07:27:27 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Augusta Industries Inc
Symbol AAO
Shares Issued 210,149,622
Close 2016-10-19 C$ 0.035
Market Cap C$ 7,355,237
Recent Sedar Documents

Augusta Industries earns $74,000 in nine months

2016-10-19 09:39 ET - News Release

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)
                                             ----------          ----------
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)
                                             ----------          ----------
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
                                             ----------          ----------
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.

© 2024 Canjex Publishing Ltd. All rights reserved.