Semcan Inc. Reports Financial Results for Q2 2012
09 Agosto 2012 - 10:47PM
Marketwired Canada
Semcan Inc. (TSX VENTURE:STT) today reported financial results for its quarter
ended June 30, 2012 of approximately $8.3 million of revenue, $0.8 million of
EBITDA and net income after tax of $0.4 million. For the six months ended June
30, 2012, the Company reported revenues of approximately $14.5 million, EBITDA
of $0.6 million and net income after tax of $0.1 million.
Financial Highlights for the Quarter:
Quarter Ended Quarter Ended %
June 30, 2012 June 30, 2011 Change
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Revenue $ 8,324,741 $ 6,127,592 +36%
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EBITDA 758,326 419,329 +81%
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Net income (loss) after tax,
excluding 2011 special recovery(i) 380,969 (18,550)
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Net income after tax 380,969 2,505,042
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Earnings per share 0.014 0.098
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EBITDA per share 0.029 0.017
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(i) The 2011 special recovery of $2,523,592 was principally a gain on
settlement of debt.
Financial Highlights for the Year-to-Date:
Six Months Six Months
Ended June 30, Ended June 30, %
2012 2011 Change
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Revenue $ 14,515,445 $ 10,954,519 +33%
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EBITDA 631,396 594,021 +6%
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Net income (loss) after tax,
excluding 2011 special
recovery(ii) 54,983 (18,055)
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Net income after tax 54,983 2,505,537
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Earnings per share 0.002 0.122
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EBITDA per share 0.024 0.029
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Closing backlog 24,333,840 29,651,075 -18%
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Closing working capital 2,415,529 (246,011)
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(ii) The 2011 special recovery of $2,523,592 was principally a gain on
settlement of debt.
The Company will hold a conference call to discuss the financial results on
Tuesday, August 14, 2012 at 11:00 am Eastern time. The call-in numbers are (416)
204-9641 or 1(877) 314-1234; participant code 9530930.
"Our results for the second quarter represent solid performance by our project
execution group and growing aftermarket business," said David Deacon, Semcan's
CEO. "With our current order backlog of $24.3 million, and strong working
capital position, we are in good position to continue our growth over the second
half of 2012."
About Semcan Inc.
Semcan is a North American supplier of environmental solutions and industrial
processes, with specific emphasis on water remediation and emission control
systems.
The Company is of the view that environmental considerations and preventative
technologies are becoming a prerequisite of most modern industrial expansion,
particularly in the mining, oil & gas and power sectors.
The Company's principal focus is the conceptual design, engineering, project
management, and assembly and installation of complete bulk material handling
systems used to clean up water and control air emissions- from the storage
silos, to the conveying systems, to the computerized electronic controls. The
systems are utilized internationally in a broad range of industries.
Caution Regarding Forward-Looking Information and Non-IFRS Measures
Forward-Looking Information
This news release contains certain forward-looking statements. These statements
relate to future events or future performance and reflect management's current
expectations and assumptions regarding the growth, results of operations,
performance, and business prospects and opportunities. Such forward-looking
statements reflect management's current beliefs and expectations and are based
on information currently available to management of Semcan. In particular,
statements regarding the future operating results and economic performance are
forward-looking statements. Forward-looking statements involve significant risks
and uncertainties. A number of factors could cause actual events or results to
differ materially from the events and results discussed in the forward-looking
statements, including risks outlined under "Risk Factors" in our Annual
Information Form, which is posted at www.sedar.com. In evaluating these
statements, investors should specifically consider various factors, including
such risks as Investment Risk; Business Valuations; Condition of Capital
Markets; Dependence on Key Personnel; General Economic Factors; Interest Rate
Risk; Competition; and Reliance on Key Suppliers. One or more of these "Risk
Factors" could cause actual events or results to differ materially from any
forward-looking statement. These factors should not be considered exhaustive.
Although the forward-looking statements contained in this press release are
based on what management of Semcan considers to be reasonable assumptions based
on information currently available to them, there can be no assurance that
actual events or results will be consistent with these forward-looking
statements, and management's assumptions may prove to be incorrect. These
forward-looking statements are made as of the date of this press release, and
none of Semcan nor its directors assume any obligation to update or revise them
to reflect new events or circumstances. Undue reliance should not be placed on
forward-looking statements.
Non-IFRS Measures
The term "EBITDA" is a financial measure used in this document which is not a
standard measure under International Financial Reporting Standards ("IFRS").
Semcan's method of calculating EBITDA may differ from the methods used by other
issuers. Therefore, Semcan's measure of EBITDA, as presented in this press
release, may not be comparable to similar measures presented by other issuers.
EBITDA refers to net earnings determined in accordance with IFRS before
depreciation, amortization of intangible assets, gain or loss on disposal of
property and equipment, interest expense, accretion expense, special charges and
recoveries, stock compensation expense and income tax expense. Management
believes that EBITDA is a useful supplemental measure of cash available for debt
service, working capital, capital expenditures, income taxes, and distribution.
Investors are cautioned that EBITDA, as a non-IFRS measure, is not an
alternative to measures under IFRS and should not, on its own, be construed as
an indicator of performance or cash flows, a measure of liquidity or as a
measure of actual return.
The term "backlog" is a financial measure used in this document which is not a
standard measure under IFRS. Semcan's method of calculating backlog may differ
from the methods used by other issuers. Therefore, Semcan's measure of backlog,
as presented in this press release, may not be comparable to similar measures
presented by other issuers. Backlog is the value of revenue remaining to be
earned from purchase orders received from customers. The projects represented in
backlog are executed according to a schedule agreed with each customer, which
could range in duration from one month to eighteen months. Revenues are earned
on a percentage of completion basis. Management uses this measure to i) monitor
the Company's success in securing new orders, and ii) gauge the likelihood of
meeting revenue objectives in future periods.
Investors are cautioned that backlog, as a non-IFRS measure, is not an
alternative to measures under IFRS and should not, on its own, be construed as
an indicator of performance or cash flows, a measure of liquidity or as a
measure of actual return.
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