WINDSOR, ON, June 5, 2018 /CNW/ - Reko International Group
Inc. (TSX-V: REKO) today announced results for its third quarter
ended April 30, 2018.
Financial Highlights:
|
Three
Months
|
Nine
Months
|
|
(unaudited)
|
(unaudited)
|
|
Fiscal
|
Fiscal
|
Fiscal
|
Fiscal
|
|
2018
|
2017
|
2018
|
2017
|
|
Sales
|
$11,776
|
$11,699
|
$32,066
|
$33,272
|
|
Net income
|
647
|
560
|
1,322
|
1,985
|
|
EPS basic
|
0.10
|
0.09
|
0.21
|
0.31
|
|
Working
capital
|
|
|
16,222
|
16,850
|
|
Shareholders'
equity
|
|
|
44,461
|
42,596
|
|
Shareholders' Equity
per Share
|
|
|
6.90
|
6.61
|
Consolidated sales for the quarter ended April 30, 2018, were $11.8
million, compared to $11.7
million in the prior year, an increase of $0.1 million or 0.7%. The increase in sales was
related to increases in timing of program kickoffs in certain
divisions.
Gross profit for the quarter ended April
30, 2018, was $1.9 million, or
16.3% of sales, compared to a gross profit of $1.9 million, or 16.5% of sales in the prior
year.
Selling and administrative expenses for the quarter ended
April 30, 2018 were $1.2 million, or 10.0% of sales, compared to
$1.1 million, or 9.7% of sales in the
prior year. The increase in SG&A relates to additional staff
for expansion as well as one-time expenses associated with the new
building.
Net income for the quarter ended April
30, 2018 was $0.6 million or
$0.10 per share, compared to net
income of $0.6 million, or
$0.09 per share in the prior year.
The increase in net profit and earnings per share can be attributed
to a net foreign exchange gain in the latest quarter, partly offset
by higher income taxes.
"We have created a strong foundation for the future, not only
with our newly launched Automation facility, but with major
investments in both machinery and people that together make Reko
much more efficient," stated Diane
Reko, chief executive officer. "We are well poised to expand
our market reach with our innovative offerings, team, and
facilities."
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Reko International Group Inc.
Reko International Group Inc. (TSX-V:REKO) is a diversified,
technology-driven manufacturing organization located in
Southwestern Ontario. Areas of
expertise include robotic factory automation solutions, the
precision machining of large critical parts, and plastic injection
and low compression acoustic tooling. Reko believes in
strengthening communities by advancing manufacturing.
SOURCE Reko International Group Inc.