Click here to close now.



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
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
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 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 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...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...