Welcome!

News Feed Item

Gemini Corporation Reports Fiscal 2013 Results

Record Revenue and Profitability Achieved

CALGARY, ALBERTA -- (Marketwired) -- 03/04/14 -- Gemini Corporation (TSX VENTURE:GKX) today announced its financial results for the fiscal year ended December 31, 2013 and the grant of options and units to officers and directors.

Revenue for 2013 increased 29% to $112 million from $87 million in 2012. Fourth quarter revenue increased 65% to $33 million compared to $20 million in the same period last year. The activity level realized in the last half of 2013 significantly outpaced the first half of the year, generating the revenue growth previously forecast. The backlog of work in both the Field Solutions and Engineered Solutions segments softened somewhat entering 2014, but industry projections and client forecasted capital expenditures indicate a strengthening of activity as the year unfolds. Market opportunities are anticipated to improve sufficiently for the Corporation to remain on a growth path for 2014 and beyond.

Gross profit for 2013 totalled $21 million, which was a 45% increase over the $14 million earned in the prior year. In addition, gross profit as a percent of revenue increased to 18.4% from 16.3% as a result of higher staff utilization and better project execution efficiencies driven by the increased volumes. Opportunities to enhance margins through continuous improvement initiatives are continuing to be identified and implemented.

Net earnings for 2013 improved substantially to $3.4 million (6.1 cents per share) compared to the net earnings of $0.8 million (2.1 cents per share) earned in 2012. Fourth quarter earnings were $0.7 million (1.3 cents per share) compared to a net loss of $0.2 million (0.5 cents per share) in 2012.

"Gemini achieved record revenue and profitability in 2013," stated Gemini's President and CEO, Doug Lautermilch. "We have successfully embarked on a growth path that is expected to continue for a number of years based upon current client forecasts and industry projections. We are investing in expanded capacity and increasing our capability to meet client service demand. In addition, we are working diligently on enhancing our execution to optimize profitability as we continue to grow."

CONSOLIDATED FINANCIAL HIGHLIGHTS


                                     Three Months Ended      Year Ended    
                                         (Unaudited)          (Audited)    
Operating Highlights ($'000)           Dec 31,   Dec 31,   Dec 31,   Dec 31,
                                         2013      2012      2013      2012
Revenue                              $ 33,326  $ 19,896  $112,141  $ 87,187
Gross profit                            5,830     2,958    20,597    14,222
Income (loss) before interest &                                            
 taxes                                  1,540      (154)    4,968     1,411
Net Income (loss)                    $    724  $   (224) $  3,350  $    785
                                                                           
Earnings per share (basic)           $  0.013  $ (0.005) $  0.061  $  0.021
Earnings per share (diluted)         $  0.011  $ (0.005) $  0.052  $  0.021


                                                         December  December
Balance Sheet Highlights ($'000)                               31,       31,
                                                             2013      2012
Working capital                                          $ 14,489  $ 12,089
Total assets                                               41,823    26,087
Shareholders' equity                                       21,602    17,689

In addition to the financial results, the Corporation wishes to announce that an aggregate of 338,000 options were granted at an exercise price of $0.84 per share, which was the closing market price on March 4, 2014. Under the terms of Gemini's option plan, the options are valid for four years from the date of grant and vest one-third immediately and the remainder at one-third on each of the next two grant date anniversaries. These grants bring the total number of options outstanding to 2,874,000 or 5.2% of the 55,501,940 issued and outstanding common shares of the Corporation. A total of 574,000 performance share units were granted with a vesting date of January 1, 2017. The unit plan is structured to settle the performance share units by the issuance of shares on the vesting date. The units granted thereunder are subject to the approval of the TSX Venture Exchange and Gemini's shareholders at the company's next Annual General Meeting.

About Gemini Corporation

Gemini Corporation is a professional services firm that provides engineering, regulatory, fabrication, installation and maintenance solutions for clients through stand-alone or integrated service delivery models. For more than 30 years, Gemini has been harnessing the energy of its staff and clients to power innovation in conventional and unconventional oil and gas, in-situ heavy oil and industrial facilities across western Canada. Our integrated design-build project delivery model differentiates Gemini and provides tremendous value-added benefits for clients, such as constructability advice at the design phase, schedule compression and one point of accountability.

Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca. Gemini's 2013 annual financial report will be filed with SEDAR at http://www.sedar.com on or before March 5, 2014.

Disclaimer

This news release may contain forward-looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...