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Eurocontrol Technics Group Inc
Symbol EUO
Shares Issued 89,160,738
Close 2015-05-21 C$ 0.08
Market Cap C$ 7,132,859
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Eurocontrol earns $546,267 in Q1

2015-05-21 08:46 ET - News Release

Mr. Bruce Rowlands reports

EUROCONTROL FILES FIRST QUARTER 2015 FINANCIALS

Eurocontrol Technics Group Inc. has filed its first quarter 2015 financial statements and management's discussion and analysis.

The first quarter results include an increase in fiscal year revenue of 36 per cent to $1,931,299 compared with $1,419,480 for the corresponding 2014 period. During the first quarter 2015, the company recognized EBITDA (earnings before interest, taxes, depreciation and amortization) of $707,615 ($232,243 in 2014) resulting in a net gain of $546,267 for the first quarter ($58,929 in 2014). The company has continued its disciplined approach to capital allocation and operational expenditures in 2015.

                        SUMMARIZED FINANCIAL RESULTS                        
                                                                            
                                                      Three months ended    
                                                          March 31,         
                                                       2015         2014 

Revenue                                             $1,931,299   $1,419,480 
Cost of sales                                                              
Cost of sales -- direct production costs              (635,664)    (626,492)
Cost of sales -- amortization and other non-cash                           
items                                                 (113,301)    (113,301)
                                                    ----------   ----------
Gross profit                                         1,182,334      679,687 
                                                    ----------   ----------
Expenses                                               829,876      608,099 
Other expense (income)                                (200,174)          (9)
Income tax expense                                       6,365       12,668 
                                                    ----------   ----------
Net income (loss)                                     $546,267      $58,929 
                                                    ==========   ==========
Basic and fully diluted income per share                 $0.01        $0.00 
EBITDA                                                $707,615     $232,243 
EBIT                                                  $569,821      $97,639 

Bruce Rowlands, chairman and chief executive officer, stated, "Our revenue stability remained strong going into 2015 as a result of the large reoccurring component of our overall revenue, and our EBITDA in the quarter increased significantly compared to the same period in 2014 as a result of management's control on expenses and a contributing grant received from the Chief Scientist Office of Israel in the amount of $200,000 (U.S.)." He added, "The significant reduction in net loss and our positive earnings per share of one cent has gone according to plan and management will continue to accelerate our successful growth strategy."

Andres Tinajero, chief financial officer, commented: "We are also pleased with the strong direct margin of 67 per cent that was achieved with a net margin of 61 per cent when non-cash items are included in the calculation. Our strong cash position of $2,613,476 ($2,268,199 in 2014) enhances our working capital for the current year providing us with the ability to further expand our business."

2015 financial and operating highlights

  • Achieved first quarter revenue of $1,931,299, an increase of 36 per cent from 2014;
  • Recognized record EBITDA of $707,615 compared with $232,243 in 2014;
  • Strong cash position of $2,613,476 compared with $2,268,199 for the first quarter 2014;
  • Recognized operating net income of $546,267 compared with $58,929 for the first quarter 2014, an 827-per-cent increase;
  • Achieved an overall gross margin of 61 per cent, compared with 48 per cent in 2014;
  • Achieved working capital of $2,388,184 compared with 2014 year-end working capital of $1,640,429;
  • Continued cost-efficiencies in 2015.

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