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
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.
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...
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...
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...
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.
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 –...
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. ...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...