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5N Plus Inc. Reports Fourth Quarter Results and Record Sales for Fiscal Year 2010

^{Published on 2010-08-10 16:50:35 - Market Wire}
 

 --------------- (1) Backlog is a non-GAAP measure that represents the expected value of orders we have received but have not yet executed and that are expected to translate into sales within the next 12 months. (2) EBITDA is a non-GAAP measure and means earnings from continued operations before financing costs, interest income, income taxes, depreciation and amortization and is presented on a consistent basis from period to period. The definition of this non-GAAP measure used by the Company may differ from that used by other companies. 5N Plus Inc. Consolidated Statements of Income Years ended May 31 (in Canadian dollars) 2010 2009 ------------------------------------------------------------------------- $ $ Sales 70,763,345 69,373,117 Cost of sales 38,910,641 34,174,231 ------------------------------------------------------------------------- Gross profit 31,852,704 35,198,886 Expenses Selling and administrative 7,068,705 5,277,745 Depreciation of property, plant and equipment 2,544,542 2,154,552 Amortization of intangible assets 188,249 - Research and development 1,858,038 1,241,142 Foreign exchange (gain) loss (1,183,978) (3,441,588) Financial 185,512 377,449 Interest income (463,678) (1,118,881) ------------------------------------------------------------------------- 10,197,390 4,490,419 ------------------------------------------------------------------------- Earnings before undernoted items 21,655,314 30,708,467 Start-up costs, new plant - 711,709 ------------------------------------------------------------------------- Earnings before income taxes from continuing operations 21,655,314 29,996,758 Income taxes 6,512,004 9,128,634 ------------------------------------------------------------------------- Net earnings from continuing operations 15,143,310 20,868,124 ------------------------------------------------------------------------- Net loss from discontinued operations (495,770) - ------------------------------------------------------------------------- Net earnings 14,647,540 20,868,124 -------------------------------- -------------------------------- Earnings per share from continuing operations Basic 0.33 0.46 Diluted 0.33 0.45 Earnings per share Basic 0.32 0.46 Diluted 0.32 0.45 Weighted average number of common shares Basic 45,578,992 45,505,213 Diluted 45,833,291 45,876,122 ------------------------------------------------------------------------- 5N Plus Inc. Consolidated Balance Sheets As at May 31 (in Canadian dollars) 2010 2009 ------------------------------------------------------------------------- $ $ Assets Current assets Cash and cash equivalents 67,992,321 65,066,530 Accounts receivable 4,774,460 6,702,197 Inventories 27,705,149 27,054,960 Prepaid expenses 1,073,025 516,391 Derivative financial instruments 1,362,804 1,685,076 Income taxes recoverable 516,602 - Future income taxes 150,598 249,958 ------------------------------------------------------------------------- 103,574,959 101,275,112 Property, plant and equipment 26,437,302 25,823,473 Intangible assets 1,770,913 354,950 Goodwill 4,381,762 - Future income taxes 2,311,191 662,639 Other assets 45,181 52,682 ------------------------------------------------------------------------- 138,521,308 128,168,856 -------------------------------- -------------------------------- Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities 4,646,220 6,791,675 Income taxes payable 43,826 3,021,632 Current portion of long-term debt 622,820 549,922 Current portion of other long-term liabilities - 41,725 Future income taxes 444,662 311,897 ------------------------------------------------------------------------- 5,757,528 10,716,851 Long-term debt 4,197,803 3,997,923 Deferred revenue 553,578 641,618 Future income taxes 2,333,862 443,700 ------------------------------------------------------------------------- 12,842,771 15,800,092 ------------------------------------------------------------------------- Shareholders' equity Share capital 82,389,870 81,881,914 Contributed surplus 1,372,523 797,800 Accumulated other comprehensive income (2,531,494) (111,048) Retained earnings 44,447,638 29,800,098 ------------------------------------------------------------------------- 125,678,537 112,368,764 ------------------------------------------------------------------------- 138,521,308 128,168,856 -------------------------------- -------------------------------- 5N Plus Inc. Reconciliation of EBITDA Three months ended May 31 ------------------------------------------------------------------------- 2010 2009 (Decrease) ------------------------------------------------------------------------- Net earnings from continuing operations $ 4,362,612 $ 5,708,451 (23.6%) Add (deduct): Income taxes 1,734,901 2,345,056 Financial expenses & Interest income (60,442) (78,822) Depreciation and amortization 705,025 601,441 ------------------------------------------------------------------------- EBITDA $ 6,742,096 $ 8,576,126 (21.4%) ----------------------------------------------- ----------------------------------------------- Twelve months ended May 31 ------------------------------------------------------------------------- 2010 2009 (Decrease) ------------------------------------------------------------------------- Net earnings from continuing operations $ 15,143,310 $ 20,868,124 (27.4%) Add (deduct): Income taxes 6,512,004 9,128,634 Financial expenses & Interest income (278,166) (741,432) Depreciation and amortization 2,732,791 2,154,552 ------------------------------------------------------------------------- EBITDA $ 24,109,939 $ 31,409,878 (23.2%) ----------------------------------------------- ----------------------------------------------- 5N Plus Inc. Cash Flows Three months ended May 31 Twelve months ended May 31 ------------------------------------------------------------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- Cash flow provided by continuing operating activities $ 6,188,039 $ 4,965,655 $ 16,828,300 $ 16,239,645 Investing activities (784,603) (1,129,436) (12,577,665) (8,660,804) Financing activities (169,334) (756,927) (295,299) (2,257,973) Effect of foreign exchange rate changes on cash and cash equivalents (280,794) (200,325) (533,775) 168,919 ------------------------------------------------------------------------- Net increase in cash and cash equivalents from continuing activities $ 4,953,308 $ 2,878,967 $ 3,421,561 $ 5,489,787 -------------------------------------------------------- --------------------------------------------------------