From the Wires
Artaflex Reports First Quarter Results
By: Marketwired .
Dec. 28, 2012 06:06 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/28/12 -- Artaflex Inc. (TSX VENTURE:ATF) ("Artaflex" or the "Company), a specialist at delivering integrated product solutions and support to the global technology and electronics industry, today reports unaudited first quarter financial results for the three-month period ended October 31, 2012.
Artaflex reports in U.S. dollars and all numbers below are expressed in thousands of U.S. dollars, except per share information and gross margin percentages.
The financial statements for the first quarter ended October 31, 2012, including required comparative information, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
Q1 2013 Financial Highlights:
Sales increased 79.2% to $6,510 in the first quarter of 2013 compared to $3,632 in 2012, primarily due to the acquisition of Adeptron in March 2012. For the quarter, sales to the Company's four largest customers represented an aggregate of 54% (2012 - 72%) of the Company's total sales.
Gross profit decreased $195, to $881 compared to $1,076 in the same period of 2012. Gross profit as a percentage of sales was 13.5% compared to 29.6% for the same period in 2012. The decrease in gross profit and percentage in the quarter is largely due to the acquisition of Adeptron which historically had a lower gross profit.
Selling, general and administrative ("SG&A) expense increased 86.0% to $1,408 compared to $757 for the same quarter in 2012. The increase was primarily due to one-time legal and professional costs associated with the terminated acquisition of MTI International, Inc. SG&A expense as a percentage of sales was 21.6%, comparable to 20.8% in 2012.
The net loss and comprehensive loss was $906 compared to a net income of $467 in the first quarter of 2012.
Adjusted EBITDA loss was $312 compared to an adjusted EBITDA income of $467 in the same period last year.
EBITDA means earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA means earnings before interest, taxes, depreciation, amortization, stock-based compensation and restructuring costs. EBITDA and Adjusted EBITDA are not recognized measures under IFRS. However, management believes that EBITDA and Adjusted EBITDA as herein defined are useful supplemental measures to net income (loss), as it provides investors with an indication of cash earnings prior to debt service, capital expenditures, income taxes and other non-recurring and non-cash items. Readers should be cautioned, however, that EBITDA and Adjusted EBITDA should not be construed as an alternative to net income (loss) determined in accordance with generally accepted accounting principles as an indicator of the Company's performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from the methods by which other companies calculate EBITDA and Adjusted EBITDA and, accordingly, the EBITDA and Adjusted EBITDA used herein may not be comparable to measures used by other companies.
Artaflex is a specialist at delivering integrated product solutions and support to the global technology and electronics industry. As a leading global provider of complete Electronics Manufacturing Services (EMS), Artaflex offers world class manufacturing facilities and global partners throughout Canada, the United States, Israel and China, allowing Artaflex to provide its customers the flexibility and scalability to competitively achieve total solutions to their present and future electronics outsourcing needs. Visit Artaflex at: www.artaflex.com.
This news release may contain forward-looking statements and information relating to such matters as expected financial performance, business prospects, technological developments, development activities and like matters. These statements involve risk and uncertainties, including but not limited to risk factors described in documents filed with regulatory authorities, such as the company's most recently filed annual and quarterly MD&A's. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Artaflex Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, unless required to do so under applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is dejned in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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