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.
© 2024 Canjex Publishing Ltd. All rights reserved.