Click here to close now.




















Welcome!

News Feed Item

Symax Lift (Holdings) Co. Ltd. Announces First Quarter 2014 Financial Results

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.

Highlights


--  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.

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
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...