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.

Contacts:
CEMATRIX Corporation
Jeff Kendrick
President and Chief Executive Officer
(403) 219-0484

The Howard Group
Jeff Walker
Investor Relations
(888) 221-0915 or (403) 221-0915
[email protected]

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
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and 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 B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...