Artaflex Reports Third Quarter Results
30 June 2012 - 6:47AM
Marketwired Canada
Artaflex Inc. (TSX VENTURE:ATF) ("Artaflex"), a specialist at delivering
integrated product solutions and support to the global technology and
electronics industry, today reports unaudited third quarter financial results
for the three-month and nine-month periods ended April 30, 2012.
Artaflex reports in U.S. dollars and all numbers below are expressed in
thousands of U.S. dollars, except per share and gross margin percentages.
Q3 2012 Financial Highlights:
-- Sales increased by $588 or 9.0% over the third quarter of 2011 to
$7,087,
-- Gross margin decreased to 9.8% compared to 29.4% (Artaflex stand-alone)
for the same quarterly period last year,
-- Net loss and comprehensive loss for period of $1,071 compared to net
income of $744 for the same quarterly period last year,
-- Loss of $0.08 per share compared to income of $0.06 per share for the
same quarterly period last year,
-- Cash provided by operating activities of $432 during the quarter
compared to cash used by operating activities of $478 for the same
quarterly period last year.
Paul Walker, President and CEO of Artaflex, commented, "This past quarter, and
the next couple of quarters should be considered as transition periods while we
absorb the rationalization and restructuring costs associated with our recent
merger. All that being said, our sales pipeline is strong and continues to grow
as potential customers see the benefits of our multi-site operations here in
Canada especially in the area of full systems integration and test."
Q3-2012 - Financial Summary
Selected comparative financial information for the three-month and nine-month
periods ended April 30, 2012 and 2011 is shown below. (All numbers below
expressed in thousands of U.S. dollars, except per share information and gross
margin percentages):
Income 3-Month Period 3-Month Period 9-Month Period 9-Month Period
Statement April 30, 2012 April 30, 2011 April 30, 2012 April 30, 2011
Sales $7,087 $6,499 $14,250 $14,952
Gross Profit 698 1,913 2,458 4,114
Gross Profit % 9.8% 29.4% 17.2% 27.5%
Net Income
(loss) (1,071) 744 (1,419) 1,278
EBITDA(2) (689) 1,575 (856) 2,918
Basic & diluted
income (loss)
per share ($0.08) $0.06 ($0.11) $0.11
Weighted
average number
of common
shares
outstanding 13,762 12,000 12,581 12,000
EBITDA(1) reconciliations to IFRS Net Income/(Loss) for the three-month and
nine-month periods ended April 30, 2012 and 2011 are shown below. (All
numbers below expressed in thousands of U.S. dollars):
3-Month Period 3-Month Period 9-Month Period 9-Month Period
April 30, 2012 April 30, 2011 April 30, 2012 April 30, 2011
Net income
(loss) per
IFRS ($1,071) $744 ($1,419) $1,278
Add (deduct):
Finance costs 163 64 333 278
Foreign
exchange loss
(gain) 46 405 (96) 637
Income tax
expense
(recovery) (56) 245 (103) 444
Depreciation
and
amortization 229 105 429 281
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EBITDA(1) ($689) $1,575 ($856) $2,918
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(1) EBITDA means earnings before interest, taxes, depreciation and
amortization.
(2) EBITDA is not a recognized measure under IFRS. However, management
believes that EBITDA as herein defined is a useful supplemental measure
to net income (loss), as it provides investors with an indication of
cash earnings prior to debt service, capital expenditures, income taxes
and other non-cash items. Readers should be cautioned, however, that
EBITDA should not be construed as an alternative to net income (loss)
determined in accordance with IFRS as an indicator of the Company's
performance or to cash flows from operating, investing and financing
activities as a measure of liquidity and cash flows. The Company's
method of calculating EBITDA may differ from the methods by which other
companies calculate EBITDA and, accordingly, the EBITDA used herein may
not be comparable to measures used by other companies.
Resignation of Director
Peter Tolnai has resigned from the board of directors of Artaflex. Artaflex
wishes to express its sincere appreciation to Mr. Tolnai for his service to
Artaflex during his tenure as a director. Artaflex does not expect to
immediately fill the vacancy left by Mr. Tolnai. As such, the board of directors
of Artaflex will consist of four members until the vacancy is filled, being Paul
Walker, Phil Woodard, Shmulik Vlodinger and Paul Langston.
About Artaflex:
Artaflex is a specialist at delivering integrated product solutions and support
to the global technology and electronics industry. As a leading global provider
of complete Electronics Manufacturing Services (EMS), Artaflex offers world
class manufacturing facilities and global partners throughout Canada, the United
States, Israel and China, allowing Adeptron to provide its customers the
flexibility and scalability to competitively achieve total solutions to their
present and future electronics outsourcing needs. Visit Artaflex at
www.artaflex.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION
RELATING TO SUCH MATTERS AS EXPECTED FINANCIAL PERFORMANCE, BUSINESS PROSPECTS,
TECHNOLOGICAL DEVELOPMENTS, DEVELOPMENT ACTIVITIES AND LIKE MATTERS. THESE
STATEMENTS INVOLVE RISK AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO RISK
FACTORS DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES. ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THOSE PROJECTED AS A RESULT OF THESE RISKS AND
SHOULD NOT BE RELIED UPON AS A PREDICTION OF FUTURE EVENTS. THE CORPORATION
UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS TO REFLECT
EVENTS OR CIRCUMSTANCES AFTER THE DATE ON WHICH SUCH STATEMENT IS MADE, OR TO
REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
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