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  • $2M CAD Revenue April 2020
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    • Premium indoor cultivator and distributer Lyfted Farms
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  • 2019 California Cannabis sales over $3B, industry currently fragmented
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Message: 5N Plus Inc. Reports Results for the First Quarter of 2012

MONTREAL , May 14, 2012 /CNW Telbec/ - 5N Plus Inc. (VNP.TO), a leading producer of specialty metal and chemical products, today reported financial results for the first quarter of 2012. Numbers for the comparable period ended February 28, 2011 have been restated to reflect changes resulting from the implementation of IFRS and the adoption of the US dollar as the Company's functional and reporting currency.

* Revenues for the first quarter of 2012 increased by 685% to $162.2 million compared to $20.7 million for the quarter ended February 28, 2011 and $149.4 million for the previous quarter ended December 31, 2011 .

* Net earnings attributable to equity holders of 5N Plus for the first quarter of 2012 were $5.0 million or $0.07 per share, compared to $5.5 million or $0.12 per share for the quarter ended February 28, 2011 , and an adjusted net loss of $0.1 million for the previous quarter ended December 31, 2011 . Before amortization of intangible assets related to the acquisition of MCP, net earnings attributable to equity holders of 5N Plus for the first quarter of 2012 were $7.2 million or $0.10 per share.

* EBITDA increased by 184% to $16.9 million , up from $6.0 million for the quarter ended February 28 , 2011. When compared to the adjusted EBITDA of $7.3 million for the previous quarter, current EBITDA represents a 131% increase.

* Funds from operations were $11.2 million , representing a 70% increase over funds from operations of $6.6 million for the quarter ended February 28, 2011 , and a 7.9% increase over funds from operations of $10.3 million for the previous quarter ended December 31, 2011 .

* Net debt decreased to $232.1 million from $260.6 million as at December 31, 2011 as a result of funds from operations and reduction in working capital.

* As at March 31, 2012 , the backlog of orders expected to translate into sales over the following twelve months stood at $215.6 million compared to $73.2 million as at February 28, 2011 and $223 million as at December 31, 2011 .

* Shareholders' equity increased to $344.6 million as at March 31, 2012 , from $339.2 million as at December 31, 2011 .

Jacques L'Ecuyer, President and Chief Executive Officer of 5N Plus, said "We are pleased to report results for the first quarter of 2012, a fiscal reporting period now aligned with the calendar year. This has been a much better quarter than the previous one. Sales returned to more expected levels with contributions from both business units reflecting healthy demand in their respective markets. Revenues in the Eco-Friendly Materials business unit increased by $9 million and bookings by 16% in the quarter when compared to the previous quarter. Revenues also increased in the Electronic Materials business unit but bookings decreased resulting primarily from the restructuring of the contract with our main customer in the solar market."

Mr. L'Ecuyer added, "Cash from operations reached record levels in the quarter, highlighting our ability to adjust working capital requirements to best match our long term plan. In particular, we were able to successfully reduce our inventory levels, increasing correspondingly our financial flexibility."

Mr. L'Ecuyer said, "In terms of sales volume, we experienced sustained demand in our two reportable business segments. However, the accounting treatment related to the previously announced restructuring of our contract with our main customer in the solar market, which is effective from April 1, 2012 onwards, is expected to result in minimal profit being booked on this contract as long as the corresponding existing inventory has not been completely used up. The current sales outlook related to this contract is such that we expect this element to impact profitability for the next two quarters. Regardless, we continue to focus on strong cash flow generation and on debt reduction."

Mr. L'Ecuyer concluded, "I would like to thank our employees for their efforts and hard work which enabled us to achieve satisfactory financial results in an otherwise very challenging environment. We remain confident of our ability to leverage our unique positioning and product offering to take advantage of the current competitive landscape."

http://finance.yahoo.com/news/5n-plus-inc-reports-results-002600973.html

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