McVicar Announces Second Quarter Financial Results
25 Ottobre 2012 - 10:57PM
PR Newswire (Canada)
McVicar Announces Second Quarter Financial Results
Trading Symbol: MCV
TORONTO,
Oct. 25, 2012 /CNW/ - McVicar
Industries Inc. ("McVicar" or the "Company") today announces its
financial results and management's discussion and analysis
(MD&A) for the second quarter ended June
30, 2012. The detailed financial statements and MD&A can
be found on www.sedar.com. All amounts are in Canadian dollars
unless otherwise noted.
Second Quarter of 2012 Financial
Highlights
- Sales: sales for the second quarter of 2012 were $7.1 million, down 14.7% from $8.3 million from the second quarter of 2011.
Sales for the first half of 2012 were $14.9
million, 3.5% lower than $15.4
million in the first half of 2011.
- Gross profit: $2.4 million for
the second quarter of 2012, being 9.5% higher than $2.25 million in the second quarter of 2011.
Gross profit for the first half of 2012 was $4.4 million, a 7.9% increase from $4.12 million of the first half of 2011.
- Operating income: $1.12 million
for the second quarter of 2012, an increase of 44.1% compared to
$0.76 million in the second quarter
of 2011. Operating income for the first half of 2012 was
$1.78 million, 35.0% higher from
$1.32 million of the first half of
2011.
- Net income and earnings per share: the net loss was
$3.1 million for the second quarter
of 2012, compared to net income of $0.36
million in the second quarter of 2011. The net loss
attributable to shareholders of the Company was $2.9 million in the second quarter of 2012,
compared to income of $0.35 million
in the second quarter of 2011. The loss per share for the second
quarter of 2012 was $0.082 compared
to earnings per share of $0.01 in the
second quarter of 2011. The net loss was $2.48 million for the first half of 2012,
compared to net income of $1.08
million in the first half of 2011. The net loss attributable
to shareholders of the Company for the first half of 2012 was
$2.43 million compared to net income
of $0.86 million a year ago. The loss
per share for the first half of 2012 was $0.068 compared to earnings per share of
$0.02 in the first half of 2011.
- Cash flows generated by operation activities: a positive
$4.12 million of cash flows from
operating activities in the first half of 2012, compared to a
positive $1.02 million cash for
operating activities for the first half 2011.
Business Developments
- Increase of interest in Jite Technologies Inc. ("Jite"):
McVicar now owns a 100% interest in Jite.
This press release contains forward-looking
statements which reflect the Corporation's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties. Actual results could differ materially
from those projected herein. Although we believe that our
expectations are based on reasonable assumptions, we can give no
assurance that our expectations will materialize. The TSX Venture
Exchange Inc. has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
Copyright 2012 Canada NewsWire
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