|By Marketwired .||
|August 13, 2013 04:48 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 08/13/13 -- Hartco Inc. (TSX:HCI) today announced its financial results for the three and six months ended June 30, 2013.
Consolidated results for the three months ended June 30, 2013
Hartco Inc. ("Hartco") posted consolidated revenues of $98.7 million for the three months ended June 30, 2013, compared to $102.2 million for the same period last year, and a net loss of $0.7 million or -$0.05 per share on a diluted basis compared to a net loss of $4.1 million or -$0.31 per share on a diluted basis, for the corresponding period in 2012.
"Our second quarter results reflect sluggish demand for computers and related services." said Pat Waid, Hartco's President and Chief Operating Officer.
Consolidated results for the six months ended June 30, 2013
Hartco posted consolidated revenues of $188.4 million for the six months ended June 30, 2013, compared to $209.5 million for the same period last year, and a net loss of $1.6 million, or -$0.12 per share on a diluted basis, compared to a net loss of $7.6 million, or -$0.58 per share on a diluted basis, for the corresponding period in 2012.
Hartco ended the second quarter of 2013 with a cash position of $17.9 million and no debt.
"We anticipate challenging market conditions to prevail during the second half of the year," said Pat Waid. "We remain focused on improving operating performance by leveraging our recently implemented enterprise resource planning system and enhancing our productivity."
Detailed Financial Information
Detailed financial information pertaining to Hartco's second quarter and annual results can be accessed at www.sedar.com or at www.hartco.com. The second quarter and annual financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS").
About Hartco Inc.
Hartco Inc. (TSX:HCI) has been a leader in the Canadian information technology business for more than thirty years. Through its operating divisions, which together include 48 locations across Canada, Hartco Inc. delivers information technology solutions to private and public sector organizations of every size. For more information, please visit www.hartco.com.
This news release contains forward-looking information. Except for historical information contained herein, the statements in this document are forward-looking. Forward-looking statements involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from forecasted results. Those risks include, among others, changes in customer demand for information technology products or services, changes in supplier pricing actions or terms, customer orders, pricing actions by competitors, changes in laws and regulations and general changes in economic conditions. Risks that could cause our results to differ materially from our expectations are discussed in our Annual Management's Discussion & Analysis ("MD&A").
FINANCIAL HIGHLIGHTS (In thousands of dollars, except per share amounts) Three months ended Six months ended June 30 June 30 2013 2012 2013 2012 ---------------------------------------------------------------------------- Revenues 98,672 102,163 188,425 209,477 Adjusted EBITDA (loss) (789) 840 (2,106) 1,287 Net loss (701) (4,070) (1,602) (7,628) Diluted loss per share (0.05) (0.31) (0.12) (0.58) Free cash flow deficit (7,434) (714) (10,031) (3,542) Adjusted free cash flow deficit (6,909) (683) (9,474) (2,175) Cash 17,941 18,680 17,941 18,680 1) Adjusted EBITDA is defined as net loss excluding financial costs, depreciation and amortization, income tax expense, non-recurring gains or losses, impairment charges, and share of results of equity investments. Adjusted EBITDA is a non-IFRS measure as defined in the MD&A. 2) Cash flow from continuing and discontinued operating activities less capital expenditures. Free Cash Flow is a non-IFRS measure as defined in the MD&A. 3) Cash flow from continuing and discontinued operating activities, less capital expenditures, net of proceeds from disposal of assets, plus net investing activities, plus net collection of loans and other assets. Adjusted Free Cash Flow is a non-IFRS measure as defined in the MD&A.