McVicar Announces Third Quarter Financial Results
2012年12月1日 - 1:05AM
PR Newswire (Canada)
McVicar Announces Third Quarter Financial Results
Trading Symbol: MCV
TORONTO,
Nov. 30, 2012 /CNW/ - McVicar
Industries Inc. ("McVicar" or the "Company") announces its
financial results and management's discussion and analysis
(MD&A) for the third quarter ended September 30, 2012. The detailed financial
statements and MD&A can be found on www.sedar.com. All amounts
are in Canadian dollars unless otherwise noted.
Third Quarter and First Nine Months of 2012
Financial Highlights
During the third quarter of 2012 the Company,
both the chemical group and the technical group of the Company
performed well. In our chemical group, Luyaun had a gain from
operations and achieved profits in this quarter, and in our
technical group there was an increase in gross profit through the
reduction of overtime and productivity improvements. The net income
is still affected by the write-down of Goodwill.
- Sales: sales for the third quarter of 2012 were $6.7 million, down 11.3% from $8.3 million from the third quarter of 2011.
Sales for the first nine months of 2012 were $21.5 million, 3.7% lower than $24.3 million in the first nine months of
2011.
- Gross profit: $2.26 million for
the third quarter of 2012, being 0.1% lower than $2.28 million in the third quarter of 2011. Gross
profit for the nine months of 2012 was $6.70
million, a 4.8% increase from $6.39
million during the first nine months of 2011.
- Operating income: $1.12 million
for the third quarter of 2012, an increase of 85.1% compared to
$0.60 million in the third quarter of
2011. Operating income for the first nine months of 2012 was
$2.89 million, 50.7% higher from
$1.92 million of the first nine
months of 2011.
- Net income and earnings per share: the net income was
$0.97 million for the third quarter
of 2012, compared to net income of $0.34
million in the third quarter of 2011. The net income
attributable to shareholders of the Company was $0.98 million in the third quarter of 2012,
compared to income of $0.15 million
in the third quarter of 2011. The earnings per share for the third
quarter of 2012 was $0.027 compared
to earnings per share of $0.004 in
the third quarter of 2011. The net loss was $1.51 million for the first nine months of 2012,
compared to net income of $1.42
million in the first nine months of 2011. The net loss was
mainly attributed to the writing down of Goodwill of $3,974,391 that was equivalent to a loss of
$0.11/share in the second quarter,
otherwise, the company would have had a net earnings of
$2.46 million which is equivalent to
$0.069/share in the first three
quarters.
- Cash flows generated by operation activities: a positive
$5.50 million of cash flows from
operating activities in the first nine months of 2012, compared to
a positive $1.19 million cash flow
from operating activities for the first nine months of 2011.
This press release contains forward-looking
statements which reflect the Corporation's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties. Actual results could differ materially
from those projected herein. Although we believe that our
expectations are based on reasonable assumptions, we can give no
assurance that our expectations will materialize. The TSX Venture
Exchange Inc. has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
Copyright 2012 Canada NewsWire
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