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
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
SYS-CON Events announced today that Tintri, Inc, a leading provider of enterprise cloud infrastructure, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Tintri offers an enterprise cloud platform built with public cloud-like web services and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds – to build agile development environments...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...