http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0770186001&sourceType=1http://www.ccnmatthews.com/logos/20060104-csa200.jpghttp://www.marketwire.com/library/20120228-228csa_300.jpgCommercial Solutions Announces Q1 EBITDA Groeth of 74% to $1.3 Million
EDMONTON, ALBERTA -- (Marketwire) -- 02/28/12 --
Click here to view the table concerning Commercial Solutions Inc.'s earnings:
COMMERCIAL SOLUTIONS INC. ("Commercial" or "Company") (TSX:CSA) a leading Canadian distributor of bearings, power transmission equipment, oilfield, industrial, and safety products today announced its financial results for the three-month period ended December 31, 2011. A complete copy of the Company's report will be available on the Internet at www.sedar.com.
Financial highlights from first quarter of fiscal 2012 are as follows:
Commercial reported revenues of $29.5 million, a 20.9% growth from the same period in the prior year. EBITDA for the quarter was $1.3 million in comparison to $0.7 million in the same period last year, representing a 73.8% improvement. The Company reported net earnings of $0.4 million for the quarter compared to net loss of $0.1 million during the same quarter of fiscal 2011.
The Company achieved significant growth in EBITDA and net earnings during the quarter due to increased revenues and a less than proportionate increase in operating costs. Operating costs decreased as a percentage of revenues by 1.1 percent. The Company continues to successfully manage its operating costs through operational efficiencies.
Jim Barker, President and CEO of Commercial noted, "I am very pleased to report Commercial's continued growth over the last four quarters. Our operating earnings this quarter are close to double the level we achieved in the first quarter of last year and we generated over $1.6 million free cash flow during the period. Assuming favourable weather and field conditions, we anticipate continual increase in activity in the second quarter as we as we see growth in revenues generated from all our primary markets in Western Canada.
Headquartered in Edmonton, Alberta, Commercial is one of Canada's leading independent industrial distributors with 23 Services Centres and approximately 265 employees located primarily in Western Canada. Commercial offers more than 160,000 items critical to maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers. The Company represents 450 leading manufacturers and serves over 11,000 customer accounts within a broad cross-section of industries, including oil and gas, forestry, agriculture, firefighting, food processing, chemical processing, mining, utilities, manufacturing, and construction. Commercial trades under the symbol "CSA" on the Toronto Stock Exchange. For further information on the Company, please visit www.commercialsolutions.ca and for detailed financial information visit www.sedar.com.
Commercial Solutions Inc.
President and CEO
Commercial Solutions Inc.
Rozina Kassam, CA