Click here to close now.

Welcome!

News Feed Item

CEMATRIX Corporation Announces Its Results for the Year Ended December 31, 2013

CALGARY, ALBERTA -- (Marketwired) -- 03/13/14 -- CEMATRIX Corporation (TSX VENTURE:CVX) (the "Corporation" or the "Company" or "CEMATRIX") announces the release of its consolidated financial results for the year ended December 31, 2013.

CEMATRIX had a strong start to 2013 with record revenues in the first quarter, the majority of which were from one infrastructure project in Windsor, Ontario, which started in December of 2012 and continued throughout 2013. Even though Canadian infrastructure sales continued to increase beyond 2012 levels, sales in the oil and gas sector and in infrastructure in the United States ("U.S.) were lower than that achieved in 2012.

The sales decline in the oil and gas sector was the result of the timing of projects in this area while the decline in U.S. infrastructure sales was due to the lack of available projects in that country. Management expects that both of these sectors will rebound in 2014.

As a result of the above changes in sales patterns, total revenues for 2013 declined by 6% to $8.1 million. Margins also declined as a percentage of total sales due to the greater influence of infrastructure sales, together with lower introductory margins on certain infrastructure projects. This decline in sales margins resulted in an operating loss before income taxes of $247,009 as compared to operating income before income taxes of $156,294 in 2012.

The net loss after income taxes was $220,428 in 2013, as compared to income after tax of $856,294 in 2012. In 2012 the Company recorded a deferred tax asset of $700,000 in recognition of the future benefit of applying the Company's loss carry forwards to reduce future taxable income.

Selected financial information for the year ended December 31, 2013 is as follows:


                                              Year ended December 31        
                                     ---------------------------------------
                                             2013         2012       Change 
                                     ---------------------------------------
                                                                            
Revenue                               $ 8,072,148  $ 8,549,150  $  (477,002)
                                       -----------  -----------  -----------
                                                                            
Gross margin                            1,688,985    2,257,733     (568,748)
Operating expenses                     (1,802,983)  (1,967,804)     164,821 
                                       -----------  -----------  -----------
Operating income (loss)                  (113,998)     289,929     (403,927)
Finance costs and other items            (133,011)    (133,635)         624 
                                       -----------  -----------  -----------
Income (loss) before income taxes        (247,009)     156,294     (403,303)
Recovery of deferred taxes                 26,581      700,000     (673,419)
                                       -----------  -----------  -----------
Net income (loss) attributable to the                                       
 common shareholders                     (220,428)     856,294   (1,076,722)
Unrealized foreign exchange gain on                                         
 translation of foreign subsidiary         11,837          994       10,843 
                                       -----------  -----------  -----------
Total comprehensive income (loss)     $  (208,591) $   857,288  $(1,065,879)
                                       -----------  -----------  -----------
Income (loss) per common share        $    (0.007) $     0.025  $    (0.032)
                                       -----------  -----------  -----------

Highlights for 2013 included the following:


--  Canadian infrastructure sales grew by 34% to $6.5 million from $4.9
    million in 2012.
      
--  Company put in place a $500,000 increase in its operating loan, to take
    it to $1.5 million for the seasonal construction period between April
    and October.
      
--  The Company`s wholly owned subsidiary, CEMATRIX (Canada) Inc., entered
    into an agreement with the Business Development Bank of Canada to
    provide an additional $530,000 of capital expenditure financing,
    bringing the total facility to $1.406 million.
      
--  The Company commenced construction of a new dry mix production unit at
    an estimated cost of $1.1 million. The unit will be available for use
    for the 2014 construction period.
      
--  The Company continued its focus on health and safety and maintained all
    of its safety certifications which enabled the Company to work on
    construction sites throughout North America, and in particular the
    Western Canada Oil and Gas sector.
      
--  Company has $2.0 million of contracted work that is currently completed
    or scheduled for completion in 2014.

This press release should be read in conjunction with the Corporations Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2013, both of which can be found on SEDAR.

CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a manufacturer and supplier of technologically advanced cellular concrete products with applications in a variety of markets, including oil and gas construction and infrastructure construction. Cellular concrete provides a cost and labour saving solution as a replacement for rigid and other insulating materials in frost-susceptible or permafrost conditions. Cellular concrete is also used in void filling situations and as a replacement for granular fills and weak or unstable soils.

Neither 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.

Forward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", expect", "would' or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries' future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX's Management Discussion and Analysis dated March 12, 2014 under CEMATRIX's profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.

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 Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.