|By Marketwired .||
|March 13, 2014 05:28 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 03/13/14 -- CEMATRIX Corporation (TSX VENTURE: CVX) (the "Corporation" or the "Company" or "CEMATRIX") announces the release of its consolidated financial results for the year ended December 31, 2013.
CEMATRIX had a strong start to 2013 with record revenues in the first quarter, the majority of which were from one infrastructure project in Windsor, Ontario, which started in December of 2012 and continued throughout 2013. Even though Canadian infrastructure sales continued to increase beyond 2012 levels, sales in the oil and gas sector and in infrastructure in the United States ("U.S.) were lower than that achieved in 2012.
The sales decline in the oil and gas sector was the result of the timing of projects in this area while the decline in U.S. infrastructure sales was due to the lack of available projects in that country. Management expects that both of these sectors will rebound in 2014.
As a result of the above changes in sales patterns, total revenues for 2013 declined by 6% to $8.1 million. Margins also declined as a percentage of total sales due to the greater influence of infrastructure sales, together with lower introductory margins on certain infrastructure projects. This decline in sales margins resulted in an operating loss before income taxes of $247,009 as compared to operating income before income taxes of $156,294 in 2012.
The net loss after income taxes was $220,428 in 2013, as compared to income after tax of $856,294 in 2012. In 2012 the Company recorded a deferred tax asset of $700,000 in recognition of the future benefit of applying the Company's loss carry forwards to reduce future taxable income.
Selected financial information for the year ended December 31, 2013 is as follows:
Year ended December 31 --------------------------------------- 2013 2012 Change --------------------------------------- Revenue $ 8,072,148 $ 8,549,150 $ (477,002) ----------- ----------- ----------- Gross margin 1,688,985 2,257,733 (568,748) Operating expenses (1,802,983) (1,967,804) 164,821 ----------- ----------- ----------- Operating income (loss) (113,998) 289,929 (403,927) Finance costs and other items (133,011) (133,635) 624 ----------- ----------- ----------- Income (loss) before income taxes (247,009) 156,294 (403,303) Recovery of deferred taxes 26,581 700,000 (673,419) ----------- ----------- ----------- Net income (loss) attributable to the common shareholders (220,428) 856,294 (1,076,722) Unrealized foreign exchange gain on translation of foreign subsidiary 11,837 994 10,843 ----------- ----------- ----------- Total comprehensive income (loss) $ (208,591) $ 857,288 $(1,065,879) ----------- ----------- ----------- Income (loss) per common share $ (0.007) $ 0.025 $ (0.032) ----------- ----------- -----------
Highlights for 2013 included the following:
-- Canadian infrastructure sales grew by 34% to $6.5 million from $4.9 million in 2012. -- Company put in place a $500,000 increase in its operating loan, to take it to $1.5 million for the seasonal construction period between April and October. -- The Company`s wholly owned subsidiary, CEMATRIX (Canada) Inc., entered into an agreement with the Business Development Bank of Canada to provide an additional $530,000 of capital expenditure financing, bringing the total facility to $1.406 million. -- The Company commenced construction of a new dry mix production unit at an estimated cost of $1.1 million. The unit will be available for use for the 2014 construction period. -- The Company continued its focus on health and safety and maintained all of its safety certifications which enabled the Company to work on construction sites throughout North America, and in particular the Western Canada Oil and Gas sector. -- Company has $2.0 million of contracted work that is currently completed or scheduled for completion in 2014.
This press release should be read in conjunction with the Corporations Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2013, both of which can be found on SEDAR.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a manufacturer and supplier of technologically advanced cellular concrete products with applications in a variety of markets, including oil and gas construction and infrastructure construction. Cellular concrete provides a cost and labour saving solution as a replacement for rigid and other insulating materials in frost-susceptible or permafrost conditions. Cellular concrete is also used in void filling situations and as a replacement for granular fills and weak or unstable soils.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", expect", "would' or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries' future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX's Management Discussion and Analysis dated March 12, 2014 under CEMATRIX's profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.
President and Chief Executive Officer
The Howard Group
(888) 221-0915 or (403) 221-0915
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