|By Marketwired .||
|August 26, 2014 07:00 AM EDT||
KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 08/26/14 -- NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") - (TSX VENTURE: NXX) is pleased to announce the filing of the quarterly financial statements and management discussion and analysis for the fiscal period ended June 30, 2014. This information is available on SEDAR and the Corporation's website.
Highlights for this three month period are as follows:
-- Record six month revenues of $10,112,969, an increase of 27.1% from the previous year's comparable six month period; -- Gross profit of $1,262,691 in 2nd quarter, an increase of 48.4% from the previous years comparable three month period; -- Net income before tax in 2nd quarter of $353,395; -- Net income after tax in 2nd quarter of $261,729, an increase of 1821.4% from the previous years comparable three month period; -- Increase in manufacturing capacity of "Buttbuster" line of products from new facility; -- Increase in recognition of revenue from new distribution locations located in Ontario; -- Determined key location for initial distribution site and identified potential locations for manufacturing site in Western Canada through joint venture with the Pacific Group of Companies; -- Completed logistics analysis for transportation of Nordex products to Western Canada.
President and CEO Jim Taylor states; "Nordex is experiencing the benefits from our plans in 2013 to better position the Company competitively with the development of new products, the unique design and fabrication of specialized explosives delivery/loading systems and the opening of several strategic sites to better serve the needs of both the mining and construction industries. Word is spreading about the increased safety benefits and cost efficiencies available to customers who work with us. It is anticipated the demand for our products and services will continue to grow with increased industry and market exposure. New marketing initiatives and further expansion opportunities are being developed to support continued potential revenue growth through 2014 and beyond."
About Nordex Explosives
Nordex Explosives Ltd. is a Canadian-based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at www.nordexexplosives.com.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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