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.

Contacts:
Michael Zheng
Skyone International Securities Corporation
Tel: 416.268.6178
Email: [email protected]

Mary Ma, CFO
Tel: 604.277.6678
Email: [email protected]

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
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.