SIGMA INDUSTRIES REPORTS FISCAL 2010 YEAR-END RESULTS
30 Agosto 2010 - 10:00PM
PR Newswire (Canada)
QUEBEC CITY, Aug. 30 /CNW/ -- Company records non-cash charges of
$4.1 million in 4th quarter QUEBEC CITY, Aug. 30 /CNW Telbec/ -
Sigma Industries Inc. (TSX Venture Exchange: SIC), a manufacturing
company specialized in the production of composite and metal
components, today announced results for the fourth quarter and
fiscal year ended April 24, 2010. FOURTH QUARTER RESULTS Sales
reached $11.4 million, an increase of $151,394 from $11.3 million
in the fourth quarter of fiscal 2009. While sales to the heavy-duty
truck market remained essentially stable, sales of industrial
products rose by $560,695 and sales to the bus market increased
$515,941. However, sales of agricultural products and of snow
removal products declined $266,688 and $132,830, respectively.
Sigma Industries' adjusted loss before interest, taxes,
depreciation and amortization was $304,490 compared with an
adjusted loss of $489,743 in the fourth quarter of last year. The
improvement reflects previously deployed measures to optimize
production costs and of a refocusing of the Company's product line
on higher-margin products. The Company recorded non-cash charges of
$4.1 million in connection with the write-off and the write-down of
certain assets from the PNS, Sigma OH and Transcam subsidiaries. In
addition, the Company incurred restructuring charges of $534,512
representing professional fees and severance expenses. Owing to the
non-cash charges, the Company recorded a net loss of $6.6 million
in the fourth quarter of fiscal 2010, or $0.153 per share, fully
diluted, compared with a net loss of $402,150, or $0.009 per share,
fully diluted, for the same period a year earlier. YEAR-END RESULTS
Sales for the fiscal year ended April 24, 2010 were $45.2 million
compared with $57.5 million in fiscal 2009. The adjusted loss
before interest, taxes, depreciation and amortization was $736,869
compared with an adjusted loss of $3.8 million in fiscal 2009.
Finally, the Company recorded a net loss of $10.1 million in fiscal
2010, or $0.219 per share, fully diluted, compared with a net loss
of $10.1 million, or $0.235 per share, fully diluted, a year
earlier. The Company's balance sheet as at April 24, 2010 showed
total net debt of $24.6 million, down slightly from $24.9 million
at the end of the previous quarter and from $25.3 million at the
end of fiscal 2009. As at the same date, the compliance with all
its financial ratios has been suspended by it's lender until the
end of the next fiscal year. "Despite better operating
profitability resulting from earlier cost reduction initiatives,
fiscal 2010 was another difficult year for Sigma Industries, as a
lethargic economy affected some of our target markets," said Denis
Bertrand, President and Chief Executive Officer. "Signs of
improvement are gradually experienced in the heavy-duty truck
industry which should have a positive effect on our sales and
profitability. In this context, Management will pursue its efforts
to improve efficiency and flexibility throughout the organization
in order to further strengthen our balance sheet and maximize cash
flow." SELECTED FINANCIAL INFORMATION Consolidated results of
--------------------- ---------------------- operations Three
months ended Fiscal years ended (unaudited, in thousands of
--------------------- ---------------------- Canadian dollars
except April 24, April 25, April 24, April 25, per-share amounts)
2010 2009 2010 2009 $ $ $ $ Sales 11,408 11,257 45,228 57,483
Adjusted EBITDA (304) (489) (737) (3,795) Restructuring expense 534
(6) 928 554 Other non-cash charges 4,131 (40) 4,131 3,455
Other-than-temporary loss in value on short-term investment - 62 -
62 - -- - -- Loss before income taxes (6,072) (1,707) (10,698)
(13,020) Net loss (6,576) (402) (10,104) (10,067) Net loss per
share (basic and diluted) (0.153) (0.009) (0.236) (0.235)
-------------------------------------------------------------------------
--------------------- ---------------------- Reconciliation of
adjusted Three months ended Fiscal years ended EBITDA and Net loss
--------------------- ---------------------- (unaudited, in
thousands of April 24, April 25, April 24, April 25, Canadian
dollars) 2010 2009 2010 2009 $ $ $ $ Net loss (6,576) (402)
(10,104) (10,067) PLUS: Income tax recovery 505 (1,305) (593)
(2,953) Depreciation and amortization 615 685 2,828 3,413 Financial
expenses 487 517 2,073 1,741 Other non-cash charges 4,131 (40)
4,131 3,455 Restructuring expenses 534 (6) 928 554
Other-than-temporary loss in value on short-term investment - 62 -
62 - -- - -- Adjusted EBITDA (304) (489) (737) (3,795)
-------------------------------------------------------------------------
--------------------- Consolidated balance sheet As at data
--------------------- (in thousands of Canadian April 24, April 25,
dollars) 2010 2009 $ $ Total assets 35,428 46,558 Total liabilities
34,694 36,927 Shareholders' equity 734 9,631
--------------------------------------------------- NON-GAAP
FINANCIAL MEASURES The information in this press release includes
certain measures that are not financial measures prescribed under
GAAP. Sigma Industries uses earnings before interest, taxes,
depreciation and amortization ("EBITDA") in assessing its financial
performance. As there is no generally accepted method of
calculating this financial measure, it may not be comparable to
similar measures reported by other companies. Adjusted EBITDA is
earnings before interest, income taxes, depreciation, amortization
and other non-operating expenses and revenues. This measure does
not represent cash flow available for repayment of long-term debt,
payment of dividends, reinvestment or other discretionary uses, and
should not be considered in isolation or as a substitute for other
measures of performance calculated according to GAAP. ABOUT SIGMA
INDUSTRIES Sigma Industries Inc. (TSX-V: SIC), a manufacturing
company specializing in the production of composite and metal
components, has five operating subsidiaries and employs close to
350 people. The Company is active in the heavy-duty truck, coach,
transit and bus, train and subway, machinery, agriculture, and wind
energy markets. Sigma sells its products to original equipment
manufacturers and distributors in the United States, Canada and
Europe. FORWARD-LOOKING STATEMENTS This press release contains
certain forward-looking statements about the Company. Such
forward-looking statements are dependent on a number of factors and
are subject to risks and uncertainties. Actual results may differ
from those expected. The information contained in this press
release is dated August 30, 2010, the date on which management
approved the press release. Management does not assume any
obligation to update or revise any forward-looking statements,
whether as a result of new information or future events, except as
required by law. Note to readers: Complete unaudited interim
consolidated financial statements and Management's Discussion &
Analysis of Financial Position and Operating Results have been
posted on SEDAR and are available at www.sedar.com. Neither the 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. Sigma
Industries Inc.: Denis Bertrand, President and Chief Executive
Officer, 418-484-5282, denis.bertrand@sigmaindustries.ca;
MaisonBrison: Martin Goulet, CFA, 514-731-0000,
martin@maisonbrison.com
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