|By Marketwired .||
|August 29, 2014 11:35 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/30/14 --
In the news release published on August 28, the number of Earnings Per Share (Basic) was $6.00, we should read $0.06.
Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period ending June 30, 2014.
-- Sales increased to $15 million during the second quarter in 2014, representing an 85% increase over $8.1million in the same quarter of the previous year. This is the highest quarterly sales in the history of Symax. -- The increase was mainly due to 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, and the recent restructuring of its sales team and sales network to cover the whole of China except for Tibet. -- Gross profit increased to $4.7million during the second quarter in 2014, representing a 116% increase over $2.2 million in the same quarter of the previous year. Gross margin improved to 31% in this quarter, compared to 27% in the same quarter of the previous year as a result of higher pricing, lower purchase price and product design improvements. -- Operation expenses increased by 55% to $2.5 million during the second quarter in 2014 over the same quarter of previous year. 48% of this rise in operation expenses was from increased selling expenses, including increases to freight, commission, VAT surtax associated with sales increase, and sales staff cost increase associated with the recent restructuring of the sales team and sales network and the remaining 52% was from increased G&A expenses, including increases to R&D expenditure on stairlift products, travelling expenses associated with the setup of Symax American and management personnel cost increases associated with a couple of senior managers being hired in late 2013 and early 2014. -- Net income increased to $1.7 million ($0.06 per share) during the second quarter in 2014, representing a 460% increase, compared to $0.3 million ($0.01 per share) in the same quarter of the previous year. -- EBITDA increased to $2.4 million during the second quarter of 2014, representing an increase of 236% over $0.7 million in the same quarter of the previous year.
SUMMARY FINANCIAL STATEMENTS
------------------------------------ in thousands of Canadian dollars Three Months Ended June 30 ------------------------------------ except per share and percentage data 2014 2013 % Change ------------------------------------ Sales 15,042 8,143 85% Gross profit 4,736 2,197 116% Gross margin 31% 27% Operating expenses 2,506 1,617 55% Operating income 2,230 580 284% Other income (loss) (124) (224) (45%) Income taxes 404 53 662% Net income 1,702 303 462% EBITDA 2,448 729 236% Earnings per share - basic $0.06 $0.00 Earnings per share - diluted $0.06 $0.00 30-Jun-14 31-Dec-13 ------------------------ Total assets 56,449 49,089 Current liabilities 37,904 33,309 Long term liabilities 5,908 4,562 Shareholders' equity 12,637 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 85% in the second quarter, the highest quarterly sales and net income in the history of Symax," 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.
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 14, 2016 05:00 AM EST
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Feb. 14, 2016 04:30 AM EST Reads: 401
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 14, 2016 04:00 AM EST Reads: 260
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 14, 2016 04:00 AM EST Reads: 486
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 14, 2016 03:45 AM EST Reads: 476
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 14, 2016 03:30 AM EST Reads: 390
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 14, 2016 02:00 AM EST Reads: 434
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 14, 2016 01:15 AM EST Reads: 294
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 13, 2016 11:15 PM EST Reads: 315
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 13, 2016 09:00 PM EST Reads: 259
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
Feb. 13, 2016 08:45 PM EST Reads: 401
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 13, 2016 08:00 PM EST Reads: 154
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 13, 2016 07:00 PM EST Reads: 421
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 13, 2016 04:45 PM EST Reads: 208
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 13, 2016 04:00 PM EST Reads: 514