Click here to close now.




















Welcome!

News Feed Item

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

TORONTO, ONTARIO -- (Marketwired) -- 08/29/14 -- 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
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...