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 Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...