK
Mr. Gaudreau concludes "after record results over
the past two years, Novik is positioned to capture additional
market share in 2013. The addition of senior sales management
in the latter part of 2012 will maximize our presence with our
current and potential distributors on an increasing scale on the
North American markets.
Our sales team is continuing to focus on increasing
revenues from existing clients while also penetrating new
distributors and large retailers. These efforts are supported by
Novik's growing presence and brand recognition in the marketplace
and our unique and innovative product lines. Additionally, we are
continuing to make efforts to increase the visibility of our
products to end-consumers through our Novexpert network and our
participation at trade shows specializing in housing and
renovation.
For 2013, management will continue to focus on
sales growth objectives while ensuring greater profitability from
higher sales volume and increased manufacturing and operating
efficiencies."
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 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.
SOURCE Novik Inc.