05:33:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Augusta Industries Inc
Symbol AAO
Shares Issued 210,149,622
Close 2016-08-22 C$ 0.025
Market Cap C$ 5,253,741
Recent Sedar Documents

Augusta Industries earns $149,000 in first half of 2016

2016-08-23 09:45 ET - News Release

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)
                                               ----------         ----------
Gross profit                                      692,000            305.000
                                               ----------         ----------
Expenses
Research and development                           74,000            106,000
Selling                                            19,000             22,000
General and administrative                        448,000            489,000
                                               ----------         ----------
Total operating expenses                          541,000            617,000
                                               ----------         ----------
Earnings from operations                          151,000           (312,000)
Other expenses
Finance expense, foreign exchange and
(loss) on investments                               4,000           (166,000)
                                               ==========         ==========
Net income (loss) for the period
before taxes                                      155,000           (478,000)
Income taxes                                       (6,000)                 -
                                               ----------         ----------
Net income (loss) for the period                  149,000           (478,000)
                                               ==========         ==========
Earnings (loss) per share,                        
basic and diluted                                   0.001             (0.002)
                                               ==========         ==========

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.

© 2024 Canjex Publishing Ltd. All rights reserved.