MONTREAL, May 9, 2013 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas upgrading, natural gas, field gas and hydrogen purification solutions for the clean energy and crude-derived fuels displacement markets, announced today its 2013 first quarter operating results.
- Revenues of $3.8 million for the first quarter of 2013 compared to $1.5 million for the same quarter in 2012, a 150% increase compared to the same period in 2012
- Net loss of $1.1 million or $0.03/share for the three month period in 2013 compared to a net income of $3.2 million for the same period in 2012.
- $250,000 provision for cost overruns on two biogas projects in Asia.
Financial Highlights:
| Three months ended March 31, |
% of Change |
||
| 2013 | 2012 | ||
| (In dollars) | (unaudited) | (unaudited) | |
| Revenues | 3,824,939 | 1,529,658 | 150.1% |
| Gross margin | 379,811 | (279,466) | -235.9% |
| Gross margin as a percentage of revenues | 9.9% | -18.3% | |
| EBITDA* | (975,849) | 4,166,987 | |
| Net income (loss) | (1,081,238) | 3,166,118 | |
| Net income (loss) per share - basic ($/share) | (0.03) | 0.08 | |
| Net income (loss) per share - diluted ($/share) | (0.03) | 0.08 | |
| Weighted average number of shares | 39,363,867 | 39,363,867 | |
| As at: | March 31, 2013 |
December 31, 2012 |
|
| Total assets | 9,252,143 | 9,734,306 | |
| Total Long term Liabilities | 1,257,782 | 1,274,935 | |
| Equity | 607,352 | 1,737,339 | |
| As at: | May 9, 2013 |
May 10, 2012 |
|
| Back log | 6,518,868 | 11,206,829 | |
* EBITDA is a non-IFRS financial measure and the Company defines it as earnings from operations excluding financial charges, taxes, foreign exchange loss (gain) and amortization.
Financial Results
Revenues
Xebec posted revenues of $3.8 million for the first quarter of 2013, a 153.3% increase compared to $1.5 million in the first quarter of 2012. This growth is due mainly to the $1.1 million or 220.0% increase in sales of gas purification units. The Company recognized revenue for two major projects this quarter for gas purification compared to only one last year. All product lines showed an increased in revenues this quarter compared to the last fiscal year.
Order Backlog
As of May 9, 2013, total order backlog stood at $6.5 million, compared to $11.2 million as at May 10, 2012. Part of the decrease in the backlog is explained by a quicker turnaround of the projects and product mix.
Gross Margin
Xebec's gross margin for the first quarter of 2013 amounted to $0.4 million compared to $(0.3) million for the same 2012 period resulting mainly of the increase in volume for sale. The margins were affected negatively by a $250,000 provision taken for cost overruns on two biogas projects in Asia.
EBITDA and Net loss
The EBITDA for the first quarter of 2013 amounted to $(1.0) million compared to $4.2 million in the first quarter of 2012. The decreased is mainly explained by the one-time gain on the disposition of the IP portfolio to Air Products of $5.4 million in the first quarter of 2012.
The net loss for the first quarter of 2013 totaled $1.1 million, or $0.03 per share, compared to a net income of $3.2 million, or $0.08 per share for the same 2012 period, reflecting a one-time gain on the disposition of the IP portfolio to Air Products of $5.4 million in the first quarter of 2012, a decrease in financial net expense of $0.7 million compared to same period last year and an positive gross margin in the first quarter of 2013.
Selling and administrative expenses were $1.4 million in the first quarter of 2013, compared to $1.2 million for the same period last year. During the first quarter of 2012, employees were working on a reduced hours schedule until the IP transaction that occurred March 22, 2012.
As of March 31, 2013, the Company had $1.2 million of cash on hand and $1.3 million of long-term debt outstanding, of which $0.7 million is due within one year.
2013 First Quarter Financial Statements and Management's Discussion and Analysis
The complete financial statements, notes to financial statements and Management's Discussion and Analysis for the three-month period ended March 31, 2013, are available on the Company's Website at www.xebecinc.com or on the SEDAR Website at www.sedar.com.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. With more than 1,300 customers worldwide, Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy mainly used as transportation fuel. Xebec's strategy is focused on establishing leadership positions in markets where demand for biogas upgrading, natural gas dehydration, liquefaction and hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America and Asia. Xebec trades on the TSX under the symbol XBC. For additional information on the company and its products and services, please visit the Xebec web site at www.xebecinc.com.
Caution Concerning Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable securities laws. This forward looking information includes, but is not limited to, the expectations and/or claims of management of Xebec with respect to information regarding the business, operations and financial condition of Xebec. Forward-looking information contained in this press release involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Xebec or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This list is not exhaustive of the factors that may affect forward-looking information contained in this press release. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
SOURCE: XEBEC ADSORPTION INC.
Kurt Sorschak
President and CEO
450-979-8701
[email protected]
Eric Favreau
Chief Financial Officer
450-979-8706
[email protected]
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