|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 price. -- 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 the quarter. -- 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 previous year. -- 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 ------------------------ 31-Mar-14 31-Dec-13 ------------------------ 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.
We are rapidly moving to a brave new world of interconnected smart homes, cars, offices and factories known as the Internet of Things (IoT). Sensors and monitoring devices will touch every part of our lives. Let's take a closer look at the Internet of Things. The Internet of Things is a worldwide network of objects and devices connected to the Internet. They are electronics, sensors, software and more. These objects connect to the Internet and can be controlled remotely via apps and programs. ...
Nov. 26, 2015 02:15 PM EST Reads: 493
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 26, 2015 01:00 PM EST Reads: 384
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...
Nov. 26, 2015 01:00 PM EST Reads: 284
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 26, 2015 12:00 PM EST Reads: 144
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 26, 2015 11:30 AM EST Reads: 114
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 26, 2015 11:00 AM EST Reads: 441
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 26, 2015 11:00 AM EST Reads: 117
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 26, 2015 10:00 AM EST Reads: 283
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 26, 2015 09:45 AM EST Reads: 363
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 26, 2015 09:30 AM EST Reads: 370
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).
Nov. 26, 2015 09:00 AM EST Reads: 474
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 26, 2015 08:45 AM EST Reads: 264
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 26, 2015 08:30 AM EST Reads: 189
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 26, 2015 06:45 AM EST Reads: 399
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 26, 2015 06:15 AM EST Reads: 300