Mr. Jim Taylor reports
NORDEX EXPLOSIVES QUARTER 3 FINANCIAL RESULTS
Nordex Explosives Ltd. has filed its third quarter financial statements and management discussion and analysis for the fiscal period ended Sept. 30, 2015. This information is available on SEDAR and the corporation's website.
Highlights for the third quarter ending Sept. 30, 2015
- Revenue of $3,756,442 for the period;
- Gross profit margin of 17 per cent for the period, compared with 8.9 per cent in the first quarter and 13.3 per cent in the second quarter;
- Total assets of $18,652,845 and total liabilities of $10,335,808 for a
book value of $8,317,037;
- Signed two-year supply agreement with Alamos Gold Inc. for the supply of
explosive products to the Young-Davidson mine located in Matachewan,
Ont.;
- Signed an exclusive supply agreement with Technica Mining for the Harte
gold project;
- Entered into an unsecured loan agreement with NIL Funding Corp. for up
to $2-million.
President and chief executive officer Jim Taylor states: "This quarter the effects of our reductions in general and administrative expenses have started to be realized as evidenced by increases in our gross margins each successive quarter in 2015. This trend is expected to continue for the balance of 2015 and into 2016. We also expect product demand to begin increasing in 2016 as we continue to focus on new opportunities in the construction and quarry sectors."
© 2024 Canjex Publishing Ltd. All rights reserved.