Rutter Releases 2013 Annual Audited Financial Statements

ST. JOHN'S, Nov. 29, 2013 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its audited consolidated financial statements for the year ended August 31, 2013.

Summary financial information is provided in this press release which should be read in conjunction with the full financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com.  Fraser H. Edison, President and CEO of the Company, and Karen M. Snook, Chief Financial Officer, will host a conference call on Monday, December 2, 2013, to discuss the results. Details of this call were announced in a press release dated November 29, 2013 and are also available on the Company's web site.

SUMMARY OF RESULTS

The Company's quarterly results are summarized in the tables below:

Revenue	Q4 2013		Q4 2012		YTD 2013		YTD 2012
Third party  manufacturing	$	2,329	$	4,649	$	12,719	$	16,634
Company owned products		2,952		1,652		7,014		5,333
	$	5,281	$	6,301	$	19,733	$	21,967
EBITDA^(1)	$	1,163	$	1,012	$	1,869	$	1,917
Net earnings (loss)	$	698	$	555	$	(507)	$	(1,269)
Earnings (loss) per share	$	0.009	$	0.008	$	(0.007)	$	(0.017)

(1)	EBITDA is identified in the Company's financial statements as "Earnings before undernoted items" and is more fully defined in the Company's financial statements and MD&A.

As expected, reduced government military spending resulted in third party manufacturing revenue decreases in the current quarter and year to date.  Company owned products revenue increased in the current quarter and on a year to date basis due to the addition of revenue from the Company's subsidiary, OceanWaveS GmbH, acquired in the second quarter, which develops and supplies radar-based wave and surface current measurement technology.

The Company improved its net earnings (loss) performance for the year on a smaller revenue base due primarily to higher gross profit achieved from a larger proportion of revenue coming from higher margin company owned products and lower interest on long-term debt expense.

Commenting on the quarter, Fraser Edison, CEO, noted "As expected, the Company's quarterly earnings performance was the strongest of the year. Our continued emphasis on an active product development program for our Company Owned Products continues to ensure our role as product leaders and interest in our product offering remains high in the marketplace. Efforts to diversify our customer base in the third party manufacturing business have resulted in orders from new customers over the past six months.  The addition of these new customers and our expectation that activity levels with our current military customer will rebound over the longer term will also help ensure the long-term viability of this revenue stream."

About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca

About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the real time measurement of directional ocean wave spectra.  OceanWaveS' customer base includes operators in offshore oil development interested in operational safety and efficiency, navies pursuing greater understanding of ship stability and motion prediction, and coastal monitoring stations concerned with vessel traffic management and coastline erosion monitoring.   For more information see www.oceanwaves.org

Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

SOURCE: Rutter Inc.

Fraser Edison, President and Chief Executive Officer, Rutter Inc. [phone]