Welcome!

News Feed Item

Symax Lift (Holdings) Co. Ltd. Announces Financial Results of Fiscal Year 2013

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period and fiscal year ending December 31, 2013.

Highlights


--  Sales increased to $32.5 million during 2013, representing a 22%
    increase over the previous year. 
    
--  Sales of the Green Passenger Elevator increased by 86% to $14.5 million,
    sales of Dingtai Passenger Elevator, decreased by 1% to $13.5 million,
    and the sales of other elevators & after-sale services decreased by 14%
    to $4.4 million. The increase was mainly due to the Company's marketing
    and selling strategy being adjusted to focus on the increasing demand
    from Chinese government sponsored housing projects, developments in
    Chinese Tier 3, Tier 4 cities and small Tier 2 cities, and the
    restructuring of its sales team and sales network to cover the whole
    China except for Tibet. 
    
--  Gross profit increased to $8.8 million during 2013, representing a 26%
    increase over the previous year. Gross margin slightly improved from 26%
    in 2012 to 27% in 2013. 
    
--  Operation expenses increased by 13% to $6.9 million during 2013 over the
    previous year. Over 90% of this rise in operation expenses was the
    result of increased G&A expenses due to the start-up costs for
    developing stairlift products, the construction of new facilities for
    Symax Chongqing and bad debt expenses accrued for doubtful accounts.
    Share-based compensation expenses also contributed to this rise. 
    
--  Net income increased to $799,000 ($0.03 per share) during 2013, compared
    to $77,000 ($0.00 per share) in 2012. EBITDA was $2.6 million during
    2013, representing an increase of 81% over the previous year. 
    
--  As at December 31, 2013, the Company had total cash of $1.6 million and
    short term bank loans of $6.3 million. 
    
--  Symax has undertaken an expansion of its domestic Chinese business with
    a new manufacturing facility located in Wanzhou, Chongqing to be put
    into use in July, 2014. Upon completion, this facility is expected to
    double the Company's production capacity by the end of 2014. The Company
    has also undertaken an expansion of its service network in support of
    its geographic market expansion. The Company has introduced a new
    product line of stairlift products and is expected to launch these
    products in the Chinese domestic market and the North American market in
    July, 2014. 

SUMMARY FINANCIAL STATEMENTS


                                     ---------------------------------------
In Thousands of Canadian Dollars         Twelve Months Ended December 31    
                                     ---------------------------------------
except per share and percentage data         2013         2012     % Change 
                                     ---------------------------------------
Sales                                      32,458       26,593           22%
Gross profit                                8,809        6,979           26%
Gross margin                                   27%          26%             
Operating expenses                          6,876        6,078           13%
Operating income                            1,933          901          115%
Other income (loss)                          (812)        (708)          15%
Income taxes                                 (322)        (116)         178%
Net income                                    799           77          938%
EBITDA                                      2,634        1,459           81%
Earnings per share - basic             $     0.03   $     0.00              
Earnings per share - diluted           $     0.03   $     0.00              
                                     --------------------------             
                                           As at December 31                
                                     --------------------------             
                                             2013         2012              
                                     --------------------------             
Total Assets                               49,089       35,387              
Current liabilities                        33,309       25,447              
Long Term liabilities                       4,562          498              
Shareholders' equity                       11,218        9,443              

"With adjustments to the Company's marketing and selling strategy, restructured sales team and sales network, Symax's sales in 2013 increased by 22% and the Company expects continuing growth in 2014. In addition, the Company's stairlift products will be launched into the North American market in July, 2014 and the Symax Chongqing plant will be put into operation in July, 2014," stated Ms. Sabrina Zhang, CEO of Symax. "We look forward to recognizing higher revenues from these activities and we will continue to focus on tightening our costs to deliver better bottom line results as we move forward."

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

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.

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
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 business opportuni...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, 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. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
SYS-CON Events announced today that Hitrons Solutions 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. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
DevOps at Cloud Expo – being held November 1-3, 2016, 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 world's largest enterprises – and delivering real results. Am...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
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 announced today Telecom Reseller has been named “Media 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. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.