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McVicar Announces Third Quarter Financial Results

Friday, November 30, 2012 11:05 AM


Trading Symbol: MCV

TORONTO, Nov. 30, 2012 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") announces its financial results and management's discussion and analysis (MD&A) for the third quarter ended September 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.

Third Quarter and First Nine Months of 2012 Financial Highlights

During the third quarter of 2012 the Company, both the chemical group and the technical group of the Company performed well. In our chemical group, Luyaun had a gain from operations and achieved profits in this quarter, and in our technical group there was an increase in gross profit through the reduction of overtime and productivity improvements. The net income is still affected by the write-down of Goodwill.

  • Sales: sales for the third quarter of 2012 were $6.7 million, down 11.3% from $8.3 million from the third quarter of 2011. Sales for the first nine months of 2012 were $21.5 million, 3.7% lower than $24.3 million in the first nine months of 2011.

  • Gross profit: $2.26 million for the third quarter of 2012, being 0.1% lower than $2.28 million in the third quarter of 2011. Gross profit for the nine months of 2012 was $6.70 million, a 4.8% increase from $6.39 million during the first nine months of 2011.

  • Operating income: $1.12 million for the third quarter of 2012, an increase of 85.1% compared to $0.60 million in the third quarter of 2011. Operating income for the first nine months of 2012 was $2.89 million, 50.7% higher from $1.92 million of the first nine months of 2011.

  • Net income and earnings per share: the net income was $0.97 million for the third quarter of 2012, compared to net income of $0.34 million in the third quarter of 2011. The net income attributable to shareholders of the Company was $0.98 million in the third quarter of 2012, compared to income of $0.15 million in the third quarter of 2011. The earnings per share for the third quarter of 2012 was $0.027 compared to earnings per share of $0.004 in the third quarter of 2011. The net loss was $1.51 million for the first nine months of 2012, compared to net income of $1.42 million in the first nine months of 2011. The net loss was mainly attributed to the writing down of Goodwill of $3,974,391 that was equivalent to a loss of $0.11/share in the second quarter, otherwise, the company would have had a net earnings of $2.46 million which is equivalent to $0.069/share in the first three quarters.

  • Cash flows generated by operation activities: a positive $5.50 million of cash flows from operating activities in the first nine months of 2012, compared to a positive $1.19 million cash flow from operating activities for the first nine months of 2011.

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.

Please contact Ms. eXavier Peterson or Colin Digout, CFO at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.mcvicar.ca

(Source: CNW )
(Source: Quotemedia)

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