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5N Plus Inc. Reports First Quarter Results for Fiscal Year 2011

^{Published on 2010-10-05 17:20:55 - Market Wire}
 

 5N Plus Inc. Interim Consolidated Statements of Income Three-month periods ended August 31 (unaudited) (in Canadian dollars) 2010 2009 ------------------------------------------------------------------------- $ $ Sales 18,770,228 16,053,220 Cost of sales 10,417,960 8,434,866 ------------------------------------------------------------------------- Gross profit 8,352,268 7,618,354 Expenses Selling, general and administrative 1,919,897 2,293,870 Research and development 767,595 375,872 Depreciation of property, plant and equipment 619,610 627,782 Amortization of intangible assets 64,594 34,352 Foreign exchange gain (595,657) (100,926) Financial 107,379 39,556 Interest income (148,917) (139,992) ------------------------------------------------------------------------- 2,734,501 3,130,514 ------------------------------------------------------------------------- Earnings before income taxes 5,617,767 4,487,840 Income taxes 1,584,543 1,473,232 ------------------------------------------------------------------------- Net earnings 4,033,224 3,014,608 ------------------------- ------------------------- Earnings per share Basic 0.09 0.07 Diluted 0.09 0.07 ------------------------------------------------------------------------- Weighted average number of common shares outstanding Basic 45,630,102 45,520,225 Diluted 45,985,109 45,929,751 ------------------------------------------------------------------------- The accompanying notes are an integral part of these unaudited interim consolidated financial statements. 5N Plus Inc. Interim Consolidated Balance Sheets As at As at August 31, May 31, 2010 2010 (in Canadian dollars) (unaudited) (audited) ------------------------------------------------------------------------- Assets $ $ Current assets Cash and cash equivalents 64,000,238 67,992,321 Accounts receivable 5,622,779 4,774,460 Inventories 30,391,225 27,705,149 Prepaid expenses and deposits 1,733,619 1,073,025 Derivative financial instruments - 1,362,804 Income taxes recoverable 1,269,306 516,602 Future income taxes 112,948 150,598 ------------------------------------------------------------------------- 103,130,115 103,574,959 Property, plant and equipment 29,424,782 26,437,302 Intangible assets 1,730,909 1,770,913 Goodwill 4,454,762 4,381,762 Future income taxes 2,096,286 2,311,191 Convertible debenture 3,111,970 - Other assets 45,181 45,181 ------------------------------------------------------------------------- 143,994,005 138,521,308 ------------------------- ------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 5,736,181 4,646,220 Derivative financial instruments 216,897 - Current portion of long-term debt 572,820 622,820 Future income taxes 334,993 444,662 Income taxes payable - 43,826 ------------------------------------------------------------------------- 6,860,891 5,757,528 Long-term debt 4,155,524 4,197,803 Deferred revenues 530,334 553,578 Future income taxes 2,249,639 2,333,862 ------------------------------------------------------------------------- 13,796,388 12,842,771 ------------------------------------------------------------------------- Shareholders' Equity Share capital 82,417,862 82,389,870 Contributed surplus 1,581,076 1,372,523 Accumulated other comprehensive income (2,282,183) (2,531,494) Retained earnings 48,480,862 44,447,638 ------------------------------------------------------------------------- 130,197,617 125,678,537 ------------------------------------------------------------------------- 143,994,005 138,521,308 ------------------------- ------------------------- The accompanying notes are an integral part of these unaudited interim consolidated financial statements. 5N Plus Inc. Reconciliation of EBITDA First quarter ended August 31 2010 2009 Increase ------------------------------------------------------------------------- $ $ Net earnings 4,033,224 3,014,608 33.8% Add (deduct): Financial expenses & Interest income (41,538) (100,436) Depreciation and amortization 684,204 662,134 Income taxes 1,584,543 1,473,232 ------------------------------------------------------------------------- EBITDA 6,260,433 5,049,538 24.0% -------------------------------------- -------------------------------------- 5N Plus Inc. Cash Flows First quarter ended August 31 2010 2009 ------------------------------------------------------------------------- $ $ Cash flow provided (consumed) by operating activities 650,342 (379,696) Investing activities (5,922,680) (1,171,725) Financing activities 1,205,474 1,560,088 Effect of foreign exchange rate changes on cash and cash equivalents 74,771 52,168 ------------------------------------------------------------------------- Net (decrease) increase in cash and cash equivalents (3,992,093) 60,835 ------------------------- ------------------------- ---------------------------- (1) EBITDA is a non-GAAP measure and means earnings 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. (2) 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.