Breaking News
Global Railway Industries Ltd. Reports Q1 2011 Results
20:29 EDT Tuesday, June 14, 2011
Company:Global Railway Industries Ltd.
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 15.2 Million
Web Site: www.globalrailway.com
LACHINE, QC, June 14, 2011 /CNW/ - Global Railway Industries Ltd., - (GBI:TSX) : Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the "Company"), today reports the Company's 2011 first quarter financial results for the three-months ended March 31, 2011. All dollar figures are reported in Canadian currency unless otherwise noted.
2011 Q1 Financial Highlights: 3-months ended March 30, 2011
- Total revenue increased 11% to $12.2 million compared to $11.0 million from continuing operations in Q1 2010
- Net earnings of $202,000 compared to a net loss of $594,000 from continuing operations in Q1 2010
- Earnings per share of $0.01 compared to a loss of $0.04 per share in Q1 2010 from continuing operations
During the first quarter, the Company delivered three remanufactured locomotives under the refurbishment contract bringing the total number of locomotives delivered to 26. The Company also delivered six remanufactured engines for the marine industry.
Mr. Fausto Levy, President and CEO of Global commented, "We have been encouraged by evidence that the economic recovery is gaining momentum. We are also pleased with progress made towards achieving operating profitability in Q1 2011, including a reduction in corporate costs after the technical challenges experienced over the last two quarters of 2010."
Mr. Levy continued, "Revenue gains and operational improvements helped bolster results with a gross margin of 12.6% for Q1 2011 versus 6.1% for 2010 comparable period. The team continues the pursuit of new contracts while continuing the focus on cost reductions and operational efficiency."
The Company's net earnings from operations for the first quarter of 2011 were $202,000 versus a loss of $594,000 from continuing operations one year earlier for an improvement of $796,000.
The Company's Board of Directors will continue to focus on moving forward the Company's strategic plan to maximize shareholder value.
Financial Summary:
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Summary
Income Statement
(unaudited)......... |
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Three months
ending
March 30, 2011... |
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Three months
ending
March 30, 2010 |
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Change |
| Revenues |
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$12,179,575 |
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$10,997,959 |
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$1,181,616 |
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Net earnings (loss) from
continuing operations |
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$201,949 |
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($593,655) |
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$795,604 |
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Earnings (loss) per share
(diluted) from continuing
operations |
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$0.01 |
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($0.04) |
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$0.05 |
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| Net earnings |
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$201,949 |
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$117,693 |
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$84,256 |
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Earnings per share
(diluted) |
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$0.01 |
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$0.01 |
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$0.00 |
The Company's 2011 first quarter financial statements and Management's discussion and analysis will be posted in the investor information section of Global's web site at www.globalrailway.com and are also available on SEDAR at www.sedar.com.
