Welcome!

News Feed Item

Asia Bio-Chem Announces Corrections to Fiscal 2013 MD&A

TSX: ABC

TORONTO, April 9, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem" as the "Company") announces corrections to its Management Discussion and Analysis for the 12 month period ending December 31, 2013 (MD&A) filed on SEDAR on March 31, 2014.   These corrections are typographical in nature and do not involve changes to the audited financial statements.

The corrections to the MD&A and press release dated March 31, 2014 are as follows:

  1. On page 4 of MD&A, the second line of the fourth bullet point under highlights was changed from "fourth quarter to negative $35.8 million compared with negative $8.1 million" to "fourth quarter to negative $34.3 million compared with negative $8.1 million".
  2. On page 4 of MD&A, the second line of the third bullet point under highlights was changed from "obtained additional $97.5 million in loans in the quarter" to "obtained additional $4.7 million in net new loans in the quarter".
  3. On page 6 of MD&A, Q4 2013 Net Income was changed from (35, 809) to (40,957).
  4. On page 6 of the MD&A, Q4 EBITDA was changed from (35,806) to (34,317)
  5. On page 7 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
  6. On page 7 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
  7. On page 14 of MD&A, Q4 2013 amortization was changed from 2,134 to 3,627.
  8. On page 14 of MD&A, Q4 2013 EBITDA was change from (35,806) to (34,317) and the percentage change in EBITDA was changed from -341.0% to -322.7%.
  9. On page 14 of MD&A, Q4 2013 EBITDA before stock based compensation was changed from (35,806) to (32,313) and the change in EBITDA before stock based compensation was changed from -342.5% to -299.4%.
  10. On page 14 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
  11. On page 14 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
  12. On page 15 of MD&A, decrease in cash and restricted cash was changed from $3.4 million to $1.8 million.
  13. On page 16 of MD&A, the total contract price in Changtu is changed from $20.6 million to $22.6 million.
  14. The amended Summary Financial Statements from the press release dated March 31, 2014  is provided below (to view the markup version please refer to the version of the Press Release filed today on SEDAR);

SUMMARY FINANCIAL STATEMENTS

in thousands of Canadian
dollars except per share and
percentage data
Three Months Ended   Twelve Months Ended December 31
     31/12/13       31/12/12       % Change         2013         2012       % Change   
Sales 18,027 20,565 -12.3%            109,261            130,440 16.2%
Gross profit (2,419) (2,680) 9.7%              (5,812)              (8,203) 29.1%
Gross margin (% of Sales) -13.4% -13.0%     -5.3%   -6.3%  
Operating expenses 5,519 7,908 -30.2%             23,014             24,247 -5.1%
Income (loss) from operations (7,938) (10,588) 25.0%            (28,826)            (32,450) 11.2%
Other income (expense) (33,378) (1,331) -2407.7%            (42,876)              (6,306) -579.9%
Income (recovery) taxes (358) 2,446 n/a   809                523 54.7%
Net income (40,957) (14,385) 184.7%            (72,512)            (39,279) -84.6%
EBITDA (34,317) (8,119) -322.7%            (43,384)            (23,854) -81.9%
EBITDA before stock-based compensation (34,313) (8,091) -299.4%            (43,373)            (23,497) -84.6%
Earnings per share                
Basic (0.48) (0.17)                 (0.85)                (0.46)  
Diluted (0.48) (0.17)                 (0.85)                (0.46)  
Weighted average number of shares                

The revised MD&A together with the Form 52-109F1 certifications have been filed on SEDAR together with a cover letter explaining the corrections.

About Asia Bio-Chem Group Corp.

Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of processing corn into cornstarch, germ and gluten for sale to the domestic Chinese market.  From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 1.5 million tones of corn per year.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Asia Bio-Chem Group Corp.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning 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 busin...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...