19:54:33 EST Sat 04 Feb 2023
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Atlas Engineered Products Ltd
Symbol AEP
Shares Issued 59,323,049
Close 2022-03-21 C$ 0.64
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Atlas estimates 2021 revenues at $55-million

2022-03-21 12:17 ET - News Release

Mr. Hadi Abassi reports


Atlas Engineered Products Ltd. has released its preliminary financial results for the three months and full year ended Dec. 31, 2021.

The company has continued to carry the strong momentum generated in the first nine months of 2021 into the fourth quarter of 2021. The company expects to recognize revenues of approximately $13.9-million for the three months ended Dec. 31, 2021, expected to represent a 25-per-cent increase from the three months ended Dec. 31, 2020, during which the company reported revenues of $11.1-million. It should be noted that the company's fourth quarter is traditionally a slower quarter due to weather conditions in most of the company's markets. For the fiscal year ended Dec. 31, 2021, the company expects to recognize revenues of just under $55-million compared with revenues of $35.7-million reported by the company for the year ended Dec. 31, 2020, expected to represent an increase of $19.3-million or 54 per cent.

These results are still pending external audit completion and may change by the time final fiscal 2021 results are reported and filed. Full audited 2021 year-end financial results are expected to be released mid-April.

"The company continues to manage through the construction industry challenges of volatile raw material prices, labour tightness and strong product demand," states chief executive officer Hadi Abassi. "I am very proud of our incredibly hard working AEP team and look forward to another year of strong results in 2022. We will continue to focus on organic revenue growth, improving operating efficiencies and increasing automation, all while maintaining an eye towards further accretive acquisitions."

About Atlas Engineered Products Ltd.

Atlas Engineered is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. The company has a well-defined and disciplined acquisition and operating growth strategy enabling it to scale aggressively and apply new technologies, giving it a unique opportunity to consolidate a fragmented industry of independent operators.

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