Mr. Allen Lone reports
AUGUSTA INDUSTRIES REPORTS RECORD SALES FOR THIRD QUARTER OF 2016
Augusta Industries Inc. has released its financial results for the nine months ending Sept. 30, 2016. For the period ending Sept. 30, 2016, the corporation had record revenues of $3,297,000, an increase of $1,604,000 or 95 per cent as compared with the nine months ending Sept. 30, 2015.
"We are extremely pleased with the record sales and the financial results for the three quarters of 2016," said Allen Lone, president of the corporation. "The results for the three quarters of 2016 is an indication of the success that the corporation has had in signing new quarters in 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 before tax for the nine months ending Sept. 30, 2016, was
$80,000 as compared with a loss of $689,000 for the nine months ending
Sept. 30, 2015 -- an improvement of $769,000.
-
The net gain per share for the nine months ending Sept. 30, 2016, was
0.3 cent compared with the nine months ending Sept. 30, 2015.
-
Gross profit for the nine months ending Sept. 30, 2016, was $878,000
(26.6 per cent) compared with $433,000 (25.6 per cent) for the nine months ending
Sept. 30, 2015. The corporation also reduced its operating expenses
in the nine months ending Sept. 30, 2016, to $797,000 from $920,000
for the same period in 2015.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Nine months ended Sept. 30
2016 2015
Sales $3,297,000 $1,693,000
Cost of sales (2,419,000) (1,260,000)
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Gross profit 878,000 433,000
Expenses
Research and development (113,000) (155,000)
Selling (28,000) (32,000)
General and administrative (656,000) (733,000)
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Total operating expenses (797,000) (920,000)
---------- ----------
Income (loss) from operations 81,000 (487,000)
Finance costs (13,000) (72,000)
Loss on sale of investments - (43,000)
Foreign exchange gain (loss) 12,000 (87,000)
---------- ----------
Net income (loss) for the period
before tax 80,000 (689,000)
Income tax expense (6,000) -
---------- ----------
Net income (loss) for the period 74,000 (689,000)
========== ==========
Other comprehensive income (loss) (5,000) 5,000
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Total comprehensive income (loss)
for the period $69,000 $(684,000)
========== ==========
Earnings (loss) per common share
based on net income (loss) for the period
Basic and diluted $0.000 $(0.003)
The financial statements, notes to the financial statements, and management's discussion and analysis for the nine months ending Sept. 30, 2016, are available on SEDAR.
We seek Safe Harbor.
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