MONTREAL, June 1, 2015 /CNW Telbec/ - Xebec Adsorption Inc. (TSXV: XBC) ("Xebec"), a provider of gas purification and filtration solutions for the natural gas, field gas, biogas, helium, and hydrogen markets, announced its 2015 first quarter operating results today.
- Revenues of $3.1 million for the first quarter of 2015 compared to $2.6 million for the same quarter in 2014, a 17.9% increase compared to the same period in 2014.
- Net loss of $0.05 million or $0.00/share for the three month period in 2015 compared to a net loss of $0.9 million or $0.02/share for the same period in 2014.
| Financial Highlights: |
|||
| Three months ended |
% of |
||
| 2015 |
2014 |
||
| (In millions of dollars) |
(unaudited) |
(unaudited) |
|
| Revenues |
3.1 |
2.6 |
17.9% |
| Gross margin |
0.7 |
0.6 |
4.6% |
| Gross margin as a percentage of revenues |
21.9% |
24.7% |
|
| EBITDA* |
0.03 |
(0.8) |
|
| Net income (loss) |
(0.05) |
(0.9) |
|
| Net income (loss) per share - basic ($/share) |
(0.00) |
(0.02) |
|
| Net income (loss) per share - diluted ($/share) |
(0.00) |
(0.02) |
|
| Weighted average number of shares |
39,363,867 |
39,363,867 |
|
| As at: |
March 31, |
December 31, |
|
| Total assets |
6,755,662 |
7,437,011 |
|
| Total Long term Liabilities |
315,637 |
290,821 |
|
| Equity |
580,364 |
929,291 |
|
| As at: |
June 1, |
May 29, |
|
| Back log |
3,986,773 |
6,870,054 |
|
| * 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 $ 3.1 million for the first quarter of 2015, a 17.9% increase compared to $2.6 million in the first quarter of 2014. This increase is due mainly to a revenue increase in its NGX business segment.
Order Backlog
As of June 1, 2015, total order backlog stood at $4.0 million, compared to $6.9 million as at May 29, 2014.
Gross Margin
Xebec's gross margin for the first quarter of 2015 amounted to $0.7 million compared to $0.6 million, a 4.6% increase compared to the same period in 2014.
EBITDA and Net loss
The EBITDA for the first quarter of 2015 amounted to $0.03 million compared to $(0.8) million in the first quarter of 2014. The improvement is mainly explained by a reduction in overall SG&A and development expenses and a currency gain during the first quarter of 2015.
The net loss for the first quarter of 2015 totaled $0.05 million, or $0.00 per share, compared to a net loss of $0.9 million, or $0.02 per share for the same 2014 period.
Selling and administrative expenses decreased by 0.3 million to $1.1 million in the first quarter of 2015 compared to the same period in 2014, representing a reduction of 26.3%.
As of March 31, 2015, the Company had $0.4 million of cash on hand and $0.3 million of long-term liabilities outstanding, of which $0.3 million is due within one year.
2015 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, 2015, 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 1,500 customers worldwide, Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy. Xebec's strategy is focused on establishing leadership positions in markets where demand for gas purification, natural gas dehydration, and filtration 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 Venture Exchange 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]; Alnoor Mandjee, Chief Financial Officer, 450-979-8738, [email protected]
Share this article