Mr. Allen Lone reports
AUGUSTA INDUSTRIES REPORTS RECORD REVENUE FOR SECOND QUARTER OF 2016
Augusta Industries Inc. has released its financial results for the six months ending June 30, 2016. For the period ending June 30, 2016, the corporation had record revenues of $1,818,000, an increase of $800,000 or 82 per cent as compared with the six months ending June 30, 2015.
"We are extremely pleased as to how the first part of 2016 has unfolded," said Allen Lone, president of the corporation. "The results for the first two quarters of 2016 is an indication of the success that the corporation has experienced in its sales efforts in 2015 and the first part of 2016. The results are a true reflection of the corporation's efforts to increase its sales, decrease costs and focus on a growing market."
Other highlights:
- Net income for the six months ending June 30, 2016, was $149,000 or a net
gain of 0.1 cent per share, an increase of $627,000 or 0.2 cent per share,
as compared with a loss of $478,000 or 0.3 cent per share for the six months
ending June 30, 2015.
- Gross profit for the six months ending June 30, 2016, was $692,000
(38.1 per cent) compared with $305,000 (30.06 per cent) for the six months ending June 30,
2015. The corporation also reduced its operating expenses in the six
months ending June 30, 2016, to $541,000 from $617,000 for the same
period in 2015.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Six months ended June 30,
2016 2015
Revenue $1,818,000 $1,018,000
Cost of sales (1,126,000) (713,000)
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Gross profit 692,000 305.000
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Expenses
Research and development 74,000 106,000
Selling 19,000 22,000
General and administrative 448,000 489,000
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Total operating expenses 541,000 617,000
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Earnings from operations 151,000 (312,000)
Other expenses
Finance expense, foreign exchange and
(loss) on investments 4,000 (166,000)
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Net income (loss) for the period
before taxes 155,000 (478,000)
Income taxes (6,000) -
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Net income (loss) for the period 149,000 (478,000)
========== ==========
Earnings (loss) per share,
basic and diluted 0.001 (0.002)
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The financial statements, notes to the financial statements, and management's discussion and analysis for the three months ending June 30, 2016, are available on SEDAR.
We seek Safe Harbor.
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