FSI Announce 2014 First Quarter Results
31 May 2014 - 9:59AM
Marketwired
FSI Announce 2014 First Quarter Results
CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Richard Ball,
Chief Executive Officer of FSI Energy Group Inc. ("FSI" or the
"Company") (TSX-VENTURE:FSI), is pleased to announce financial
results for the three months ended March 31, 2014.
|
|
Financial Highlights: |
Three months ended March 31: |
|
2014 |
2013 |
Cash flow used in operating activities |
(94,058) |
(3,034,644) |
Revenue |
469,586 |
2,949,922 |
Comprehensive income (loss) |
(137,197) |
46,840 |
EBITDA1 |
(137,363) |
121,721 |
|
|
|
Total revenue for the first quarter was $469,586 down 84% from
the same quarter last year. The decrease reflected FSI's focus on
contract negotiation on a major brine plant for the Russian market,
and as a result no revenue was generated from the foreign segment
for this period of pre-contract activity. First quarter last year
included foreign segment revenue of $2,585,211 with the delivery of
a major brine plant to its first client in Kazakhstan. Revenue from
the domestic segment of $469,586 was up 29% from the same quarter
last year; however with the absence of brine plant activity
experienced last year, the comprehensive loss for the quarter was
$137,197 compared to comprehensive income of $46,840 the same
quarter last year.
Although the low activity generated a loss for the quarter, the
Company anticipates that its efforts on current contract
negotiations will produce significant future brine plant revenues
and the Company's liquidity remains firm as:
- Current assets of $1.2 million, is more than sufficient to
service the Company's short term monetary liabilities of $0.8
million (excluding loan from bank which is payable only upon
demand).
- The Company is in compliance with its financial covenants and
has $0.5 million of unused loan facilities to fund future
operations
Further detail may be found in the Company's Management
Discussion and Analysis - which is available on SEDAR.
About FSI
Through its wholly owned subsidiary FSI International Services
Ltd., FSI Energy Group Inc. is a Calgary-based manufacturing and
service company specializing in customized filtration,
filtration-related technologies and Brine Plants for the energy,
chemical, and water treatment industries.
Non-GAAP Financial Measures
EBITDA does not have a standard definition prescribed by GAAP
and therefore may not be comparable to similar measures disclosed
by other companies. The Company utilizes these measures in making
operating decisions and assessing the Company's financial
performance and as an indicator of its ability to service its
liabilities. This non-GAAP measure has not been presented as an
alternative to comprehensive income (loss) or any other measure of
performance or liquidity prescribed by GAAP. EBITDA is calculated
as follows:
|
|
Financial Highlights: |
Twelve months ended March 31: |
|
2014 |
2013 |
Comprehensive income (loss) |
(137,197) |
46,840 |
Addback (subtract): |
|
|
Deferred income tax expense (recovery) |
(43,000) |
29,000 |
Finance costs |
12,396 |
12,181 |
Depreciation included in cost of sales |
25,720 |
28,807 |
Depreciation |
4,718 |
4,893 |
EBITDA1 |
(137,363) |
121,721 |
|
|
|
Forward-looking Information Cautionary Statement
Certain information contained in this press release, including
information and statements which may contain words such as "could",
"plans", \"should", "anticipates", "expect", "believe", "will", and
similar expressions and statements relating to matters that are not
historical facts are forward-looking information. In particular,
this press release contains forward-looking information about the
completion of the Brine Plant export contracts and the revenues
associated therewith. Forward-looking statements are based on the
opinions and estimates of management relying on their experience at
the date the statements are made, and are subject to a variety of
risks, uncertainties and other factors that could cause actual
events or results to differ materially from those anticipated in
the forward-looking statements including, but not limited to, the
risk factors discussed in FSI's MD&A and other continuous
disclosure documents. All of the forward-looking information
contained in this press release is qualified by this cautionary
statement. There can be no assurance that the actual results or
developments anticipated by FSI, as expressed or implied by the
forward-looking information, will be realized or, even if
substantially realized, that they will have the expected
consequences to or effects on FSI or its business operations. FSI
disclaims any intention or obligation to update or revise any
forward-looking information as a result of new information or
future events. Readers should not place undue reliance on
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.
FSI Energy Group Inc.Richard BallPresident and CEO(403)
571-4230(403) 230-3106www.fsigroup.ca
(TSXV:FSI)
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