|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
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jul. 24, 2016 12:00 PM EDT Reads: 1,870
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
Jul. 24, 2016 12:00 PM EDT Reads: 1,847
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Jul. 24, 2016 12:00 PM EDT Reads: 1,309
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 24, 2016 11:45 AM EDT Reads: 1,835
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
Jul. 24, 2016 11:00 AM EDT Reads: 1,089
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 AM EDT Reads: 1,570
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Jul. 24, 2016 11:00 AM EDT Reads: 1,289
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Jul. 24, 2016 11:00 AM EDT Reads: 2,007
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jul. 24, 2016 11:00 AM EDT Reads: 1,785
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 24, 2016 10:45 AM EDT Reads: 882
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 24, 2016 10:45 AM EDT Reads: 2,125
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 24, 2016 10:00 AM EDT Reads: 562
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, 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. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 24, 2016 09:30 AM EDT Reads: 1,060
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 24, 2016 09:00 AM EDT Reads: 1,507
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 24, 2016 09:00 AM EDT Reads: 813