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Share Name | Share Symbol | Market | Type |
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TSXV:PVI | TSX Venture | Common Stock |
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Pro-Trans Ventures Inc. (the "Company") (TSX VENTURE:PVI) today reported financial results for the Company's three and nine months ended September 30, 2013. "We are pleased with the results for the quarter and the continued profitability trend we have seen throughout this year," stated Mr. Martin Carsky, President and Chief Executive Officer of the Company. "From the fourth quarter of 2012, our worst quarter in the Company's history, we have shown steady improvement throughout each quarter this year. The credit for that lies with our unique business model supported by our talented and dedicated team at Maple Leaf Loading who have worked hard during a challenging period for the Company," added Mr. Carsky. THIRD QUARTER HIGHLIGHTS -- Revenue for the third quarter was $15.4 million as compared to $15.5 million in the second quarter -- EBITDA for the third quarter increased to $1.6 million from $1.2 million in the second quarter -- Comprehensive income for the third quarter was $0.3 million as compared to a loss of $0.2 million in the second quarter -- Successfully re-negotiated contract terms with a key customer -- Completed a short term contract with a new client for an end-to-end logistics solution -- Extended the repayment term of our convertible debenture To view the graph "Quarterly EBITDA," please visit the following link: http://media3.marketwire.com/docs/pro-trans_ventures_graph01_nov22.pdf Summary Financial Results ---------------------------------------------------------------------------- (millions of Cdn. Dollars) Q4 FY2012 Q1 FY2013 Q2 FY2013 Q3 FY2013 ---------------------------------------------------------------------------- Revenue 10.3 13.3 15.5 15.4 ---------------------------------------------------------------------------- EBITDA (1.2) 0.7 1.2 1.6 ---------------------------------------------------------------------------- Comprehensive income/(loss) (1.8) (0.3) (0.2) 0.3 ---------------------------------------------------------------------------- The full version of the Company's financial statements and Management's Discussion and Analysis can be viewed on the Company's website at www.protransventures.com, or on SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated. OUTLOOK The financial results for the third quarter continue to demonstrate the trend of improved operating performance shown during 2013 as compared to the results in the fourth quarter of 2012. Revenues for the third quarter reflect the increased capacity resulting from the arrival of additional power trailers, which enable the Company to more efficiently haul 110 tonnes of coal per load. As well, the revenues include the short term contract with a new client for an end-to-end logistics solution. The business with this new client was concluded at the end of the quarter and the Company does not expect any significant revenue from this customer in the near term. The Company plans to continue to add additional power trailers to its fleet during the fourth quarter of 2013 and the first quarter of 2014 to service its client's requirement for increased volumes. To effectively manage maintenance of these power trailers, the Company expects to complete the fully integrated onsite maintenance facility, started during the second quarter of 2013, by the end of November 2013. The Company expects this facility to support the increased uptime of the fleet combined with a continued focus on safety from a more robust preventative maintenance program. The Company continues to closely review its profitability by line of business for each customer, proposing adjustments where necessary. To broaden its revenue and customer base, the Company continues to prospect new customers for brownfield and greenfield opportunities. ABOUT PRO-TRANS Pro-Trans is a Calgary based public company listed on the TSX Venture Exchange. The Company is actively involved in specialized transportation and logistics services within Western Canada, primarily through its wholly owned subsidiary, Maple Leaf Loading Ltd. ("Maple Leaf"), based in Prince George, BC. Maple Leaf, a mining support company, offers specialized transportation services related to the management, handling, and transportation of coal and ore concentrates for customers in the mining industry in BC, Alberta, and the Yukon. NON-IFRS MEASURES The discussion of financial results in this press release includes reference to EBITDA which is a non-IFRS measure. The Company provides this measure as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three and nine months ended September 30, 2013 for a definition and reconciliation of this measures to the Company's financial statements. FORWARD-LOOKING INFORMATION This press release contains certain statements or disclosures relating to Pro-Trans that are based on the expectations of Pro-Trans as well as assumptions made by and information currently available to Pro-Trans which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the future financial and operational performance of the Corporation with respect to the Corporations customer base, the addition of new equipment and the completion of an on-site maintenance facility. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Pro-Trans' control. Many factors could cause the performance or achievement by Pro-Trans to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking information. Pro-Trans' Annual Information Form, Management's Discussion and Analysis and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe certain risks, material assumptions and other factors that could influence actual results. Pro-Trans disclaims any intention or obligation to publicly update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws. 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. Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) Three Months Ended Nine Months Ended September 30, September 30, ---------------------------------------------------------------------------- 2013 2012 2013 2012 $ $ $ $ ------------------------------------------------ Revenue: Operating 15,301,310 18,003,198 43,993,341 53,420,509 Leasing 75,141 75,140 225,421 225,420 ------------------------------------------------ 15,376,451 18,078,338 44,218,762 53,645,929 ------------------------------------------------ Expenses: Operating 11,760,893 13,499,372 34,560,144 40,576,793 Depreciation 895,483 750,330 2,578,885 2,142,300 Equipment rentals and leases 969,718 1,213,967 3,021,017 3,511,663 General and administrative 988,916 1,065,778 3,093,854 3,108,298 Amortization of intangible asset 50,000 50,000 150,000 150,000 Net finance costs 421,541 382,430 1,221,302 1,126,966 Gain on sale of property, plant and equipment (31,599) (171,591) (168,073) (181,706) Share-based compensation 14,951 - 79,797 - ------------------------------------------------ Income (loss) before income taxes 306,548 1,288,052 (318,164) 3,211,615 Income tax expense (benefit) Current - 244,435 - 512,034 Deferred 87,500 38,719 (45,500) 293,359 ------------------------------------------------ Net income (loss) and comprehensive income (loss) for the period 219,048 1,004,898 (272,664) 2,406,222 ------------------------------------------------ Weighted average shares outstanding 26,641,033 26,256,903 26,438,068 26,256,903 Earnings (loss) per share - basic $0.01 $0.04 ($0.01) $0.10 Earnings (loss) per share - diluted $0.01 $0.03 ($0.01) $0.07 ------------------------------------------------ Condensed Consolidated Interim Statements of Financial Position September 30, December 31, 2013 2012 $ $ ------------------------------- Assets Current assets: Cash 264,700 7,956 Accounts receivable 7,793,119 4,249,118 Corporate income taxes receivable 244,564 1,006,502 Inventories 1,605,414 1,332,229 Prepaid expenses and deposits 1,850,354 1,684,438 ------------------------------- 11,758,151 8,280,243 Prepaid deposits on leases 173,610 260,726 Property, plant and equipment 23,062,637 22,811,252 Goodwill and intangible assets 8,823,754 8,973,754 ------------------------------- TOTAL ASSETS 43,818,152 40,325,975 ---------------------------------------------------------------------------- September 30, December 31, 2013 2012 $ $ ------------------------------- Liabilities and Shareholders' Equity Current liabilities Bank indebtedness 3,780,229 134,280 Accounts payable and accrued liabilities 6,708,546 4,970,648 Deferred revenue and customer deposits 407,542 1,562,541 Current portion of long term debt 410,674 291,566 Current portion of obligations under capital leases 14,425,077 13,474,622 Current portion of due to former shareholder 119,549 159,319 Demand loans payable 475,592 571,442 ------------------------------- 26,327,209 21,164,418 ------------------------------- Non-current liabilities Long term debt - 80,935 Obligations under capital leases - 1,473,227 Convertible debenture loan 4,783,759 4,609,124 Payable to former shareholders of subsidiary - 79,720 Deferred income taxes 1,806,194 1,851,694 ------------------------------- 32,917,162 29,259,118 ------------------------------- Shareholders' equity Share capital - common shares 8,879,419 8,851,069 Contributed surplus 1,603,348 1,524,901 Equity component of convertible debt 525,000 525,000 Retained earnings (deficit) (106,777) 165,887 ------------------------------- 10,900,990 11,066,857 ------------------------------- Commitments TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 43,818,152 40,325,975 Condensed Consolidated Interim Statements of Changes in Shareholders' Equity Equity Portion Contri- Conver- Retained Common Shares buted tible Earnings Number Amount Surplus Debt (Deficit) Total ------ ------ ------- ---- ------- ----- $ $ $ $ $ Balances January 1, 2013 26,256,903 8,851,069 1,524,901 525,000 165,887 11,066,857 Grant of options 79,797 79,797 Exercise of options 270,000 28,350 (1,350) 27,000 Shares issued on conversion of warrants 1,500,000 - - Net income (loss) and comprehen- sive income (loss) for the period (272,664) (272,664) -------------------------------------------------------------- Balances September 30, 2013 28,026,903 8,879,419 1,603,348 525,000 (106,777) 10,900,990 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Balances January 1, 2012 23,810,000 8,088,140 2,250,330 525,000 (478,990) 10,384,480 Shares issued on conversion of warrants 2,446,903 762,929 (762,929) Net income and comprehen- sive income for the period 1,401,324 1,401,324 -------------------------------------------------------------- Balances September 30, 2012 26,256,903 8,851,069 1,487,401 525,000 1,927,232 11,785,804 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Condensed Consolidated Interim Statements of Cashflow Three Months Ended Nine Months Ended September 30, September 30, ---------------------------------------------------------------------------- 2013 2012 2013 2012 Cash provided by (used in): $ $ $ $ ------------------------------------------------ Operations: Net income (loss) for the period 219,048 1,004,898 (272,664) 2,406,222 Adjustments for: Depreciation and amortization 895,483 750,330 2,578,885 2,142,300 Finance costs 421,541 382,430 1,221,302 1,126,966 Gain on sale of property, plant and equipment (31,599) (171,591) (168,073) (181,706) Share-based compensation 14,951 - 79,797 - Change in prepaid deposits on leases (87,565) 29,841 87,116 89,522 Amortization of intangible assets 50,000 50,000 150,000 150,000 Income tax expense (benefit) 87,500 283,154 (45,500) 805,393 Changes in items of working capital: Accounts receivable (526,566) (1,503,148) (3,544,001) (3,166,913) Inventories (309,288) 67,408 (273,185) 46,384 Prepaid expenses and deposits 128,368 (624,274) (165,916) (645,976) Accounts payable and accrued liabilities 412,428 (2,027,035) 1,737,898 157,786 Deferred revenue and customer deposits (577,500) - (1,154,999) - Interest paid (364,557) (320,410) (1,046,667) (936,895) Income tax recovered (paid) 729,678 (127,686) 761,938 (388,807) ------------------------------------------------ Net cash provided by (used in) operating activities 1,061,922 (2,206,083) (54,069) 1,604,276 ------------------------------------------------ Financing: Proceeds of bank indebtedness 593,361 - 3,645,948 - Repayment of demand loans payable (32,020) (31,744) (95,850) (95,031) Proceeds of long term debt - - 298,464 1,286,947 Repayment of long-term debt (57,062) (263,701) (260,291) (679,065) Proceeds from capital lease obligations 953,500 43,808 2,155,388 43,808 Repayment of obligations under capital leases (897,555) (1,327,519) (2,678,160) (3,043,464) Repayments to former shareholders of subsidiary (53,107) (39,830) (119,490) (273,509) Proceeds on exercise of stock options - - 27,000 - ------------------------------------------------ Net cash provided by (used in) financing activities 507,117 (1,618,986) 2,973,009 (2,760,314) ------------------------------------------------ Investing: Proceeds on disposal of property, plant and 1,195,681 979,830 2,147,368 1,030,830 equipment Purchase of property, plant and equipment (2,507,007) (291,136) (4,809,564) (1,684,252) ------------------------------------------------ Net cash used in investing activities (1,311,326) 688,694 (2,662,196) (653,422) ------------------------------------------------ Increase (decrease) in cash 257,713 (3,136,375) 256,744 (1,809,460) Cash, beginning of period 6,987 1,389,576 7,956 62,661 ------------------------------------------------ Cash, end of period 264,700 (1,746,799) 264,700 (1,746,799) ---------------------------------------------------------------------------- FOR FURTHER INFORMATION PLEASE CONTACT: Pro-Trans Ventures Inc. Martin Carsky President & Chief Executive Officer (250) 614-7277 mcarsky@protransventures.com Pro-Trans Ventures Inc. Derrek Wong, MBA, CFA, FCMA Chief Financial Officer (403) 452-7055 dwong@protransventures.com
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