Mercator Transport Announces Its Annual Financial Results
27 Agosto 2013 - 11:26PM
Access Wire
Montreal, Quebec, August 27, 2013 -
Mercator Transport Group Corporation ("Mercator Transport" or the
"Corporation") (TSX-V: GMT), announces its financial results for
the year ended April 30, 2013.
Financial
Highlights
Selected
Consolidated Results
Audited
----------------------------------------------------------------
|(in thousands of Canadian dollars, amounts per|201 |201 |
|share excepted) |2-2013 |1-2012 |
| |$ |$ re |
| | |cast 2|
|--------------------------------------------------------------|
|Logist ics and distribution (Gross Revenues) |29,515 |37,658 |
|--------------------------------------------------------------|
|Customs, duties and t axes |(3,403)|(5,379)|
|--------------------------------------------------------------|
|Net r evenues |26,112 |32,279 |
|--------------------------------------------------------------|
|EBITDA 1 (EBITDA 1 loss) |(1,587)|(1,843)|
|--------------------------------------------------------------|
|Net l oss from continuing operations |(3,460)|(1,987)|
|--------------------------------------------------------------|
|Net l oss from discontinued operations |(1,516)|(2,169)|
|--------------------------------------------------------------|
|Net loss attributable to owners of the |(4,900)|(3,691)|
|Corporation | | |
|--------------------------------------------------------------|
|Net l oss from continuing operations per | | |
|share, basic and fully diluted |(0.091)|(0.050)|
|--------------------------------------------------------------|
|Net l oss per share, basic and fully diluted |(0.131)|(0.099)|
----------------------------------------------------------------
1 See definition of non-IFRS measure in Mercator Transport's
MD&A.
2See Note 5 (Business acquisitions, sale and discontinued
operations of West Africa and Mercator East Africa) of the
consolidated financial statements for the year ended April 30,
2013.
For the
year ended April 30, 2013, Mercator Transport net
revenues totalled $26.1 million, a decrease of $6.2 million or 19%
compared to last year.
The
Company incurred an
EBITDA(1)
loss of $(1,587,000) for the year ended April 30, 2013,
compared to (1,843,000) $ for
the previous year. The
reduction of the loss
is attributable to a
22% reduction in selling and
administrative expenses
partially offset by
lower sales.
A net
loss from
continuing operations of $3,460,000, or $(0.091) per share, was
recorded in
2012-2013, compared to
a net loss of
$1,987,000,
or $(0.050) per share,
for the previous
year due to
increased financing costs and the write-off of the
future income tax asset,
factors partially offset by the improved
EBITDA(1).
"During the 2012-2013
fiscal year,
we completed the
refinancing of our
working capital, closed the sale of our subsidiaries in West Africa and significantly
reduced our
selling and
administrative expenses, particularly at head
office. The result: For the
first time since the
first quarter
of 2010-2011, the Company
has reached
a breakeven
EBITDA(1)
in the fourth quarter of 2012-2013," said Mr.
Jean-Pierre Apelian, President and CEO.
Results
for 2011-2012 and of the first quarter of 2012-2013
have been restated due to the sale of the controlling interest of
the Corporation in the Mercator East Africa inc.
subsidiary ("MAE") closed January 25, 2012, and the
sale of all our West African subsidiaries closed between October
15, 2012 and January 31, 2013. Results for all these subsidiaries
for the comparative periods are presented in the "Discontinued
Operations" section of the income statement.
For further
information, please refer to Mercator Transport's management discussion and analysis and quarterly
unaudited consolidated financial statements, available on SEDAR's
website, at www.sedar.com.
About Mercator
Transport
Mercator Transport specializes in air,
ocean and ground transport brokerage, international logistics and
distribution. Based in Montreal (Canada), with offices in France
and Argentina, Mercator Transport offers value-added services in
global supply chain management, and designs customized solutions.
Customer intimacy and commitment differentiates Mercator Transport
in its ability to implement customers' requirements.
Neither TSX
Venture Exchange nor its Regulatory 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.
For further information:
Mr. Robert Gagnon,
Chief Financial Officer
Investor relations
investisseur@corpgmt.com
(514) 738-6464
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