Mr. Terry Vaudry reports

PACIFIC SAFETY PRODUCTS REPORTS THIRD QUARTER 2015 RESULTS

Pacific Safety Products Inc. today released financial results for the three-month period ended March 31, 2015.

Highlights:

• Revenues for the third quarter were $5.0-million, an increase of 35.1 per cent compared with revenues of $3.6-million during the third quarter of fiscal 2014.
• Adjusted earnings before interest, taxes, depreciation and amortization were $252,257 compared with the adjusted EBITDA of $206,264 during the third quarter of the prior year.
• The company reported net income for the third quarter of $78,995 compared with a net income of $51,118 during the third quarter of the prior year.
• When the company normalizes short-term Canadian currency pressures on purchasing raw material in Canada, continuing legal expenses and other non-recurring costs, earnings before interest, taxes, depreciation and amortization grew to over $440,000 in the quarter.
• Gross margin as a percentage of revenues for the third quarter was 27.3 per cent compared with 28.0 per cent for the third quarter of the prior year.
• Working capital grew from $1.6-million to $2.4-million in the quarter.

"PSP grew its revenues and EBITDA in the quarter and will continue to invest in its ongoing business growth and expansion," said chief executive officer Terry Vaudry. "We remain committed to revenue growth as well as delivering earnings while preparing the company for significant opportunities in this calendar year."

To review the management's discussion and analysis and corresponding financial statements, please go to PSP's section on SEDAR.

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