SYS-CON MEDIA Authors: Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White, Pat Romanski

News Feed Item

Symax Lift (Holdings) Co. Ltd. Announces Financial Results of Fiscal Year 2013

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period and fiscal year ending December 31, 2013.

Highlights


--  Sales increased to $32.5 million during 2013, representing a 22%
    increase over the previous year. 
    
--  Sales of the Green Passenger Elevator increased by 86% to $14.5 million,
    sales of Dingtai Passenger Elevator, decreased by 1% to $13.5 million,
    and the sales of other elevators & after-sale services decreased by 14%
    to $4.4 million. The increase was mainly due to the Company's marketing
    and selling strategy being adjusted to focus on the increasing demand
    from Chinese government sponsored housing projects, developments in
    Chinese Tier 3, Tier 4 cities and small Tier 2 cities, and the
    restructuring of its sales team and sales network to cover the whole
    China except for Tibet. 
    
--  Gross profit increased to $8.8 million during 2013, representing a 26%
    increase over the previous year. Gross margin slightly improved from 26%
    in 2012 to 27% in 2013. 
    
--  Operation expenses increased by 13% to $6.9 million during 2013 over the
    previous year. Over 90% of this rise in operation expenses was the
    result of increased G&A expenses due to the start-up costs for
    developing stairlift products, the construction of new facilities for
    Symax Chongqing and bad debt expenses accrued for doubtful accounts.
    Share-based compensation expenses also contributed to this rise. 
    
--  Net income increased to $799,000 ($0.03 per share) during 2013, compared
    to $77,000 ($0.00 per share) in 2012. EBITDA was $2.6 million during
    2013, representing an increase of 81% over the previous year. 
    
--  As at December 31, 2013, the Company had total cash of $1.6 million and
    short term bank loans of $6.3 million. 
    
--  Symax has undertaken an expansion of its domestic Chinese business with
    a new manufacturing facility located in Wanzhou, Chongqing to be put
    into use in July, 2014. Upon completion, this facility is expected to
    double the Company's production capacity by the end of 2014. The Company
    has also undertaken an expansion of its service network in support of
    its geographic market expansion. The Company has introduced a new
    product line of stairlift products and is expected to launch these
    products in the Chinese domestic market and the North American market in
    July, 2014. 

SUMMARY FINANCIAL STATEMENTS


                                     ---------------------------------------
In Thousands of Canadian Dollars         Twelve Months Ended December 31    
                                     ---------------------------------------
except per share and percentage data         2013         2012     % Change 
                                     ---------------------------------------
Sales                                      32,458       26,593           22%
Gross profit                                8,809        6,979           26%
Gross margin                                   27%          26%             
Operating expenses                          6,876        6,078           13%
Operating income                            1,933          901          115%
Other income (loss)                          (812)        (708)          15%
Income taxes                                 (322)        (116)         178%
Net income                                    799           77          938%
EBITDA                                      2,634        1,459           81%
Earnings per share - basic             $     0.03   $     0.00              
Earnings per share - diluted           $     0.03   $     0.00              
                                     --------------------------             
                                           As at December 31                
                                     --------------------------             
                                             2013         2012              
                                     --------------------------             
Total Assets                               49,089       35,387              
Current liabilities                        33,309       25,447              
Long Term liabilities                       4,562          498              
Shareholders' equity                       11,218        9,443              

"With adjustments to the Company's marketing and selling strategy, restructured sales team and sales network, Symax's sales in 2013 increased by 22% and the Company expects continuing growth in 2014. In addition, the Company's stairlift products will be launched into the North American market in July, 2014 and the Symax Chongqing plant will be put into operation in July, 2014," stated Ms. Sabrina Zhang, CEO of Symax. "We look forward to recognizing higher revenues from these activities and we will continue to focus on tightening our costs to deliver better bottom line results as we move forward."

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Infor has announced a new feature Infor CloudSuite™ Aerospace & Defense (A&D) to aid compliance with International Traffic in Arms Regulations (ITAR). The ITAR function will serve as a complementary function for new or existing Infor CloudSuite A&D customers, to facilitate compliance for Infor customers that are creating a US defense article or performing a US defense service and wish to benefit from cloud-services. The ITAR regulation serves to manage handling and access requirements for dat...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry experti...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Cochlear Limited, the global leader in implantable hearing solutions, has selected AppZero for easy migration of its Microsoft Windows Server 2003 applications, a major priority for IT organizations before Microsoft ends support on July 14, 2015. AppZero software enables server application migration from old operating systems to new platforms or clouds and has been proven to be ten times faster, more reliable and efficient than alternative approaches.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
SYS-CON Media announced today the IBM, which offers the world’s deepest portfolio of technologies and expertise that are transforming the future of work, has launched ad campaigns on SYS-CON’s numerous online magazines such as Cloud Computing Journal, DevOps Journal, Virtualization Journal, and IoT Journal. IBM's campaigns focus on application testing, improving application development processes, common challenges in testing composite applications, continuous testing as part of the DevOps lifec...