MONTREAL, Aug. 11 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) today announced
financial results for the fourth quarter and year ended May 31, 2008.
Highlights of the fourth quarter and year ended May 31, 2008
- Net earnings for the fourth quarter were $3,178,621 or $0.08 per share,
representing a 160% increase over net earnings of $1,222,428 or
$0.04 per share for the fourth quarter of the previous fiscal year.
For the fiscal year, net earnings were $7,766,137 or $0.22 per share,
representing an increase of 117.3% over net earnings of $3,574,082 or
$0.12 per share for the previous fiscal year.
- EBITDA(1) for the fourth quarter was $4,646,476, representing an
increase of 86.7% over EBITDA of $2,488,087 for the fourth quarter of
the previous fiscal year. EBITDA reached $12,481,760 for the fiscal
year, an increase of 73.3% over EBITDA of $7,202,310 for the previous
- Sales for the fourth quarter were $9,423,908, representing an increase
of 43.9% over sales of $6,549,412 for the fourth quarter of the
previous fiscal year. Sales for the fiscal year were $30,972,941, an
increase of 41.4% compared to sales of $21,897,240 for the previous
- Operational performance was outstanding throughout the year as the
Company increased production throughput at its Montreal facility, to
meet the growing requirements of the Company's customers, while
improving efficiency and reducing costs.
- Cash flow from operating activities, excluding changes in non-cash
working capital items, increased to $3,552,457 for the quarter and
$9,880,266 for the fiscal year. This compares to $1,553,438 and
$4,738,467 for the corresponding periods of the previous fiscal year.
- Shareholders' equity significantly increased during the fourth quarter
and the fiscal year, reaching $91,553,930 at year end, up from
$7,546,467 at the end of the previous fiscal year. During the fourth
quarter, the Company raised $46,200,000 through the issuance of
4 million common shares, which resulted in net proceeds of $44,147,461
(net of issue expenses). This followed the closing of the Company's
initial public offering which occurred during the third quarter of the
fiscal year, resulting in net proceeds to the Company of $31,417,006
(net of issue expenses).
- Cash and cash equivalents totalled $59,576,743 at year end, compared to
$1,526,932 at the end of the previous fiscal year.
- During the fiscal year, the Company invested $14,383,791 to build and
commission its Eisenhuttenstadt facility and $3,178,784 to upgrade and
expand the capabilities of its Montreal facility, for a total
investment in capital expenditures of $17,562,575.
"We are pleased to report our fourth quarter and year end results which
were truly outstanding and exceeded our expectations both in terms of
financial and operational performance. Earnings, EBITDA and sales all reached
record levels during the fourth quarter and the year, in much the same way as
they had in the previous reporting periods. Most noticeable are the increases
in earnings, EBITDA and cash flow from operations which reflect our solid
operational performance in both the quarter and throughout the year.