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Symax Lift (Holdings) Co. Ltd. Announces First Quarter 2014 Financial Results
|By Marketwired .
|May 30, 2014 09:20 AM EDT
TORONTO, ONTARIO -- (Marketwired) -- 05/30/14 -- Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period ending March 31, 2014.
-- Sales increased to $7.8 million during the first quarter in 2014,
representing a 45% increase over the same quarter of the previous year.
-- Sales of the Green Passenger Elevator line increased by 103% to $4.0
million, sales of the Dingtai Passenger Elevator line increased by 9% to
$2.5 million, and sales of Other elevator & after-sale service increased
by 16% to $1.2 million. The increase results mainly from 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 smaller Tier 2 cities, as well as
the recent restructuring of the sales team and sales network to cover
the whole of China except for Tibet.
-- Gross profit increased to $2.5 million during the first quarter in 2014,
representing a 100% increase over the same quarter of previous year.
Gross margin improved to 32% in this quarter, compared to 24% in the
same quarter of previous year due to higher pricing and lower purchase
-- Operation expenses increased by 79% to $2.3 million during the first
quarter in 2014 over the same quarter of previous year. Over 80% of this
rise in operation expenses was the result of increased selling expenses,
including advertising & promotion expenses increase, increases to
freight charges and sales staff cost increase associated with the recent
restructuring of the sales team and sales network. In March 2014, the
Company held its Global Sales Agent Conference which is scheduled to be
held every two years, which also contributed to additional expenses in
-- Net income was $79,000 ($0.00 per share) during the first quarter in
2014, compared to a net loss $234,000 ($0.00 per share) in the same
quarter of previous year. EBITDA was $437,000 during the first quarter
of 2014, representing an increase of 208% over the same quarter of
-- As at March 31, the Company had total cash of $3.6 million and short
term bank loans of $6.4 million.
-- Symax has undertaken an expansion of its domestic Chinese business with
a new manufacturing facility located in Wanzhou, Chongqing which is
scheduled to come online in July of 2014. Upon completion, this facility
is expected to double the Company's production capacity by the end of
2014. The Company is also introducing a new stairlift product line and
is expected to launch these products in the Chinese domestic market and
the North American market in July of 2014.
SUMMARY FINANCIAL STATEMENTS
in thousands of Canadian dollars
except per share and percentage data Three Months Ended March 31
2014 2013 % Change
Sales 7,755 5,333 45%
Gross profit 2,520 1,262 100%
Gross margin 32% 24%
Operating expenses 2,283 1,276 79%
Operating income 237 (14)
Other income (loss) (137) (210) (35%)
Income taxes (21) (10) 110%
Net income 79 (234) (134%)
EBITDA 437 142 208%
Earnings per share - basic $0.00 ($0.00)
Earnings per share - diluted $0.00 ($0.00)
As at December 31
Total assets 49,859 49,089
Current liabilities 33,914 33,309
Long term liabilities 4,523 4,562
Shareholders' equity 11,422 11,218
"Benefiting from successful adjustments to the Company's marketing and selling strategy, a restructured sales team and sales network, Symax's sales growth continued in 2014.Sales increased by 45% and Symax made profits in the first quarter 2014, a first for Q1, a period that is typical slow for our industry in China, in the Company's history", stated Ms. Sabrina Zhang, CEO of Symax " 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.
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