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5N Plus Inc. Reports Third Quarter Results for Fiscal Year 2011 and Record Sales and Backlog Levels

^{Published on 2011-04-11 16:00:22 - Market Wire}
 

 5N Plus Inc. Interim Consolidated Statements of Income Three and nine-month periods ended February 28 (unaudited) Three months Nine months (in Canadian dollars, ---------------------------------------- except number of shares) 2011 2010 2011 2010 ------------------------------------------------------------------------- $ $ $ $ Sales 20,582,100 19,227,127 59,020,206 51,033,792 Cost of sales 11,930,381 11,023,594 33,153,993 27,852,448 ------------------------------------------------------------------------- Gross profit 8,651,719 8,203,533 25,866,213 23,181,344 ------------------------------------------------------------------------- Expenses Selling, general and administrative 1,775,445 1,556,060 5,909,852 5,285,279 Research and development 921,571 385,145 2,379,163 1,179,246 Depreciation of property, plant and equipment 759,126 656,045 2,028,851 1,903,601 Amortization of intangible assets 67,461 64,084 197,260 124,164 Foreign exchange loss (gain) 217,859 (521,150) (640,420) (651,024) Financial 121,412 64,675 313,502 160,908 Interest income (118,314) (108,781) (495,196) (378,632) Minority interest (24,830) - (24,830) - ------------------------------------------------------------------------- 3,719,730 2,096,078 9,668,182 7,623,542 ------------------------------------------------------------------------- Earnings before income taxes from continuing operations 4,931,989 6,107,455 16,198,031 15,557,802 Income taxes 1,392,366 1,745,146 4,605,921 4,777,103 ------------------------------------------------------------------------- Net earnings from continuing operations 3,539,623 4,362,309 11,592,110 10,780,699 Net loss from discontinued operations - (286,796) - (472,830) ------------------------------------------------------------------------- Net earnings 3,539,623 4,075,513 11,592,110 10,307,869 ---------------------------------------------- Earnings per share from continuing operations $ $ $ $ Basic 0.08 0.10 0.25 0.24 Diluted 0.08 0.09 0.25 0.24 ------------------------------------------------------------------------- Earnings per share $ $ $ $ Basic 0.08 0.09 0.25 0.23 Diluted 0.08 0.09 0.25 0.23 ------------------------------------------------------------------------- Weighted average number of common shares outstanding Basic 45,859,418 45,615,999 45,745,154 45,563,382 Diluted 46,420,780 46,016,585 46,236,932 45,772,957 ------------------------------------------------------------------------- 5N Plus Inc. Interim Consolidated Balance Sheets As at February 28, 2011 As at May 31, 2010 (in Canadian dollars) (unaudited) (audited) ------------------------------------------------------------------------- Assets $ $ Current assets Cash and cash equivalents 42,758,819 65,992,321 Temporary investment 2,000,000 2,000,000 Accounts receivable 7,713,008 4,774,460 Inventories 48,264,501 27,705,149 Prepaid expenses and deposits 2,263,719 1,073,025 Derivative financial instruments - 1,362,804 Income taxes recoverable 1,288,029 516,602 Future income taxes 37,649 150,598 ------------------------------------------------------------------------- 104,325,725 103,574,959 Property, plant and equipment 46,124,815 26,437,302 Intangible assets 2,324,749 1,770,913 Goodwill 4,454,762 4,381,762 Future income taxes 2,041,703 2,311,191 Other assets 1,324,438 45,181 ------------------------------------------------------------------------- 160,596,192 138,521,308 ------------------------------------------ Liabilities Current liabilities Accounts payable and accrued liabilities 12,106,273 4,646,220 Current portion of long-term debt 1,409,004 622,820 Derivative financial instruments 473,203 - Future income taxes 258,870 444,662 Income taxes payable 119,298 43,826 ------------------------------------------------------------------------- 14,366,648 5,757,528 Long-term debt 5,006,799 4,197,803 Deferred revenues 547,578 553,578 Future income taxes 2,244,448 2,333,862 ------------------------------------------------------------------------- 22,165,473 12,842,771 ------------------------------------------------------------------------- Minority interest 1,535,656 - ------------------------------------------------------------------------- Shareholders' Equity Share capital 83,614,588 82,389,870 Contributed surplus 1,546,135 1,372,523 Accumulated other comprehensive income (4,305,408) (2,531,494) Retained earnings 56,039,748 44,447,638 ------------------------------------------------------------------------- 136,895,063 125,678,537 ------------------------------------------------------------------------- 160,596,192 138,521,308 ------------------------------------------ Reconciliation of EBITDA Three months ended February 28 ------------------------------------------ 2011 2010 Increase (Decrease) ------------------------------------------------------------------------- $ $ Net earnings(1) 3,539,623 4,362,309 (18.9%) Financial expenses & interest income 3,098 (44,106) 107.0% (Gain) loss on foreign exchange 217,859 (521,150) (141.8%) Depreciation and amortization 826,587 720,129 14.8% Income taxes 1,392,366 1,745,146 (20.2%) ------------------------------------------------------------------------- EBITDA 5,979,533 $ 6,262,328 (4.5%) Nine months ended February 28 ------------------------------------------ 2011 2010 Increase (Decrease) ------------------------------------------------------------------------- $ $ Net earnings(1) 11,592,110 10,780,699 7.5% Financial expenses & interest income (181,694) (217,724) (16.5%) (Gain) loss on foreign exchange (640,420) (651,024) (1.6%) Depreciation and amortization 2,226,111 2,027,765 9.8% Income taxes 4,605,921 4,777,103 (3.6%) ------------------------------------------------------------------------- EBITDA 17,602,028 16,716,819 5.3% ------------------------------------------ (1)Net earnings from continuing operations Cash Flows Three months ended Nine months ended February 28 February 28 ------------------------------------------------ 2011 2010 2011 2010 ------------------------------------------------------------------------- $ $ $ $ Operating activities (2,511,908) 2,245,684 (2,193,045) 9,955,739 Investing activities (8,156,053) (8,906,030)(19,914,006)(11,793,062) Financing activities 31,294 (95,310) 495,792 (125,965) Effect of foreign exchange rate changes on cash and cash equivalents and cash designated (1,353,354) (194,815) (1,622,243) (154,942) Decrease from discontinued operations - (1,065,349) - (1,475,544) ------------------------------------------------------------------------- Net decrease in cash and cash equivalents (11,990,021) (8,015,820)(23,233,502) (3,593,774) ------------------------------------------------