Gemini Corporation Reports 2014 First Quarter Results
2014年5月16日 - 5:00AM
Marketwired
Gemini Corporation Reports 2014 First Quarter Results
Stronger revenue achieved in a competitive environment
CALGARY, ALBERTA--(Marketwired - May 15, 2014) - Gemini
Corporation (TSX-VENTURE:GKX) announces its first quarter financial
results for the period ended March 31, 2014.
Revenue in the first
quarter of 2014 totalled $28,218,000, which was a 63% increase from
the $17,350,000 achieved in the first quarter of 2013. As is
typical of the first quarter of the year in the oil and gas
industry, the availability of project work was constrained.
Notwithstanding the seasonal factors, the Corporation was able to
secure projects that provided sufficient workload to retain its
core staff, but at lower margins due to the highly price
competitive environment. Client forecasts continue to indicate that
activity levels should improve in the second quarter and return to
normal in the second half of the year, which is expected to
alleviate the temporary margin compression.
First quarter gross
profit for 2014 was $3,680,000 compared to $2,443,000 in the same
period last year. Margins were constrained in the Field Solutions
segment due to the current price competitive environment, but are
expected to average out for the year at historic levels. In
addition, utilization rates for the Engineered Solutions segment
were somewhat lower than those achieved in the last half of 2013,
which had a dampening effect on gross profit.
The Corporation's
2014 first quarter net loss attributable to shareholders was
$171,000 (0.3¢ per share) compared to a net loss of $370,000 (0.7¢
per share) in the same period last year.
"It was a
challenging start to 2014 as a result of the competitive price
environment and certain delays in work being issued from our key
clients," stated Doug Lautermilch, Gemini's President and CEO. "Our
prospects for the balance of this year are encouraging and we are
looking forward to improving upon the overall performance we
achieved in 2013."
About Gemini
Corporation
Gemini Corporation
is a professional services firm that designs, builds and maintains
energy and industrial facilities. Founded in 1982, Gemini combines
its engineering and field service capabilities to increase project
efficiency and provide a single point of accountability. The
Corporation's principal target markets are in-situ heavy oil,
midstream, oil and gas production, and oil and gas processing
facilities.
Shares of Gemini
trade on the TSX Venture Exchange under the symbol "GKX". For more
information about the Corporation and its services, go to
www.geminicorp.ca.
Gemini's 2014
first-quarter report will be filed with SEDAR at
http://www.sedar.com by May 16, 2014.
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CONSOLIDATED FINANCIAL HIGHLIGHTS |
|
|
|
|
Three Months Ended |
|
|
(Unaudited) |
|
Operating Highlights ($'000) |
March 31, |
|
March 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
Revenue |
$ |
28,218 |
|
$ |
17,350 |
|
Gross
profit |
|
3,680 |
|
|
2,443 |
|
Income (loss) from operating activities |
|
(129 |
) |
|
(437 |
) |
Net
income (loss) attributable to shareholders |
$ |
(171 |
) |
$ |
(370 |
) |
|
|
|
Earnings per share (basic & diluted) |
$ |
(0.003 |
) |
$ |
(0.007 |
) |
|
|
|
|
|
|
|
Financial Position Highlights ($'000) |
|
March 31, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
Working capital |
$ |
14,434 |
|
$ |
14,489 |
|
Total
assets |
|
40,160 |
|
|
41,823 |
|
Shareholders' equity |
|
21,800 |
|
|
21,602 |
|
Disclaimer
This news
release may contain forward looking information that represents
Gemini's internal projections, expectations, estimates or beliefs
concerning, among other things, future operating results and
various components thereof or Gemini's future economic performance.
All statements other than the statements of historical fact may be
forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may", "will",
"should", "expects", "projects", "plans", "anticipates", and
similar expressions. The projections, estimates and beliefs
contained in such forward-looking statements are based on
management's assumptions relating to Gemini's performance
and competition within the sectors in which it competes, the
continuation of the current regulatory and tax regimes in the
jurisdictions in which Gemini operates, and necessarily involve
known and unknown risks and uncertainties, including risks and
assumptions relating to client service demand, field service costs,
labour rates, and other factors that may cause actual performance
and financial results in future periods to differ materially from
any projections of future performance or results expressed or
implied by such forward-looking statements. Accordingly, readers
are cautioned that events or circumstances could cause results to
differ materially from those predicted or suggested. The
Corporation does not undertake to update any forward-looking
information in this document whether as to new information, future
events or otherwise.
The TSX Venture
Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Gemini CorporationDoug LautermilchPresident & CEO(403)
259-0311dlautermilch@geminicorp.caGemini CorporationRobert
BrookwellExecutive VP & CFO(403)
258-5401rbrookwell@geminicorp.cawww.geminicorp.ca
Gemini Corporation (TSXV:GKX)
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