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Gemini Corporation Reports Fiscal 2013 Results
Record Revenue and Profitability Achieved
|By Marketwired .
|March 4, 2014 05:30 PM EST
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 $0.2 million (0.5 cents per share) in 2012.
"Gemini achieved record revenue and profitability in 2013," stated Gemini's President and CEO, Doug Lautermilch. "We have successfully embarked on a growth path that is expected to continue for a number of years based upon current client forecasts and industry projections. We are investing in expanded capacity and increasing our capability to meet client service demand. In addition, we are working diligently on enhancing our execution to optimize profitability as we continue to grow."
CONSOLIDATED FINANCIAL HIGHLIGHTS
Three Months Ended Year Ended
Operating Highlights ($'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
Balance Sheet Highlights ($'000) 31, 31,
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.
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.
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