NEW YORK, Nov. 16, 2015 /PRNewswire/ -- MFC Industrial Ltd.
("MFC", the "Company", "we" or "us") (NYSE: MIL) announces its
results for the three and nine months ended September 30,
2015. The Company's financial statements are prepared in accordance
with International Financial Reporting Standards
("IFRS"). (All references to dollar amounts are
in United States dollars unless otherwise
stated.)
NINE MONTH RESULTS
The results of discontinued operations have been re-presented
for prior periods. Please see Note 4 to our unaudited consolidated
financial statements for the three and nine months ended
September 30, 2015 for further
information.
Our gross revenues from continuing operations for the first nine
months of 2015 increased by 10.7% to $1,012.5 million from $914.4 million in the same period of 2014,
primarily as a result of the consolidation of acquisitions in the
second quarter of 2014, partially offset by the exiting of certain
product lines and the negative impact of the higher United States dollar against the Euro.
Our revenues from continuing operations, by product and
geography for each of the nine months ended September 30, 2015 and 2014 are broken out in the
tables below:
REVENUES BY
PRODUCT
|
September 30,
2015
|
September 30,
2014
|
Wood
products
|
23%
|
30%
|
Steel
products
|
18%
|
17%
|
Minerals, chemicals
and alloys
|
42%
|
37%
|
Metals
|
14%
|
10%
|
Other
|
3%
|
6%
|
|
|
|
GROSS REVENUES BY
GEOGRAPHY
|
September 30,
2015
|
September 30,
2014
|
EU (excluding
Germany)
|
35%
|
26%
|
Germany
|
30%
|
41%
|
Americas
|
19%
|
21%
|
Asia
|
11%
|
6%
|
Europe,
non-EU
|
4%
|
4%
|
Africa
|
1%
|
2%
|
|
|
|
Our costs of sales and services from continuing operations
increased to $938.2 million during
the nine months ended September 30,
2015 from $844.4 million for
the same period of 2014 and gross margin from continuing operations
declined to 7.3%, compared to 7.7% in the same period of 2014. This
was a result of the consolidation of acquisitions in the second
quarter of 2014 with margin profiles below our corporate average
and was partially offset by the exiting of certain product lines
and the favourable impact of the higher United States dollar against the Euro.
Selling, general and administrative expenses ("SG&A") from
continuing operations decreased to $50.0
million for the nine months ended September 30, 2015 from $53.5 million for the same period in 2014,
primarily due to the stronger United
States dollar versus the Euro and the Canadian dollar and
the benefits of certain restructuring efforts and an arbitration
settlement, partially offset by investments into new markets,
geographies and professional fees. The majority of our SG&A are
incurred in Euros and Canadian dollars and a weakening of these
currencies results in a decline when reported in United States dollars. As a percentage of
gross revenues, SG&A expenses were 4.9% in the first nine
months of 2015, compared to 5.9% in the same period of 2014.
Our net income from continuing operations attributable to our
shareholders increased in the first nine months of 2015 to
$9.2 million from a net loss of
$0.8 million in the same period of
2014.
Our net loss from discontinued operations for the first nine
months of 2015, which included a non-cash impairment, before income
taxes, of $290.6 million, or
$4.60 per share, was $289.3 million. Including such discontinued
operations and non-cash impairments, for the first nine months of
2015, our net loss attributable to shareholders was $280.1 million, compared to net income
attributable to shareholders of $19.3
million for the same period of 2014.
For the first nine months of 2015, our Operating EBITDA from
continuing operations was $27.7
million, compared to $16.1
million for the same period of 2014.
Operating EBITDA from continuing operations is defined as
earnings from continuing operations before interest, taxes,
depreciation, depletion, amortization and impairment. Operating
EBITDA from continuing operations is a non-IFRS financial measure
and should not be considered in isolation or as a substitute for
performance measures under IFRS. Management uses Operating EBITDA
from continuing operations as a measure of the Company's operating
results and considers it to be a meaningful supplement to net
income as a performance measure, primarily because we incur
depreciation and depletion from time to time.
The following table reconciles our net income from continuing
operations to Operating EBITDA from continuing operations for each
of the nine months ended September 30,
2015 and 2014:
OPERATING EBITDA from
continuing operations
(US$ in
thousands)
|
September 30,
2015
|
September 30,
2014
|
Net Income from
continuing operations (1)
|
10,155
|
168
|
Income
Taxes
|
2,418
|
3,728
|
Finance
Costs
|
11,716
|
8,962
|
Depreciation,
Depletion and Amortization
|
3,378
|
3,239
|
Operating EBITDA from continuing
operations(2)
|
27,667
|
16,097
|
|
|
|
|
|
|
Notes:
|
(1) Includes net
income attributable to non-controlling interests.
|
|
|
|
(2) There were no
impairments from continuing operations in the first nine months of
2015 and 2014.
|
Adjusting our assets and operations to reflect our future,
not our past.
In the third quarter of 2015, we determined to pursue the sale
of our resource assets, comprised of our hydrocarbon properties and
iron ore interests. We do not consider such assets to be a
strategic fit with our core long-term strategy. We have instituted
an active program to identify potential buyers and we currently
expect to rationalize the assets within 12 months. As a result,
these assets have been recorded as held for sale as of September 30, 2015 and the operations and cash
flows related to these assets are accounted for as discontinued
operations for the three and nine months ended September 30, 2015.
Our strategic priorities have shifted and the method of our
anticipated participation in these projects has changed, so now is
the time for prudence as we focus on our future as a regulated
institution with an emphasis on trade and structured finance and
banking.
We measured the recoverable amounts of these assets in
accordance with IFRS and recognized non-cash impairment losses on
our hydrocarbon and iron ore interests, before income taxes, of
$107.2 million and $183.4 million, respectively, for the three and
nine months ended September 30,
2015.
The following table breaks out the carrying amounts of our
discontinued operations, as of June 30,
2015 and September 30,
2015:
INTEREST
(US$ in
thousands)
|
NET CARRYING
VALUE
June 30,
2015
|
NET CARRYING
VALUE
September 30,
2015
|
Hydrocarbons
|
182,002
|
45,974
|
Iron ore
|
141,254
|
Nil
|
Total
|
323,256
|
45,974
|
Our discontinued operations include the following assets:
Iron Ore Interests
We are the lessor under a mining sub-lease of the land upon
which the Wabush Iron Ore Mine in Labrador, Canada, is located. The mine had
operated since 1966.
Upon termination of the lease, we intend to re-take the mine and
exercise our contractual rights. Our rights may be delayed due to
the operator filing for relief for all of their Canadian mines
under the Companies' Creditors Arrangement Act.
Iron ore prices have declined globally and the short-term
outlook is not favorable. But, most importantly, we do not have
any debt on this property. While we believe that the mine
presents an interesting long-term opportunity, now is the time for
conservatism and prudence while we focus on our other efforts. As
such, we have initiated a rationalization process and, therefore,
have reclassified the mine and our interest in another iron ore
property as discontinued operations. We will be responsible
stewards of our capital.
Hydrocarbon Interests
We have participated in the energy sector through the
development, production and processing of natural gas and natural
gas liquids in Alberta,
Canada.
In late March 2015, we announced a
plan to rationalize our energy assets, return certain net proceeds
to shareholders and redeploy certain net proceeds in our trade
finance business. We initially stated that this plan would take 18
months, and now that six months have passed, we meet the
requirements to classify these operations as discontinued
operations.
Any potential future distributions related to the
rationalization of our hydrocarbon assets will depend on the timing
of, and amounts received in connection with, the rationalization of
such assets and there can be no assurances as to the timing and
amount of such distributions. Given the current state of the
resource markets and long-term natural gas pricing, which are
reflected in the impairment we recognized in the third quarter of
2015 on these assets, we do not currently anticipate a return of
capital. However, this process is ongoing and we will continue to
evaluate all options.
LIQUIDITY
Cash and cash equivalents were $298.6
million on September 30, 2015,
compared to $297.3 million as of
December 31, 2014.
On September 30, 2015, our trade
receivables were $120.4 million,
compared to $161.7 million as of
December 31, 2014.
More than 60%, or $122.6 million,
of our inventories are either contracted at fixed prices or hedged,
while the remainder, being $84.1
million, is comprised of other inventories, which include
the raw materials, work in progress and finished goods at our
captive supply facilities and, to a much lesser extent, strategic
inventories such as consignment positions and goods in transit.
As of September 30, 2015, all of
our resource properties have been classified and reported on our
balance sheet as assets held for sale and were $210.5 million on September 30, 2015, compared to $131.1 million on December
31, 2014. This increase was a result of additional assets
being classified as held for sale, partially offset by the impact
of the United States dollar
against the Canadian dollar. Liabilities relating to assets held
for sale (decommissioning obligations and certain debt obligations
and liabilities) were $164.5 million
on September 30, 2015, compared to
$15.3 million as at December 31, 2014.
Our short-term bank borrowings increased to $206.6 million on September 30, 2015 from $161.3 million on December
31, 2014. Total long-term debt decreased to $202.6 million on September 30, 2015 from $313.1 million on December
31, 2014, primarily as a result of repayments,
reclassification of certain debt obligations which are part of
discontinued operations and the impact of the higher United States dollar against the Euro.
The following table highlights selected key numbers and ratios
as of September 30, 2015 and
December 31, 2014:
FINANCIAL
POSITION
(US$ in thousands,
except per share amounts and ratios)
|
September 30,
2015
|
December 31,
2014
|
Cash and cash
equivalents
|
298,559
|
297,294
|
Securities
|
90
|
250
|
Trade
receivables
|
120,423
|
161,674
|
Inventories –
contracted at fixed prices or hedged
|
122,632
|
109,824
|
Inventories – other
(1)
|
84,103
|
102,753
|
Current
assets
|
870,347
|
864,804
|
Current
liabilities
|
486,020
|
379,944
|
Working
capital
|
384,327
|
484,860
|
Current ratio
(2)
|
1.79
|
2.28
|
Total
assets
|
1,022,326
|
1,458,684
|
Total
liabilities
|
669,882
|
787,248
|
Shareholders'
equity
|
351,306
|
670,388
|
Equity per common
share
|
5.56
|
10.63
|
|
|
Notes:
|
(1) Inventories –
other include the raw materials, work in progress and finished
goods at our captive supply facilities and, to a much lesser
extent, strategic inventories such as consignment positions and
goods in transit.
|
|
(2) The current ratio
is calculated as current assets divided by current
liabilities.
|
Credit lines and facilities with banks
We maintain various kinds of credit lines and facilities with
banks. Most of these facilities are short-term and are used for our
day-to-day business and trade financing activities in our supply
chain business. The amounts drawn under such facilities fluctuate
with the type and level of transactions being undertaken.
As at September 30, 2015, we had
credit facilities aggregating approximately $652.7 million (being approximately the same on a
constant currency basis since December 31,
2014). These credit facilities are comprised of: (1)
unsecured revolving credit facilities aggregating $341.3 million from banks; (2) revolving credit
facilities aggregating $68.5 million
from banks for structured solutions; (3) a non-recourse factoring
arrangement with a bank for up to a credit limit of $184.7 million for our supply chain business; and
(4) foreign exchange credit facilities of $58.2 million with banks. These facilities are
either renewable on a yearly basis or usable until further
notice.
In addition, we have margin lines with availability at multiple
brokers, which in the past have enabled us to hedge over
$100 million notional value of
industrial products.
IMPROVING OUR REPORTING
We have changed our segment reporting to more accurately reflect
how we view our businesses. Previously, we presented our finance
and supply chain business as two reportable segments, Global Supply
Chain and Trade Finance and Services. However, as we have advanced
our long-term strategy, the divide between these two segments has
become less clear while the revenue and cost synergies have become
more apparent. Therefore, as a result of the integrated nature of
these operations, we have combined these two former segments into
"Finance and Supply Chain".
Going forward, we will present two operating segments: (i)
Finance and Supply Chain, which includes our marketing activities,
captive supply assets, structured solutions, financial services and
proprietary investing activities; and (ii) All Other, which
encompasses our corporate and other investments and business.
STRATEGIC FOCUS – TRADE AND STRUCTURED FINANCE AND
BANKING
In 1997, MFC, at the time named MFC Bancorp Ltd., acquired a
Geneva, Switzerland-based fully
licensed bank. After the acquisition of this bank, which was
renamed MFC Merchant Bank SA, MFC operated under the rules and
regulations of the Swiss Federal Banking Commission.
MFC provided merchant banking services for clients comprised of
corporate finance and the implementation of finance solutions and
also engaged in proprietary investing for its own account. As part
of these finance solutions, MFC offered certain trade finance
products and structures to meet its clients' requirements.
With the 2004 acquisition of KHD Humboldt Wedag AG ("KHD"), the
industrial businesses of MFC grew to a size that dwarfed its
banking activities and we decided to streamline our global
operations. We therefore made the strategic decision to focus on
the KHD business of design, engineering and construction of
industrial plants worldwide. As there was no continuing benefit to
the business of owning a bank, we voluntarily returned our banking
license to the full satisfaction of the Swiss regulators.
Almost ten years later, we believe an in-house bank will enable
us to expand the supply chain and structured finance solutions we
currently offer to customers and suppliers with complementary
product offerings, such as factoring, inventory financing,
forfaiting, marketing and other types of risk management and
financing solutions.
Therefore, we are re-entering the regulated banking business
with a focus on trade and structured finance. Our priority is to
harvest our supply chain relationships and cross-sell a wide range
of specialized financial services, which we expect will improve our
margin profile and returns on invested capital.
Our corporate goal is to become a premier regulated trade
finance institution, utilizing our supply chain platform as the
foundation to offer banking, trade and structured finance and other
complementary services.
To date, we have made some important progress by:
1.
Entering into an agreement to acquire a Western European
bank.
In June 2015, we announced that we
had entered into an agreement to acquire a Western European bank,
subject to customary closing conditions, including the receipt of
requisite national and European Central Bank regulatory
approvals.
Upon the addition of a front-room regulated bank, we will be
able to offer our customers and suppliers a wider range of
financial solutions. The back office of the bank will be primarily
outsourced.
We currently expect regulatory approvals before the end of
2015.
2.
Aligning our board of directors to our new strategic
focus.
In October 2015, Friedrich Hondl joined our Board of Directors.
Mr. Hondl is an experienced European banking executive and former
member of the Supervisory Board of Oesterreichische Kontrollbank
AG, the Austrian Export Credit Agency. From 2013 to 2015, Mr. Hondl
was the head of Erste Group Bank AG's Large Corporates
International Division and, from 2009 to 2012, he was the head of
International Corporate Relationship Management of UniCredit Bank
Austria AG. He has also served as Chairman of the Supervisory Board
of Intermarket Bank AG since 2014.
We are in the process of evaluating additional candidates with
relevant experience to support our corporate vision.
3.
Hiring additional professionals for our structured finance
and supply chain solutions business.
For more than ten years, our structured finance team, based in
Vienna, Austria, has been an
important driver of our business and profitability. The successful
expansion of this department is the cornerstone for our strategic
decision to focus on trade and structured finance and banking,
leveraging our supply chain relationships with customers and
suppliers.
We are continuing to seek and employ qualified professionals for
our structured finance team to foster additional growth in this
department. To date, we have hired additional team members and
continue to evaluate several candidates who will help support our
vision in multiple jurisdictions.
4.
Continuing the reduction of our trade receivables for capital
reallocation.
Over the last six quarters, we have reduced our trade
receivables by more than 40% through improved collections and
better utilization of our non-recourse factoring lines. While we
are encouraged by these results, we are not satisfied and have
identified additional areas of improvement, which we will implement
before the end of the year.
We plan to reduce our trade receivables below $100.0 million before the end of December 2015.
TRADE
RECEIVABLES (US$ in thousands)
|
June 30,
2014
|
September
30,
2014
|
December
31,
2014
|
March 31,
2015
|
June 30,
2015
|
September
30,
2015
|
December
31,
2015
|
207,607
|
175,229
|
161,674
|
137,615
|
130,975
|
120,423
|
100,000(1)
|
5.
Initiating a process to reduce our inventories for capital
reallocation.
We have initiated a process to reduce our inventories, with a
focus on exiting marginally profitable product lines, increasing
the turnover of our existing inventory and consolidating inventory
positions that are in multiple warehouses.
As a result of this process, we plan to reduce our inventory
levels to below $175.0 million before
the end of December 2015, with
further improvements anticipated in the first quarter of 2016.
More than 60% of our inventories are contracted at fixed prices
or hedged, while the remainder is comprised of the raw materials,
work in progress and finished goods at our captive supply
facilities and, to a much lesser extent, strategic inventories such
as consignment positions and goods in transit.
INVENTORIES
(US$ in
thousands)
|
June 30,
2014
|
September
30,
2014
|
December
31,
2014
|
March 30,
2015
|
June 30,
2015
|
September
30,
2015
|
December
31,
2015
|
Contracted at fixed
price or hedged
|
N/A
|
N/A
|
109,824
|
97,415
|
115,506
|
122,632
|
|
Other
|
N/A
|
N/A
|
102,753
|
96,790
|
78,497
|
84,103
|
|
Total
|
205,654
|
185,863
|
212,577
|
194,205
|
194,003
|
206,735
|
175,000
(1)
|
|
Note: (1)
Target levels.
|
President and Chief Executive Officer Gerardo Cortina commented, "MFC entered the
supply chain business in 2010 and implemented a long-term growth
strategy to achieve critical mass by expanding geographic reach and
diversifying into new product lines. Through organic growth and
complementary acquisitions, we entered new markets in North,
Central and South America,
Europe and Asia and increased our product offerings to
include natural gas, minerals, metals, ferro-alloys, steel, wood
products and others.
"As a result of this strategy, we reported revenues of
$1.4 billion in 2014, a four-year
compound annual growth rate of almost 30%. But this revenue growth
did not translate into increased profitability and, as a result, we
did not generate an adequate return on our invested capital.
"Declining global commodity markets, weak pricing and increased
competition attributed to some of this poor performance, but we
experienced some unsystematic challenges as well, such as the
idling and subsequent closure of our royalty asset, which had been
one of the foundations of our earnings for many years.
"These results have been unacceptable, no matter the reasons.
And it is now time for change."
Mr. Cortina added, "On November 13,
2015, our shares closed at $2.59, down more than 60% since the beginning of
the year. Not only have the industries in which we participate
underperformed, but our shares have underperformed these
industries.
"While our focus is on long-term value creation, we are
disappointed with this recent performance on both a comparative and
absolute basis.
"To put this in another perspective, at current prices, our
shares trade at approximately 0.47x book value, which mainly
consists of working capital. Excluding our assets held for sale,
our shares trade at 0.54x book value."
AS OF SEPTEMBER 30,
2015 (US$ in thousands, except per share
amounts and ratios)
|
|
Shareholders'
Equity
|
|
Equity per
Share
|
|
Share Price (November 13,
2015)
|
|
Price /
Equity
|
Cash and cash
equivalents
|
298,559
|
|
4.72
|
|
|
|
|
Other working
capital(1)
|
39,794
|
|
0.63
|
|
|
|
|
Long-term debt, less
current portion
|
(169,161)
|
|
(2.68)
|
|
|
|
|
Other long-term
assets
|
151,979
|
|
2.41
|
|
|
|
|
Other long-term
liabilities(2) and non-controlling interests
|
(15,839)
|
|
(0.25)
|
|
|
|
|
|
305,332
|
|
4.83
|
|
2.59
|
|
0.54
|
Assets held for sale,
net of liabilities(3)
|
45,974
|
|
0.73
|
|
|
|
|
Net book value
|
351,306
|
|
5.56
|
|
2.59
|
|
0.47
|
|
|
Notes:
|
(1) Working capital,
less cash and cash equivalents and assets held for sale (net of
liabilities).
|
|
(2) Total long-term
liabilities, less long-term debt (less current portion).
|
|
(3) Assets held for
sale, less liabilities related to assets held for sale.
|
Mr. Cortina continued, "Ultimately, we strive to remove the
discount to book value from the market value of our shares.
"Going forward, our goal is to become a premier regulated trade
finance institution. With the acquisition of a Western European
bank, we will be able to offer our customers and suppliers a wider
range of structured finance solutions, including factoring,
inventory financing, forfaiting, marketing and other types of risk
management and financing solutions.
"There are significant opportunities to offer structured and
trade finance and banking solutions in the markets we serve and
many of our current customers and suppliers do not have adequate
financing alternatives and could benefit from our services.
"Our vertically integrated supply chain platform gives us
insight into the financing requirements of our business partners
and the ability to offer a full portfolio of trade and structured
finance and banking products will us to capitalize on opportunities
across the value chain.
"Over the next twelve months, we anticipate that we will make
both qualitative and quantitative progress towards our goals.
"Our goal is to achieve at least a 15% return on equity.
"Today, not tomorrow, is the time for significant change. We
have the assets. We have the people. We have the resources.
"We adhere to prudent and disciplined policies and practices to
provide certainty for our banking partners, shareholders, customers
and suppliers and we will continue to work diligently to execute
our vision."
Shareholders are encouraged to read our entire unaudited
financial statements and management's discussion and analysis for
the three and nine months ended September
30, 2015, filed with the U.S. Securities and Exchange
Commission on Form 6-K and Canadian securities regulators today,
for a greater understanding of the Company.
Today at 10:00 a.m. EDT
(7:00 a.m. PDT), a conference call
will be held to review MFC's announcement and results. This call
will be broadcast live over the Internet at
www.mfcindustrial.com. An online archive will be available
immediately following the call and will continue for seven days.
You may also listen to the audio replay by phone by dialing: 1
(877) 344 7529, using conference number 10075138 (international
callers dial: 1 (412) 317 0088). There will also be a simultaneous
live webcast through the Company's website, www.mfcindustrial.com.
Participants should register on the website approximately ten
minutes prior to the start of the webcast. For those unable
to attend the call, a recording of the live webcast will be
archived shortly following the event for 90 days on the Company's
website.
About MFC Industrial Ltd.
MFC is a vertically integrated trade and structured finance and
global supply chain company, which is an end-to-end solutions
provider for industrial companies around the world. MFC is
focused on providing supply chain services and customized
structured financial solutions to industrial customers and
suppliers. We do business internationally in multiple geographic
areas and specialize in a wide range of industrial products that
include alloys, metals, minerals, chemicals and wood products.
Disclaimer for Forward-Looking Information
This document contains statements which are, or may be deemed
to be, "forward-looking statements" which are prospective in
nature, including, without limitation, statements regarding
our planned acquisition of a bank, future business prospects,
estimated capital expenditures, the anticipated benefits of new
projects, our plan to rationalize certain hydrocarbon properties
and iron ore interests, our strategy to reduce inventories and
trade receivables and any statements regarding beliefs, plans,
expectations or intentions regarding the
future. Forward-looking statements are not based on
historical facts, but rather on current expectations and
projections about future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of forward-looking words
such as "plans", "expects" or "does not expect", "is expected",
"scheduled", "estimates", "forecasts", "projects", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, revenues, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Important factors that could cause our
actual results, revenues, performance or achievements to differ
materially from our expectations include, among other things:(i)
periodic fluctuations in financial results as a result of the
nature of our business; (ii) commodities price volatility; (iii)
economic and market conditions; (iv) competition in our business
segments; (v) decisions and activities of operators of our resource
interests, including the operator's decisions with respect to
termination of the Mine sub-lease; (vi) the availability of
commodities for our commodities and resources operations; (vii) the
availability of suitable acquisition or merger or other proprietary
investment candidates and the availability of financing necessary
to complete such acquisitions or development plans; (viii) our
ability to realize the anticipated benefits of our acquisitions;
(ix) additional risks and uncertainties resulting from strategic
investments, acquisitions or joint ventures; (x) counterparty risks
related to our trading activities; (xi) our ability to
execute, and the timing and amounts received as a result of, our
plan to rationalize certain hydrocarbon properties and iron ore
interests; (xii) our ability to satisfy conditions to
the closing of the bank acquisition our ability to integrate
and realize the benefits of such acquisition; (xii)
operating hazards; and (xvi) other factors beyond our
control. Such forward-looking statements should therefore be
construed in light of such factors. Other than in accordance with
its legal or regulatory obligations, the Company is not under any
obligation and the Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. Additional information about these and other
assumptions, risks and uncertainties are set out in our Annual
Report on Form 20-F filed with the U.S. Securities and Exchange
Commission and our Management's Discussion and Analysis for the
three and nine months ended September 30, 2015, filed with the
Canadian securities regulators.
Corporate
|
Investors
|
MFC Industrial
Ltd
|
DresnerAllenCaron
Inc.
|
Rene
Randall
|
Joe Allen
|
1 (604) 683 8286 ex
2
|
1 (212) 691 8087
|
rrandall@bmgmt.com
|
jallen@desnerallencaron.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mfc-industrial-reports-results-for-the-first-nine-months-of-2015-300179016.html
SOURCE MFC Industrial Ltd.