NANAIMO, BC,
March 21,
2022 /CNW/ - Atlas Engineered Products ("AEP" or the
"Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce
its preliminary financial results for the three months and
and full year ended December 31,
2021.
The Company has continued to carry the strong momentum generated
in the first nine months of 2021 into the fourth quarter of
2021. The Company expects to recognize revenues of approximately
$13.9 million for the three months
ended December 31, 2021, expected to
represent a 25% increase from the three months ended December 31, 2020 during which the Company
reported revenues of $11.1 million.
It should be noted that the Company's fourth quarter is
traditionally a slower quarter due to weather conditions in most of
the Company's markets. For the fiscal year ended December 31, 2021, the Company expects to
recognize revenues of just under $55.0
million compared to revenues of $35.7
million reported by the Company for the year ended
December 31, 2020, expected to
represent an increase of $19.3
million or 54%.
These results are still pending external audit completion and
may change by the time final fiscal 2021 results are reported and
filed. Full audited 2021 year end financial results are expected to
be released mid-April.
"The Company continues to manage through the construction
industry challenges of volatile raw material prices, labour
tightness and strong product demand," states CEO Hadi Abassi. "I am very proud of our incredibly
hard working AEP team and look forward to another year of strong
results in 2022. We will continue to focus on organic revenue
growth, improving operating efficiencies and increasing automation
all while maintaining an eye towards further accretive
acquisitions."
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
Forward Looking Information
Information set
forth in this news release contains forward-looking statements.
Forward-looking statements often, but not always, are identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "targeting" and "intend" and statements that
an event or result "may", "will", "should", "could", or "might"
occur or be achieved and other similar expressions.
Forward-looking statements included in this news release include
statements with respect to expected revenues for the full quarter
ended December 31, 2021. These
statements reflect management's current estimates, beliefs,
intentions and expectations; they are not guarantees of future
performance. Although AEP believes that the expectations reflected
in the forward looking statements are reasonable, there is no
assurance that such expectations will prove to be correct, or that
such future events will occur in the disclosed time frames or at
all. AEP cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond AEP's
control. Such factors include, among other things: the
potential effects of the COVID19 pandemic (including related work
stoppages or shortages and impacts of the pandemic on the
availability of raw materials and demand for AEP's products),
potential weather stoppages, fluctuating prices and availability of
raw materials (including lumber prices), changes in general
economic conditions and additional risks and uncertainties
described in the Management's Discussion and Analysis ("MD&A")
for AEP's three and nine months ended September 30, 2021. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information.
Forward-looking statements in this news release also include
future-oriented financial information and financial outlook
information ("FOFI") regarding AEP and its prospective revenues,
financial results and components thereof. The FOFI contained in
this news release is subject to the same assumptions, risk factors,
limitations and qualifications set forth in this news release
relating to other forward-looking statements. The FOFI contained in
this news release is provided for the purpose of providing
information regarding management's assessment of the Company's
anticipated business operations and may not be appropriate for
other purposes.
Except as required under applicable securities legislation,
AEP undertakes no obligation to publicly update or revise
forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.