|By Marketwired .||
|August 12, 2013 02:20 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/12/13 -- Gemini Corporation (TSX VENTURE:GKX) announces its second quarter financial results for the period ended June 30, 2013.
Revenue in the second quarter of 2013 totalled $25,783,000, which was a 5% increase over the $24,473,000 achieved in the second quarter of 2012. This brings year to date revenue to a total of $43,132,000 compared to $44,657,000 for the same period last year. The increase in second quarter revenue was anticipated based upon the solid backlog of work the Corporation has in both segments of the business. The slow start to the year, which was compounded by shifting backlog, has essentially been erased by the recovery experienced in the second quarter. The current backlog puts the Corporation in the enviable position of hiring in a soft market to meet the growing demands of key clients. Gemini's alliance clients are continuing to layer additional opportunities onto the service teams, which is generating increasing confidence for continued growth.
Second quarter gross profit for 2013 was $5,073,000 compared to $4,025,000 in the same period of 2012 and results in the year to date gross profit of $7,516,000 exceeding the prior year figure of $7,421,000. Gross profit as a percent of revenue improved to nearly 20% in the quarter as a result of consistently strong staff utilization performance in the Engineered Solutions segment and modest margin improvements in the Field Solutions segment. In addition, the careful management of fixed and variable infrastructure costs is contributing to profitability.
The Corporation's 2013 second quarter net income was $1,156,000 (2.1 cents per share) compared to the 2012 second quarter net income of $436,000 (1.3 cents per share). Net income for the six months ended June 30, 2013 total $786,000 (1.4 cents per share) compared to $621,000 (1.8 cents per share) for the same period of 2012.
"The second quarter results achieved what we had anticipated, which was to more than offset the poor start to 2013", stated Doug Lautermilch, Gemini's President and CEO. "Our operating performance is generating the level of profitability that we always knew was possible. Our backlog of work is growing and the opportunities being presented to us by our key clients are very exciting for all of our stakeholders."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and maintains energy and industrial facilities. Founded in 1982, Gemini combines its engineering and field service capabilities to increase project efficiency and provide a single point of accountability. The Corporation's principal target markets are conventional and unconventional oil and gas, in-situ heavy oil, and heavy industrial facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
Gemini's 2013 second-quarter report will be filed with SEDAR at http://www.sedar.com by August 13, 2013.
CONSOLIDATED FINANCIAL HIGHLIGHTS Three Months Ended Six Months Ended Operating Highlights ($'000) June 30, June 30, June 30, June 30, 2013 2012 2013 2012 Revenue $ 25,783 $ 24,473 $ 43,132 $ 44,657 Gross profit 5,073 4,025 7,516 7,421 Income before interest & taxes 1,553 640 1,115 952 Net income $ 1,156 $ 436 $ 786 $ 621 Earnings per share (basic) $ 0.021 $ 0.013 $ 0.014 $ 0.018 Earnings per share (diluted) $ 0.021 $ 0.013 $ 0.014 $ 0.018 Financial Position December Highlights ($'000) June 30, 31, 2013 2012 Working capital $ 11,676 $ 12,089 Total assets 36,548 26,088 Shareholders' equity 18,527 17,689
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.