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MTI Global Reports 2009 Third Quarter Results

MISSISSAUGA, ONTARIO--(Marketwire - Nov. 13, 2009) - MTI Global Inc. (TSX:MTI) today reported its financial results for the three month period ended September 30, 2009. Financial results are for the continuing operations of the Company. The continuing operations consist of Polyfab, N.A. Silicone's Milton, Florida plant, and the aerospace component of Leewood.

Q3 Highlights:

- Sales for the three months ended September 30, 2009 were $8.0 million, being 33.2% behind last year's sales of $11.9 million due to broad based weakness in business activity in the markets in which the Company operates.

- The gross margin for the three months ended September 30, 2009 was $1.9 million, an increase of $154,000 or approximately 9.0% over the prior year.

- Earnings before interest expense, taxes, depreciation, and amortization ("EBITDA")(1) for the quarter was a loss of $0.8 million compared to a loss of $2.2 million in prior year.

- Total operating expenses for the three months ended September 30, 2009 of $2.6 million were $1.3 million lower than in the same period in 2008.

- The Board of Directors of the Company approved a resolution that significantly advanced the process to sell the shares of its 51% interest in Sterne. The Company expects the sale to be completed by the end of the year and estimates it will record a gain on the sale of approximately $630. Proceeds from the sale and repayment of intercompany loans of EUR 865, net of professional fees, will be used to reduce debt obligations. Accordingly, Sterne's financial position and results of operations have been classified as discontinued operations.

Bill Neill, MTI Global's President and Chief Executive Officer stated: "While we saw a softening in overall sales volumes, we did achieve improved margins and reduced operating expenses through proactive cost containment measures, a stabilization of material costs and favourable currency shifts."

(1) EBITDA consists of earnings before interest expense, income taxes, depreciation, amortization, debt reclassification charge, goodwill impairment, and long-lived asset impairment. MTI Global believes EBITDA is a useful measure in the evaluation of performance. EBITDA is not a measure recognized under Generally Accepted Accounting Principles ("GAAP") and does not have a standardized meaning as prescribed by GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other entities. Investors are cautioned that EBITDA should not be construed as an alternative to net loss determined in accordance with GAAP.

Sales

 Three months ended Nine months ended
 September 30, September 30,
(In thousands of Canadian 2009 2008 2009 2008
 dollars) $ $ $ $
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Polyfab
 Aerospace 5,341 7,291 20,604 20,323
 Fabricated Products 481 824 1,622 2,658
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Total Polyfab 5,822 8,115 22,226 22,981

Silicone
 N.A. Silicone 2,014 3,339 6,465 11,365
 Leewood 122 457 387 1,029
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Total 7,958 11,911 29,078 35,375
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Income (loss) From Continuing Operations

 Three months ended Nine months ended
 September 30, September 30,
(In thousands of Canadian 2009 2008 2009 2008
 dollars) $ $ $ $
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Polyfab 107 (577) 1,450 (1,043)
N.A. Silicone (200) (838) (1,598) (1,477)
Leewood (184) (104) (455) (351)
Corporate (1,453) (2,133) (4,105) (5,792)
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Total (1,730) (3,652) (4,708) (8,663)
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Third Quarter:

Sales for the three months ended September 30, 2009 were $8.0 million, approximately 33.2% lower than last year's sales of $11.9 million. This includes an increase of approximately $467,000 due to the impact of currency fluctuations.

Aerospace sales of $5.3 million for the quarter were lower than prior year's sales for the comparable period due to a decrease in sales volume offset by approximately $365,000 due to the higher U.S. dollar.

Fabricated Products sales of $481,000 were approximately 41.6% less than prior year's sales of $824,000 for the same period. This was primarily due to a decline in sales to the automotive and sporting goods markets.

N.A. Silicone sales of $2.0 million in 2009 decreased by $1.3 million or approximately 39.7% compared to sales of $3.3 million for the three months ended September 30, 2009. The decrease is primarily due to the continued decline in the North American automotive market and was offset by $102,000 as a result of the higher U.S. dollar.

Leewood sales of $122,000 for the three months ended September 30, 2009 were lower than last year's sales of $457,000 for the comparable period due to a change in product mix and customer production delays.

The gross margin for the three months ended September 30, 2009 was $1.9 million, an increase of $154,000 or approximately 9.0% over the prior year. The gross margin percentage increased to 23.4% from 14.3%.

The increase was primarily due to the following:

- Cost savings associated with the consolidation of N.A. Silicone's Groendyk and Milton plants;

- A change in product mix; and

- The increase in the U.S. dollar which increased margins by approximately $436 in MTI Polyfab compared to exchange rates in effect in the prior year.

Total operating expenses for the three months ended September 30, 2009 of $2.6 million were $1.3 million lower than in the same period in 2008. Plant and laboratory expenses of $368,000 were consistent with prior year. Sales and marketing expenses of $528,000 were $291,000 or approximately 35.5% below the prior year primarily due to a reduction in costs as a result of the consolidation of N.A. Silicone's Groendyk and Milton plants. Administrative expenses of $1.2 million decreased $145,000 or approximately 10.6% from the same period last year. The decrease is primarily due to a reduction in compensation costs. Restructuring costs of $288,000 relate primarily to work completed to evaluate alternatives for the value enhancement of the Company and have decreased $991,000 or approximately 77.5% due to costs incurred in 2008 on the consolidation of N.A. Silicone.

EBITDA for the three months ended September 30, 2009 was a loss of $759,000, an improvement of $1.4 million from prior year.

The net loss for the quarter was $1.8 million or six cents per share compared to a net loss in prior year of $6.8 million or twenty four cents per share.

Year to date:

Sales for the nine months ended September 30, 2009 were $29.1 million, approximately 17.8% lower than last year's sales of $35.4 million. This includes an increase of approximately $3.6 million due to the impact of currency fluctuations.

Aerospace sales of $20.6 million for the period were $281,000 or 1.4% higher than prior year's sales for the comparable period due to approximately $2.7 million from the higher U.S. dollar compared to exchange rates in effect last year.

Fabricated Products sales of $1.6 million were approximately 39.0% less than prior year's sales of $2.7 million for the same period. This was primarily due to a decline in sales to the automotive and sporting goods markets.

N.A. Silicone sales of $6.5 million in 2009 decreased by $4.9 million or approximately 43.1% compared to sales of $11.4 million for the nine months ended September 30, 2008. The decrease is primarily due to the continued decline in the North American automotive market and was offset by $830,000 as a result of the higher U.S. dollar compared to exchange rates in effect in 2008.

Leewood sales of $387,000 for the nine months ended September 30, 2009 were behind prior year's sales of $1.0 million for the comparable period. This is primarily due to a change in product mix and customer production delays offset by an increase of approximately $10,000 due to the appreciation in the Euro relative to the Canadian dollar.

The gross margin for the nine months ended September 30, 2009 was $6.9 million, an increase of $1.3 million or approximately 23.5% over the prior year. The gross margin percentage increased to 23.9% from 15.9%. The factors for the increase were essentially the same factors as stated for the second quarter results above.

Total operating expenses for the nine months ended September 30, 2009 of $8.9 million were $1.2 million lower than the same period in 2008. Plant and laboratory expenses of $1.2 million were consistent with prior year. Sales and marketing expenses of $2.1 million were $300,000 or approximately 12.7% behind prior year due to a reduction in costs as a result of the consolidation of N.A. Silicone's Groendyk and Milton plants. Administrative expenses of $3.9 million were in line with prior year. Restructuring costs of $1.4 million relate primarily to work completed to evaluate alternatives for the value enhancement of the Company and have decreased $1.2 million or approximately 47.5% due to costs incurred in 2008 on the consolidation of N.A. Silicone.

EBITDA for the nine months ended September 30, 2009 was a loss of $2.0 million, an improvement of $2.5 million from prior year.

For the nine months ended September 30, 2009, the net loss was $8.0 million or twenty eight cents per share, compared to a net loss of $12.0 million or forty three cents per share for the same period in prior year.

Financial Covenant Update:

The Company signed a forbearance agreement with its principal Canadian Bank (the "Bank") on September 30, 2009 with an expiry date of February 26, 2010. Under the terms of the forbearance agreement, additional general covenants have been placed on the Company. The agreement did not waive prior breaches of the financial and general covenants and the Company continues to be in breach with its Bank. In particular, the Company did not achieve its December 31, 2008 earnings before interest, taxes and depreciation, fixed charge coverage and funded debt to earnings before interest, taxes and depreciation covenants or its March 31, 2009, June 30, 2009 and September 30, 2009 fixed charge coverage covenant. The only financial covenant in place subsequent to December 31, 2008 is the fixed charge coverage covenant. However, pursuant to the terms of the September 30, 2009 forbearance agreement, the Bank has agreed that a failure to achieve this covenant shall not constitute a terminating event during the period of the forbearance agreement. The Company is in breach of certain general covenants it was obligated to satisfy pursuant to waiver agreements entered into by the Company with its Bank based on its September 30, 2008 and subsequent interim monthly results. The covenant violations provide the Bank with the right to demand repayment of their indebtedness.

On August 31, 2009, the Company signed an amended subordinated debt agreement with its subordinated debt holder, being a privately held specialty finance firm (the "Lender"). The new agreement waives all existing defaults. The amended credit facility becomes a demand loan facility subordinate to the Bank, collateralized with substantially all assets of Polyfab and N.A. Silicone, with an interest rate of 12.75% per annum payable in its entirety on the earlier of (a) demand by the Lender (b) June 3, 2011 (c) the date immediately prior to the date of a change of control. The amount of $419,000 which represents consideration for the waiver of the existing defaults and the amendments to the debenture forms part of the principal amount of the outstanding obligation. Under the amended agreement, 3,230,769 special warrants ('Warrants") previously issued to the Lender were cancelled and the Company has issued an aggregate of 2,600,000 common shares in the capital of the Company also in consideration of the waiver of the existing defaults and the amendments to the debenture. The Company has classified the subordinated debt as current.

Outlook:

Based on operational changes completed to date, and preliminary indications in the aerospace market, the Company remains cautiously optimistic that it will report improving results through the balance of 2009. The Company is increasingly confident about achieving improved results with the majority of its aerospace programs relocated to Mexico and the positive effect of the sale of the majority of the assets of Leewood and N.A. Silicone's Richmond, Virginia plant.

The results for the third quarter of 2009 were better than the prior year. Although revenues decreased, gross margin improved through change in product mix and reduced costs. However, the Company continued to incur lower than expected revenues across all divisions due to the continued decline in the various market segments.

At Polyfab, management continued to realize on gross margin improvements initially achieved in the second quarter. Gross margins for the quarter were ahead of target and ahead of the prior year as the Company reduced costs associated with the outsourcing of most of its Aerospace manufacturing to Mexico, redundant costs associated with maintaining operations in Canada, and additional labour charges to reduce backlog. The Company expects stable sales volumes and gross margins to continue through the fourth quarter of 2009 although there will be some changes in the mix of products. Despite recent pullbacks in the broader aerospace market, the Company remains well positioned to capitalize on opportunities in the regional jet, the resurgent turboprop markets, and the retrofit market.

Polyfab entered into a contract Manufacturing Agreement with a manufacturing partner ("Mexican Partner") in April 2006, a business owned and managed by individuals who have aerospace manufacturing industry expertise. The Manufacturing Agreement has a four year term and expires April 2010 subject to an automatic renewal provision. Pursuant to the terms of the Manufacturing Agreement, Polyfab recently gave the Mexican Partner notice of its intention not to extend the Manufacturing Agreement in its present form. Consequently, Polyfab and the Mexican Partner have initiated discussions concerning the status of the contract.

In N.A. Silicone, results deteriorated as a direct result of the downturn in the automotive industry. N.A. Silicone operates primarily in the automotive sector with unique reinforced silicone hose and sunroof sealing products. As such it is subject to the impact of the current downturn in auto manufacturing. The N.A. Silicone division also continues to experience the pressure of higher raw material prices and is still in the process of realizing synergies from the plant consolidation that occurred in 2008.

At Leewood, there was a decrease in year over year sales due to customer production delays.

In order to strengthen the Company's balance sheet, address its liquidity requirements and the requirements of its lenders and to realize on its restructuring investments, the Company continues to consider and evaluate on an ongoing basis, all alternatives available to it. These alternatives include, without limitation, seeking additional sources of debt and equity financing, identifying and pursuing strategic partnerships, the disposition of certain assets and other value enhancing transactions. However, there can be no assurance that such efforts will result in the Company pursuing any such alternative or, if pursued, there can be no assurance any such alternative will be successfully completed and implemented.

About MTI Global:

MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on two main areas: Silicone and MTI Polyfab, comprising, Aerospace and Fabricated Products. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI Global also produces and distributes specialty silicone elastomer products. MTI Global's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, and electronics. MTI Global's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Bremen, Germany, Milton, Florida and a contract manufacturer venture in Ensenada, Mexico. The Company also maintains engineering support centres in Brazil and Toulouse, France. The Company's website is [ www.mtiglobalinc.com ].

Investors, analysts and the media are invited to participate in a conference call to discuss the 2009 third quarter results on Monday, November 16, 2009, at 11 a.m. (Eastern). To join the conference call, please dial 1-800-732-1073 (Canada and U.S). The conference call can also be accessed via the web at [ www.newswire.ca ]. A replay of the conference call will be available for one week by dialing 416-640-1917 (Toronto area only) or 1-877-289-8525 and entering reservation no. 21312902#.

The foregoing press release contains forward-looking information within the meaning of applicable securities laws, including statements relating to ongoing operational improvements, better bottom line performance, achieving improved results, realizing on gross margin improvements and synergies resulting from plant consolidations, capitalizing on opportunities in the regional jet, the resurgent turboprop markets, and the retrofit market and expands on of range of business services offered to customers. In particular, the Outlook section of this press release includes certain future-oriented financial information which is intended to provide readers with an indication as to management's plans, expectations and objectives for the balance of 2009. However, readers are cautioned that it may not be appropriate for any other purpose. Terms and phrases such as "optimistic", "continue", "will", "improving", "confident", "expects", "seeks", "increasingly", "achieving", "capitalize" an "realizing", or words or phrases of a similar nature are intended to identify forward-looking statements and information. These statements and information are derived from MTI Global's current expectations and assumptions regarding past experience, historical trends and current conditions including existing business prospects and opportunities, reduction and elimination of costs and labour charges, proposed expansion in range of services offered by Fabricated Products and expected synergies from plant consolidations, as well as prevailing exchange rates. Although MTI Global believes that the expectations and assumptions reflected in any forward-looking information are reasonable, the results or events predicted in these statements may differ materially from actual results or events, many risks, uncertainties and other factors could cause results or events to differ from current expectations, including the impact of price and product competition, general industry and market conditions, inability to successfully plan and execute business improvement strategies, opportunities in aerospace specified markets fail to materialize, restrictions and covenants contained in credit agreements and existence of defaults under such covenants, fluctuations in currency, exchange and interest rates and commodity prices, reliance on key customers, suppliers and manufacturers as well as the other factors described elsewhere in this press release and in MTI Global's filings with applicable securities regulatory authorities, including its most recently filed Annual Information Form, which are available at [ www.sedar.com ]. Consequently, these factors should be considered carefully and readers should not place undue reliance on MTI Global's forward-looking information. MTI Global disclaims any intention or obligation to update or revise any forward-looking information, except as required by applicable law.

Financial Statements Follow

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 MTI Global Inc.
 Unaudited Interim Consolidated Balance Sheets
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 As at As at
 September 30, 2009 December 31, 2008
(In thousands of Canadian dollars) $ $
----------------------------------------------------------------------------
 Restated
ASSETS
Current
Cash and cash equivalents 890 1,704
Restricted cash 722 750
Short-term investment - 109
Accounts receivable 5,310 10,266
Income taxes recoverable 97 111
Inventories 5,354 6,511
Prepaid expenses 290 359
Assets of discontinued operations 2,187 15,433
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 14,850 35,243

Property, plant and equipment, net 3,804 4,617
Goodwill 6,729 6,729
Intangibles, net 81 604
Deferred development costs, net 6,028 7,619
Asset held for sale 1,053 1,186
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 32,545 55,998
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Bank indebtedness 2,137 8,288
Accounts payable and accrued expenses 5,134 8,249
Subordinated debt 7,419 7,000
Current portion of long-term debt - 556
Liabilities of discontinued
 operations 1,602 3,019
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 16,292 27,112
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Long-term debt - 2,059
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 16,292 29,171
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Commitments and contingencies

Shareholders' equity
Share capital 55,700 55,102
Contributed surplus 2,080 1,143
Warrants - 1,474
Accumulated other comprehensive
 income (loss) (1,052) 1,400
Deficit (40,475) (32,292)
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 16,253 26,827
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 32,545 55,998
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 MTI Global Inc.
 Unaudited Interim Consolidated Statements of Deficit
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 Nine months ended
 September 30,
 2009 2008
(In thousands of Canadian dollars) $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Deficit, beginning of period (32,292) (14,442)
Cumulative effect of adopting new accounting standards (161) 212
Net loss for the period (8,022) (11,959)
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Deficit, end of period (40,475) (26,189)
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 MTI Global Inc.
 Unaudited Interim Consolidated Statements of Operations
----------------------------------------------------------------------------

 Three months ended Nine months ended
(In thousands of Canadian September 30, September 30,
 dollars, except per 2009 2008 2009 2008
 share amounts) $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Restated Restated

Sales 7,958 11,911 29,078 35,375
Cost of sales 6,097 10,204 22,137 29,757
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Gross margin 1,861 1,707 6,941 5,618
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Operating expenses
Plant and laboratory 368 348 1,244 1,221
Sales and marketing 528 819 2,061 2,361
Administrative 1,216 1,361 3,894 3,887
Restructuring costs 288 1,279 1,368 2,606
Foreign exchange loss 220 69 365 31
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 2,620 3,876 8,932 10,106
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Operating loss before the
 following items (759) (2,169) (1,991) (4,488)
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Amortization of property,
 plant and equipment 23 7 31 148
Amortization of intangibles 28 52 119 152
Amortization of deferred
 development costs 270 399 974 1,131
Goodwill impairment - 512 - 512
Long-lived asset impairment - - 403 -
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 321 970 1,527 1,943
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Loss before other items (1,080) (3,139) (3,518) (6,431)
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Other items
Interest on long-term debt - 16 - 135
Interest on subordinated debt 648 225 1,091 288
Other interest expense 15 88 114 255
Write-down of equipment - 104 - 104
Debt reclassification charge - 85 - 1,474
Interest and other income (13) (5) (15) (24)
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 650 513 1,190 2,232
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Loss from continuing
 operations (1,730) (3,652) (4,708) (8,663)
Loss from discontinued
 operations (75) (3,156) (3,314) (3,296)
----------------------------------------------------------------------------
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Net loss for the period (1,805) (6,808) (8,022) (11,959)
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Net loss per share, basic and
 diluted
Continuing operations (0.06) (0.13) (0.16) (0.31)
Discontinued operations (0.00) (0.11) (0.12) (0.12)
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 (0.06) (0.24) (0.28) (0.43)
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----------------------------------------------------------------------------
----------------------------------------------------------------------------
 MTI Global Inc.
 Unaudited Interim Consolidated Statements of Comprehensive Loss
----------------------------------------------------------------------------

 Three months ended Nine months ended
 September 30, September 30,
 2009 2008 2009 2008
(In thousands of Canadian
 dollars) $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net loss for the period (1,805) (6,808) (8,022) (11,959)
----------------------------------------------------------------------------
Other comprehensive loss
Net change in cumulative
 translation adjustment (1,479) (47) (2,452) 1,790
Unrealized loss on foreign
 exchange forward contracts - - - (155)
----------------------------------------------------------------------------
 (1479) (47) (2,452) 1,635
----------------------------------------------------------------------------
Comprehensive loss (3,284) (6,855) (10,474) (10,324)
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----------------------------------------------------------------------------



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 MTI Global Inc.
 Unaudited Interim Consolidated Statements of Cash Flows
----------------------------------------------------------------------------

 Three months ended Nine months ended
 September 30, September 30,
(In thousands of Canadian 2009 2008 2009 2008
 dollars) $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Restated Restated

Operating activities
Loss from continuing
 operations (1,730) (3,652) (4,708) (8,663)
Add items not involving cash:
 Amortization 648 605 1,674 1,842
 Unrealized foreign exchange
 loss (gain) (52) 523 409 1,003
 Long-lived asset impairment - - 403 -
 Interest on subordinated debt 419 - 419 -
 Debt reclassification charge - 85 - 1,474
 Goodwill impairment - 512 - 512
 Write-down of equipment - 104 - 104
 Stock compensation expense 15 32 61 97
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 (700) (1,791) (1,742) (3,631)
Cumulative effect of adopting
 new accounting standards (161) - (161) 41
Net change in non-cash working
 capital Balances 748 286 5,218 499
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Cash provided by (used in)
 operating activities (113) (1,505) 3,315 (3,091)
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Investing activities
Purchase of property, plant
 and equipment (113) (50) (113) (149)
Deferred development costs
 capitalized (51) (183) (155) (535)
----------------------------------------------------------------------------
Cash used in investing
 activities (164) (233) (268) (684)
----------------------------------------------------------------------------
Financing activities
Repayments of long-term debt - - - (2,850)
Increase (decrease) in bank
 indebtedness 18 (633) (3,996) 286
Proceeds from subordinated
 debt - - - 7,000
Decrease (increase) in
 short-term investment - 1,028 109 (1,972)
Decrease (increase) in
 restricted cash 204 50 28 (5)
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Cash provided by (used in)
 financing activities 222 445 (3,859) 2,459
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Foreign exchange on cash and
 cash equivalents 7 (15) (65) (8)
----------------------------------------------------------------------------
Net decrease in cash during
 the period from
 continuing operations (48) (1,308) (877) (1,324)
Net increase (decrease) in
 cash during the
 period from discontinued
 operations (98) (201) 63 70
Cash and cash equivalents,
 beginning of period 1,036 1,509 1,704 1,254
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Cash and cash equivalents, end
 of period 890 - 890 -
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----------------------------------------------------------------------------
Supplemental cash flow
 information
 Interest paid 264 433 970 1,042
 Income taxes paid - - - 38
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