Welcome!

News Feed Item

CORRECTION FROM SOURCE: Symax Lift (Holdings) Co. Ltd. Announces Second Quarter 2014 Financial Results

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.

Highlights


--  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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...