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5N Plus Inc. Reports First Quarter Results

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^{Published in Science and Technology on Wednesday, October 7th 2009 at 17:41 GMT by Market Wire}  

 -------------------------------------------- (1) EBITDA means earnings before financing costs, interest income, income taxes, depreciation and amortization and is presented on a consistent basis from period to period. We use EBITDA, because we believe it is a meaningful measure of the operating performance of our ongoing business without the effects of certain expenses. The definition of this non-GAAP measure used by the Company may differ from that used by other companies. 5N Plus Inc. Interim Consolidated Statements of Earnings (unaudited) Three months ended August 31 -------------------------------- 2009 2008 (in Canadian dollars) (Restated) ------------------------------------------------------------------------- Sales $ 16,053,220 $ 14,029,875 Cost of sales 8,434,866 6,398,051 ------------------------------------------------------------------------- Gross profit 7,618,354 7,631,824 Expenses Selling and administrative 2,293,870 1,187,267 Depreciation of property, plant and equipment 627,782 373,352 Amortization of intangible asset 34,352 - Research and development 375,872 225,212 Foreign exchange gain (100,926) (386,175) Financial 39,556 84,888 Interest income (139,992) (409,177) ------------------------------------------------------------------------- 3,130,514 1,075,367 ------------------------------------------------------------------------- Earnings before undernoted items 4,487,840 6,556,457 Start-up costs, new plant - 582,696 ------------------------------------------------------------------------- Earnings before income taxes 4,487,840 5,973,761 Income taxes Current 2,323,767 1,743,824 Future (850,535) 135,547 ------------------------------------------------------------------------- 1,473,232 1,879,371 ------------------------------------------------------------------------- Net earnings $ 3,014,608 $ 4,094,390 -------------------------------- -------------------------------- Earnings per share Basic $ 0.07 $ 0.09 Diluted $ 0.07 $ 0.09 ------------------------------------------------------------------------- Weighted average number of common shares Basic 45,520,225 45,500,000 Diluted 45,929,751 46,130,815 ------------------------------------------------------------------------- 5N Plus Inc. Interim Consolidated Balance Sheets As at August As at May 31, 2009 31, 2009 (in Canadian dollars) (unaudited) (restated) ------------------------------------------------------------------------- Assets Current assets Cash and cash equivalents $ 65,127,365 $ 65,066,530 Accounts receivable 4,500,300 6,702,197 Inventories 28,659,090 27,054,960 Prepaid expenses and deposits 762,238 516,391 Income taxes receivable 653,131 - Future income taxes 656,426 249,958 Foreign currency forward contracts - 1,685,076 ------------------------------------------------------------------------- 100,358,550 101,275,112 Property, plant and equipment 26,501,902 25,823,473 Intangible asset 524,912 354,950 Future income taxes 691,884 662,639 Other assets 45,182 52,682 ------------------------------------------------------------------------- $ 128,122,430 $ 128,168,856 -------------------------------- -------------------------------- Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities 6,231,842 6,791,675 Income taxes payable 677,184 3,021,632 Current portion of long-term debt 549,922 549,922 Current portion of other long-term liabilities 41,747 41,725 Future income taxes - 311,897 ------------------------------------------------------------------------- 7,500,695 10,716,851 Long-term debt 3,872,913 3,997,923 Deferred revenue 609,635 641,618 Future income taxes 339,500 443,700 ------------------------------------------------------------------------- 12,322,743 15,800,092 Shareholders' Equity Share capital 81,881,914 81,881,914 Contributed surplus 972,303 797,800 Accumulated other comprehensive income 130,764 (111,048) Retained earnings 32,814,706 29,800,098 ------------------------------------------------------------------------- 115,799,687 112,368,764 ------------------------------------------------------------------------- $ 128,122,430 $ 128,168,856 -------------------------------- -------------------------------- Reconciliation of EBITDA (in Canadian dollars) Three months ended August 31 ------------------------------------------------------------------------- 2009 2008 Increase (Decrease) ------------------------------------------------------------------------- Net earnings $ 3,014,608 $ 4,094,390 (26.4%) Add (deduct): Income taxes 1,473,232 1,879,371 Financial expenses & Interest income (100,436) (324,289) Depreciation and amortization 662,134 373,352 ------------------------------------------------------------------------- EBITDA $ 5,049,538 $ 6,022,824 (16.2%) -------------------------------------------- -------------------------------------------- Cash Flows (in Canadian dollars) Three months ended August 31 ------------------------------------------------------------------------- 2009 2008 ------------------------------------------------------------------------- Operating activities $ 1,305,380 $ (3,857,596) Financing activities (124,988) (714,352) Investing activities (1,171,725) (4,918,368) Effect of changes in foreign currency exchange rates 52,168 93,593 ------------------------------------------------------------------------- Increase (decrease) in cash and cash equivalents $ 60,835 $ (9,396,723) -------------------------------- --------------------------------