News Feed Item
Reko Announces Third Quarter Results for Fiscal 2014
|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.
Three Months Nine Months
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
- Concorde Precision Machining Inc.
- Reko Manufacturing Group Inc.
- Reko International Sales Inc.
- Reko International Holdings Inc.
- Reko Global Services, LLC
SYS-CON Events announced today that Hitrons Solutions 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.
Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 29, 2016 08:15 AM EDT Reads: 729
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 29, 2016 08:00 AM EDT Reads: 824
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 29, 2016 08:00 AM EDT Reads: 913
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better.
The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 29, 2016 07:30 AM EDT Reads: 799
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 29, 2016 03:00 AM EDT Reads: 2,413
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years?
This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 29, 2016 02:15 AM EDT Reads: 1,828
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions.
In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 29, 2016 02:15 AM EDT Reads: 2,218
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market.
In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 29, 2016 01:45 AM EDT Reads: 2,191
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things.
And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 29, 2016 01:15 AM EDT Reads: 3,020
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them?
In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 29, 2016 01:00 AM EDT Reads: 2,246
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 29, 2016 12:00 AM EDT Reads: 1,903
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323).
The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 28, 2016 11:15 PM EDT Reads: 2,163
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location.
With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 28, 2016 10:30 PM EDT Reads: 4,069
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage.
Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 28, 2016 08:30 PM EDT Reads: 1,857
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Aug. 28, 2016 08:15 PM EDT Reads: 1,963