News Feed Item
Gemini Corporation Reports 2014 First Quarter Results
Stronger revenue achieved in a competitive environment
|By Marketwired .
|May 15, 2014 04:00 PM EDT
CALGARY, ALBERTA -- (Marketwired) -- 05/15/14 -- Gemini Corporation (TSX VENTURE: GKX) announces its first quarter financial results for the period ended March 31, 2014.
Revenue in the first quarter of 2014 totalled $28,218,000, which was a 63% increase from the $17,350,000 achieved in the first quarter of 2013. As is typical of the first quarter of the year in the oil and gas industry, the availability of project work was constrained. Notwithstanding the seasonal factors, the Corporation was able to secure projects that provided sufficient workload to retain its core staff, but at lower margins due to the highly price competitive environment. Client forecasts continue to indicate that activity levels should improve in the second quarter and return to normal in the second half of the year, which is expected to alleviate the temporary margin compression.
First quarter gross profit for 2014 was $3,680,000 compared to $2,443,000 in the same period last year. Margins were constrained in the Field Solutions segment due to the current price competitive environment, but are expected to average out for the year at historic levels. In addition, utilization rates for the Engineered Solutions segment were somewhat lower than those achieved in the last half of 2013, which had a dampening effect on gross profit.
The Corporation's 2014 first quarter net loss attributable to shareholders was $171,000 (0.3 cents per share) compared to a net loss of $370,000 (0.7 cents per share) in the same period last year.
"It was a challenging start to 2014 as a result of the competitive price environment and certain delays in work being issued from our key clients," stated Doug Lautermilch, Gemini's President and CEO. "Our prospects for the balance of this year are encouraging and we are looking forward to improving upon the overall performance we achieved in 2013."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and maintains energy and industrial facilities. Founded in 1982, Gemini combines its engineering and field service capabilities to increase project efficiency and provide a single point of accountability. The Corporation's principal target markets are in-situ heavy oil, midstream, oil and gas production, and oil and gas processing facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
Gemini's 2014 first-quarter report will be filed with SEDAR at http://www.sedar.com by May 16, 2014.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Three Months Ended
Operating Highlights ($'000) March 31, March 31,
Revenue $ 28,218 $ 17,350
Gross profit 3,680 2,443
Income (loss) from operating activities (129) (437)
Net income (loss) attributable to shareholders $ (171) $ (370)
Earnings per share (basic & diluted) $ (0.003) $ (0.007)
Financial Position Highlights ($'000) March 31, December 31,
Working capital $ 14,434 $ 14,489
Total assets 40,160 41,823
Shareholders' equity 21,800 21,602
This news release may contain forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 26, 2017 09:15 PM EST Reads: 2,389
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Feb. 26, 2017 09:15 PM EST Reads: 6,167
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data.
In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 26, 2017 09:00 PM EST Reads: 8,953
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 26, 2017 08:45 PM EST Reads: 1,973
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 26, 2017 08:45 PM EST Reads: 5,133
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.
Feb. 26, 2017 08:30 PM EST Reads: 674
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 26, 2017 08:30 PM EST Reads: 7,149
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 26, 2017 07:45 PM EST Reads: 2,049
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even ...
Feb. 26, 2017 07:30 PM EST Reads: 1,136
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, discussed 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.
Feb. 26, 2017 06:45 PM EST Reads: 2,350
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 26, 2017 06:00 PM EST Reads: 929
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 26, 2017 05:30 PM EST Reads: 1,972
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology.
In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Feb. 26, 2017 05:30 PM EST Reads: 2,149
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 26, 2017 05:15 PM EST Reads: 1,902
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Feb. 26, 2017 05:00 PM EST Reads: 2,147