CEMATRIX Announces Record 2022 Third Quarter Financial Results
10 November 2022 - 08:05AM
CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF)
("
CEMATRIX" or the "
Company") a
North American leading manufacturer and supplier of technologically
advanced cellular concrete products announced the release of its
consolidated financial results for the quarter ended September 30,
2022.
“We are pleased to report to shareholders that
our third quarter results reflect the highest quarterly revenue in
the history of the Company,” stated Mr. Jeff Kendrick, President
and CEO of CEMATRIX. “Our third quarter revenue was up 62% ($11.6M
vs $7.1M) and our year-to-date revenue is up 32% ($20.7M vs 15.7M)
compared to last year. The third quarter is traditionally our
strongest quarter as the construction season in colder climates
reaches its peak. Despite the cement
supply chain issues currently being experienced in our industry in
addition to other logistical challenges that affected our
customer’s schedules we were still able to deliver record revenue.
Nevertheless, even with the record revenue, we still experienced
some project delays that extended some projects into the fourth
quarter of this year setting us up for a very strong fourth quarter
to finish the year.”
“Inflationary pressures across all facets of our
business led to lower gross margins. In
particular, cost increases in salaries, wages, logistics,
consumables, cement and ready-mix pricing all contributed to lower
gross margins” continued Mr. Kendrick. "Our sales teams
continue to win projects as a result of our quality, innovation and
competitiveness in our key markets. We continue to invest in sales
resources and new equipment to expand geographically in markets
that are close to our existing operations. We remain extremely
confident that 2023 will be the best year in the history of the
Company with the volume of work that we have contracted or in the
process of being contracted for 2023,” concluded Mr. Kendrick.
The following are the business and financial
highlights for the third quarter and year to date:
Business highlights for the
Quarter:
- Announced $22.5 million in new
contracts (August 3, 2022), which included the largest
infrastructure project ever awarded in North America, a $20.3
million overpass backfill project in North Carolina
Financial highlights for the third
quarter:
- Revenue was $11.6 million in Q3
2022 versus $7.1 million in Q3 2021
- Operating income was $0.3 million
in Q3 2022 versus a $0.1 million loss in Q3 2021
- Adjusted EBITDA was $0.9 million in
Q3 2022 versus $0.6 million in Q3 2021
- Cashflow from operations was
negative $0.5 million in Q3 2022 versus negative $0.8 million in Q3
2021
Financial highlights for the nine months
ended September 30th (year to
date results):
- Revenue was $20.7 million in YTD
2022 versus $15.7 million in YTD 2021.
- Operating loss in YTD 2022 was $3.5
million versus a loss of $2.7 million YTD 2021.
- Adjusted EBITDA was negative $1.9
million in YTD 2022 versus negative $0.7 million in YTD 2021.
- Cashflow from operations was
negative, with cash used in operating activities of $3.2 million in
YTD 2022 versus $1.6 million used in 2021.
- Working capital as at September
30th was $11.7 million with $12.2 million in cash.
ABOUT CEMATRIX
CEMATRIX is a rapidly growing company that
manufactures and supplies technologically advanced cellular
concrete products developed from proprietary formulations across
North America. This unique cement-based material with superior
thermal protection delivers cost-effective, innovative solutions to
a broad range of problems facing the infrastructure, industrial
(including oil and gas) and commercial markets. Through recent
acquisitions of Chicago based MixOnSite and Bellingham based
Pacific International Grout, CEMATRIX is now North America’s
largest Cellular Concrete company. For more information please
visit our website at www.cematrix.com.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking
statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable
securities laws. All statements, other than statements of
historical facts, are forward-looking statements. Generally,
forward-looking statements can be identified by the use of
terminology such as "plans", "expects", "estimates", "intends",
"anticipates", "believes" or variations of such words, or
statements that certain actions, events or results "may", "could",
"would", "might", "will be taken", "occur" or "be achieved". The
forward-looking statements contained in this news release are based
on certain key expectations and assumptions made by the Company,
including satisfaction of regulatory requirements in various
jurisdictions and the Company’s anticipated use of the net proceeds
of the Offering. Forward looking statements involve risks,
uncertainties and other factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's filings with Canadian
securities regulators, which could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although the Company believes that the
assumptions and factors used in preparing these forward-looking
statements are reasonable based upon the information currently
available to management as of the date hereof, actual results and
developments may differ materially from those contemplated by these
statements. Readers are therefore cautioned not to place undue
reliance on these statements, which only apply as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed times frames or at all. Except where
required by applicable law, the Company disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Neither 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.
For further information, please
contact:Jeff Kendrick - President and Chief Executive
Officer Phone: (403) 219-0484
Glen Akselrod – President, Bristol CapitalPhone: (905) 326 1888
ext 1glen@bristolir.com
Jeff Walker, The Howard Group – Investor
RelationsPhone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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