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
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps 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. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
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.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.