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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlas Engineered Products Ltd | TSXV:AEP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.48 | 1.52 | 1.52 | 1.48 | 1.51 | 39,681 | 21:00:19 |
NANAIMO, BC, May 26, 2023 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce its financial and operating results for the three months ended March 31, 2023. All amounts are presented in Canadian dollars.
"I continue to be proud of the AEP team that produced another solid quarter with relatively stable margins in spite of the reduced material prices, increased interest rates causing downward momentum in the contruction sector, and a more overall competitive market," said Hadi Abassi, CEO & President, Founder. "We continue to work hard to ensure the Company is moving forward with organic and acquisitive growth as more housing is desperately needed in Canada and we strive to be the partner of choice for contractors and homeowners during their construction projects."
SELECTED FINANCIAL RESULTS | Three | Three |
Mar 2023 | Mar 2022 | |
Revenue | $9,629,368 | $12,434,414 |
Cost of Sales | 6,773,587 | 8,548,057 |
Gross Profit | 2,855,781 | 3,886,357 |
Gross Margin % | 30 % | 31 % |
Operating Expenses | 2,025,670 | 1,634,184 |
Operating Income | 830,111 | 2,252,173 |
Net Income After Adjustments and Taxes | 543,300 | 1,563,301 |
Adjusted EBITDA | 1,739,974 | 2,957,446 |
Adjusted EBITDA Margin % | 18 % | 24 % |
Normalized EBITDA | 1,739,974 | 2,957,446 |
Normalized EBITDA Margin % | 18 % | 24 % |
Weighted Average Number of Shares | 57,881,215 | 58,581,042 |
Adjusted EBITDA per Share ($ per share) | 0.03 | 0.05 |
Income per Share, Basic ($ per share) | 0.01 | 0.03 |
Income per Share, Fully Diluted ($ per share) | 0.01 | 0.02 |
Selected Financial Information as at: | ||
Mar 2023 | Dec 2022 | |
Total Assets | $50,524,909 | $50,491,344 |
Total Non-Current Liabilities | 14,101,878 | 14,757,079 |
From the renewal of the NCIB on December 1, 2022, the Company has acquired 738,000 shares for cancellation. The NCIB is ongoing until December 1, 2023 and the Company may purchase up to 4,732,015 common shares of the Company. All purchases of common shares will be made on the open market through the facilities of the TSXV and will be purchased for cancellation.
Housing starts in some parts of the country have declined due to the increase in interest rates and colder than normal winter weather. While the company witnessed a slowdown in the Ontario region in the first quarter, business activity in British Columbia and Manitoba remained robust. Quarter 1 revenues were also impacted by a large order that was delayed and is now expected to be recognized in the second and third Quarter.
AEP has built a strong pipeline of M&A opportunities and will continue to assess new M&A opportunities that fit within the Company's goals and strategies, while also working to bring the latest automation to improve operational efficiencies, and adding new products and services to better serve our customers.
The Company is continuing to operate in a more competitive market for 2023 as interest rates have risen in order to slow inflation. The Company currently anticipates that increased interest rates will have a minimal overall affect on the housing market after the initial impact of the increase given the number of homes that are still needed to support Canada's continued population growth and immigration. The Company will continue to monitor the effects of interest rates on the housing market, and is prepared to manage pricing and explore new markets in order to continue to drive organic growth as much as possible during fiscal 2023.
Certain financial measures in this news release do not have any standardized meaning under IFRS and, therefore are considered non-IFRS or non-GAAP measures. These non-IFRS measures are used by management to facilitate the analysis and comparison of period-to-period operating results for AEP and to assess whether AEP's operations are generating sufficient operating cash flow to fund working capital needs and to fund capital expenditures. As these non-IFRS measures do not have any standardized meaning under IFRS, these measures may not be comparable to similar measures presented by other issuers. The non-IFRS measures used in this news release may include "EBITDA", "EBITDA margin", "adjusted EBITDA", "adjusted EBITDA margin", "normalized EBITDA" and "normalized EBITDA margin". For a description of the composition of these measures, please refer to AEP's Management's Discussion and Analysis for the period ended March 31, 2023 under "Non-IFRS / Non-GAAP Financial Measures", available on AEP's website at www.atlasengineeredproducts.com or on SEDAR at www.sedar.com.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
FORWARD LOOKING INFORMATION
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control. Such factors include, among other things: Risks and uncertainties relating to AEP, including those to be described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2023. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in this news release is derived from the AEP's audited financial statements for the three months ended March 31, 2023 and the related notes thereto as prepared in accordance with International Financial Reporting Standards ("IFRS") and related IFRS Interpretations Committee ("IFRICs") as issued by the International Accounting Standards Board ("IASB"). A copy of AEP's financial statements for the three months ended March 31, 2023 and the related Management's Discussion and Analysis is available on AEP's website at www.atlasengineeredproducts.com or on SEDAR at www.sedar.com.
Financial information for AEP's acquisitions are included in AEP's unaudited financial statements from the date of acquisition. Financial information for acquired businesses for periods prior to the date of acquisition were prepared by management and have not been reviewed or audited by independent auditors.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
Copyright 2023 Canada NewsWire
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