|By Marketwired .||
|June 12, 2014 12:21 PM EDT||
WINDSOR, ONTARIO -- (Marketwired) -- 06/12/14 -- Reko International Group Inc. (TSX VENTURE:REK) today announced results for its third quarter ended April 30, 2014.
Financial Highlights: Three Months Nine Months (unaudited) (unaudited) ----------------------------------- ----------------------------------- Fiscal Fiscal Fiscal Fiscal 2014 2013 2014 2013 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Sales $10,561 $10,871 $28,328 $32,112 Net income 151 224 247 1,187 EPS basic 0.02 0.03 0.04 0.18 Working capital 9,092 8,690 Shareholders' equity 27,978 27,219 Shareholders' Equity per Share 4.36 4.24 ----------------------------------------------------------------------------
Consolidated sales for the quarter ended April 30, 2014, were $10.6 million, compared to $10.9 million in the prior year, a decrease of $0.3 million or 2.8%. The decrease in sales was largely related to reductions in demand in the automotive market, offset by an increase in demand in the capital equipment market. Consolidated sales for the nine months ended April 30, 2014 were $28.3 million, compared to $32.1 million in the prior year, a decrease of $3.8 million, or 11.8%.
Gross profit for the quarter ended April 30, 2014, was $1.6 million, or 15.1% of sales, compared to a gross profit of $1.7 million, or 15.6% of sales, in the prior year. The decrease in gross profit relates to increases in fixed costs associated with our manufacturing facility as demand in the automotive market continues to be low, offset by improved overhead absorption from increase in sales from the capital equipment market. Gross profit for the nine months ended April 30, 2014 was $4.3 million, or 15.2% of sales, compared to a gross profit of $5.1 million in the prior year, or 15.9% of sales in the prior year.
Selling and administrative expenses for the quarter ended April 30, 2014 were $ 1.1 million, or 10.4% of sales, compared to $1.2 million, or 11.0% sales, in the prior year. The decrease in SG&A relates to decreases in costs such as accounts receivable insurance and sales commission as our sales volumes decreased. Selling and administrative expenses for the nine months ended April 30, 2014 were $3.4 million, or 11.8% of sales, compared to $3.5 million in the prior year, or 10.9% of sales.
Net income for the quarter ended April 30, 2014 was $0.2 million or $0.02 per share, compared to net income of $0.2 million, or $0.03 per share in the prior year. During the quarter, amortization increased by $200 ($0.03 per share) as a result of a change in accounting estimate. Net income for the nine months ended April 30, 2014 was $0.2 million or $0.04 per share, compared to net income of $1.2 million or $0.18 per share in the prior year.
"We are pleased that Reko's third quarter results showed improvement over prior quarters," stated Diane Reko, chief executive officer. "Income from operations improved significantly, increasing 56% over quarter two results, primarily due to higher demand in the capital equipment market. We are beginning to see signs of improvement in our automotive market and expect this to positively impact future quarters."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Reko International Group Inc.
Reko International Group Inc. is a publicly traded, certified woman owned manufacturing company located in Southwestern, Ontario. Established in 1976, Reko International Group Inc. is a diverse value-added designer and manufacturer of customized machining and engineering solutions to OEMs and their Tier I suppliers in dynamic sectors as rail equipment, oil and gas distribution, mining, military, capital equipment, and automotive. For more information, visit www.rekointl.com.
REKO INTERNATIONAL GROUP INC. 469 Silver Creek Industrial Drive Lakeshore, Ontario N8N 4W2 http://www.rekointl.com/ SUBSIDIARIES/DIVISIONS: Canada: - Concorde Precision Machining Inc. - Reko Manufacturing Group Inc. United States: - Reko International Sales Inc. - Reko International Holdings Inc. - Reko Global Services, LLC
Reko International Group Inc.
Carl A. Merton
Chief Financial Officer
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. 24, 2017 03:30 PM EST Reads: 1,338
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Feb. 24, 2017 03:15 PM EST Reads: 1,030
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, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 24, 2017 03:15 PM EST Reads: 2,062
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 24, 2017 02:45 PM EST Reads: 1,791
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
Feb. 24, 2017 02:15 PM EST Reads: 8,403
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Feb. 24, 2017 02:15 PM EST Reads: 815
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 24, 2017 02:00 PM EST Reads: 1,886
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his general session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore...
Feb. 24, 2017 01:45 PM EST Reads: 1,031
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Feb. 24, 2017 01:15 PM EST Reads: 715
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Feb. 24, 2017 01:00 PM EST Reads: 1,388
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 24, 2017 01:00 PM EST Reads: 1,856
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Feb. 24, 2017 12:30 PM EST Reads: 2,529
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Feb. 24, 2017 12:30 PM EST Reads: 1,314
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 24, 2017 12:30 PM EST Reads: 2,511
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 24, 2017 12:00 PM EST Reads: 1,522