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Circa Reports Sales and Operating Results for the Third Quarter Ended September 30, 2009

^{Published on 2009-11-04 09:01:02 - Market Wire}
 

 Summary of third quarter operating results: - Consolidated sales of $7.0 million, representing a 20% decrease from the third quarter 2008 sales of $8.7 million - Adjusted EBITDA of $0.7 million for the quarter compared to $(0.1 million) in the third quarter of 2008 (see below for calculation of Adjusted EBITDA) - Net loss of $0.1 million or $0.01 per share, as compared to a net loss of $0.2 million or $0.02 per share in the third quarter of 2008 Summary of year-to-date operating results: - Consolidated sales of $19.9 million for the nine-month period ended September 30, 2009, representing a 24% decrease from the nine-month period ended September 30, 2008, sales of $26.2 million - Adjusted EBITDA of $0.5 million for the nine-month period ended September 20, 2009 compared to $0.1 million for the nine-month period ended September 30, 2008 (see below for calculation of Adjusted EBITDA) - Net loss of $1.1 million or $0.11 per share as compared to a loss of $0.3 million or $0.03 per share for the first nine months of 2008 Adjusted EBITDA is a measure management uses to calculate performance and is calculated as follows: ------------------------------------------------------------------------- (unaudited) (unaudited) (unaudited) (unaudited) Three Three Nine Nine months months months months ended ended ended ended September September September September 30, 2009 30, 2008 30, 2009 30, 2008 $ $ $ $ ------------------------------------------------------------------------- Net loss and comprehensive loss (85) (186) (1,070) (268) Provision for (recovery of) income taxes 306 (104) 155 (213) Interest 24 46 82 125 Depreciation and amortization 126 211 335 647 Foreign currency translation loss (gain) 251 (19) 454 (160) Restructuring costs 126 - 576 - ------------------------------------------------------------------------- 748 (52) 532 131 ------------------------------------------------------------------------- 

 CIRCA ENTERPRISES INC. Consolidated Balance Sheets (000's of Canadian dollars) ------------------------------------------------------------------------- (unaudited) (audited) September 30, December 31, 2009 2008 $ $ ------------------------------------------------------------------------- ASSETS Current Cash 87 255 Accounts receivable 4,277 3,874 Income taxes recoverable 19 176 Inventory 5,402 7,413 Prepaid expenses 700 280 ------------------------------------------------------------------------- 10,485 11,998 Property, plant and equipment 1,197 1,545 Assets held for sale 105 - Deferred charges 308 334 Intangible assets 12 5 Future income taxes 1,159 1,402 ------------------------------------------------------------------------- 13,266 15,284 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES Current Bank indebtedness 3,558 3,665 Accounts payable and accrued liabilities 2,992 3,745 ------------------------------------------------------------------------- 6,550 7,410 Future income taxes 51 150 ------------------------------------------------------------------------- 6,601 7,560 ------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital 2,710 2,699 Contributed surplus 2 2 Retained earnings 3,953 5,023 ------------------------------------------------------------------------- 6,665 7,724 ------------------------------------------------------------------------- 13,266 15,284 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CIRCA ENTERPRISES INC. Consolidated Statements of Loss and Comprehensive Loss and Retained Earnings (000's of Canadian dollars, except per share amounts) ------------------------------------------------------------------------- (unaudited) (unaudited) (unaudited) (unaudited) Three Three Nine Nine months months months months ended ended ended ended September September September September 30, 2009 30, 2008 30, 2009 30, 2008 $ $ $ $ ------------------------------------------------------------------------- SALES 6,978 8,744 19,882 26,224 COST OF SALES 5,224 7,392 15,710 21,829 ------------------------------------------------------------------------- 1,754 1,352 4,172 4,395 ------------------------------------------------------------------------- EXPENSES Selling, general and administrative expenses 1,132 1,615 3,975 4,911 Restructuring costs 126 - 576 - Interest 24 46 82 125 Foreign currency translation loss (gain) 251 (19) 454 (160) ------------------------------------------------------------------------- 1,533 1,642 5,087 4,876 ------------------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 221 (290) (915) (481) ------------------------------------------------------------------------- PROVISION FOR (RECOVERY OF) INCOME TAXES Current 203 34 11 177 Future 103 (138) 144 (390) ------------------------------------------------------------------------- 306 (104) 155 (213) ------------------------------------------------------------------------- NET LOSS AND COMPREHENSIVE LOSS (85) (186) (1,070) (268) RETAINED EARNINGS, BEGINNING OF PERIOD 4,038 6,857 5,023 6,939 ------------------------------------------------------------------------- RETAINED EARNINGS, END OF PERIOD 3,953 6,671 3,953 6,671 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LOSS PER SHARE Basic and diluted (0.01) (0.02) (0.11) (0.03) ------------------------------------------------------------------------- -------------------------------------------------------------------------