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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Questor Technology Inc | TSXV:QST | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.005 | 1.27% | 0.40 | 0.40 | 0.43 | 0.40 | 0.40 | 0.40 | 15,100 | 21:00:03 |
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THIS DOCUMENT IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
Questor Technology Inc. ("Questor" or the "Company") (TSX VENTURE:QST) announced
today its financial and operating results for the first quarter of 2014. Revenue
this quarter was $3.2 million, 87 per cent higher than the first quarter of
2013, mainly due to higher sales activity in Canada. The Company reported a 92
per cent improvement in profit at $801,750(2) ($0.032 per basic share) for the
three months ended March 31, 2014 compared to a profit of $417,084 ($0.017 per
basic share) for the same three-month period of the prior year.
The increase in profit was due primarily to higher revenues arising out of the
increased volume of incinerators sold. Also contributing to the increase were
higher revenues from Incinerator and combustion services while lower Incinerator
rental income, higher average cost of sales and administrative expense and
higher income tax expense partially offset the impact on earnings of the
increased sales revenues. Higher net foreign exchange gains recorded in the
first quarter of 2014 compared to the same period of 2013 also contributed to
the the Company's overall improved performance.
FINANCIAL HIGHLIGHTS SUMMARY
(Stated in Canadian dollars except shares outstanding)
Increase
For the three months ended March 31 2014 2013 (decrease)
----------------------------------------------------------------------------
Revenue 3,214,437 1,719,577 1,495,860
Gross profit(1) 1,442,541 890,441 552,100
EBITDA(1) 1,154,868 656,220 468,648
Profit for the period(1)(2) 801,750 417,084 384,666
Cost of sales as a percent of
revenue(1) 55.1% 48.2% 6.9%
Funds flow from operations before
movements in non-cash working
capital(1) 1,255,065 662,405 592,660
Earnings per share
- Basic 0.032 0.017 0.015
- Diluted 0.031 0.017 0.014
----------------------------------------------------------------------------
March 31, December 31, Increase
As at 2014 2013 (decrease)
----------------------------------------------------------------------------
Total assets 14,794,863 14,029,829 765,034
Non-current liabilities 152,906 175,130 (22,224)
Shares outstanding(3)
Basic 25,282,370 25,102,265 180,105
Diluted 26,117,133 25,939,888 177,245
----------------------------------------------------------------------------
(1) Non-IFRS financial measure. Please see discussion in the Non-IFRS
Financial Measures section of Questor's Management's Discussion and
Analysis for the year ended December 31, 2013.
(2) Before Other comprehensive income (loss).
(3) Weighted average.
The Company has received confirmed incinerator sales orders for $3.8 million
since the start of the year. The units are expected to be delivered in the
second and third quarter of 2014 and the associated revenue recorded at that
time. Management is in discussions with several companies in Canada and the U.S.
with respect to terms and conditions on additional incinerator orders, the
revenue for which will be recorded at the time the units are fabricated and
ready for delivery in the third and fourth quarters of 2014. For certain sizes
of units, the inventory that management built up over the latter half of 2013
will ensure that the Company is able to provide clients with short delivery
times on their orders.
At present, Questor has approximately 90 percent of the available rental
incinerator capacity committed under term contracts and is operating in the
traditional Western Canada markets as well as new markets in the United States.
Management expects to continue to issue orders for fabrication of additional
units for completion in the third and fourth quarters to add to the rental
fleet.
"The heightened environmental focus on emissions from flaring, climate change
and the health concerns arising from the impacts of poor air quality has created
a significant and growing market opportunity for Questor both domestically and
internationally. It has become essential for our clients to address these issues
to obtain approval for projects and the social license to operate," said Ms.
Audrey Mascarenhas, Questor's President and CEO. "As the U.S. adopts the new EPA
rules, the demand for our products continues to develop in both the sales and
rental businesses," she continued. "We have an inventory of units available and
have fabrication partners with sufficient capacity to meet new orders."
Questor's product quality and combustion expertise are becoming more recognized
on a daily basis globally. Our incineration technology is unique in its ability
to allay public concerns regarding air quality and is capable of meeting
emissions standards across a broad range of applications. Emissions legislation
introduced in the United States and Europe is expected to continue to increase
interest in our technology as companies look for solutions to flaring and
emissions control."
On January 31, 2014, Questor acquired 100% of the outstanding shares of
ClearPower Systems Inc., ("ClearPower") a company incorporated in 2010 under the
laws of the state of Delaware. ClearPower has developed technology that will
translate waste heat from any source into power. The integration of waste heat
from Questor's incineration process with the power generation capability of the
ClearPower technology is expected to present a valued solution for many of its
customers. "We are planning to commission a demonstration of this integration in
the fourth quarter of 2014 at an oil and gas facitlity in close proximity to
Calgary," said Ms Mascarenhas. "In addition we continue to evaluate the
substantial waste heat market that the ClearPower technology can be applied
directly to. These two large waste heat areas present opportunities that Questor
continues to prepare for and we anticipate revenue generation in 2015."
"We are focused and committed to providing continued excellence in combustion
products and services while we select our next steps in respect of introducing
Clearpower as a complementary technology to the enormous waste heat markets. Our
planning around fabrication has us well positioned to pursue growth
opportunities in North America and Europe over the remainder of this year and
into 2015," concluded Ms. Mascarenhas.
Ms. Mascarenhas was invited to join the Alberta Small Medium Enterprise ("SME")
Export Council whose mission is to provide advice to the provincial Minister of
International and Intergovernmental relations on measures to expand, encourage
and facilitate access of Alberta SMEs to foreign markets. The Council met for
the first time in Edmonton on April 29, 2014.
She also spoke as a member of the Society of Professional Engineers at their
Environmental Impact Workshop in Halifax, Nova Scotia on May 14, 2014 on the
topic of Economic Implications of Compliance.
Shareholders are invited to attend the Company's Annual General Meeting to be
held on Tuesday, June 24, 2014 at 3:00 p.m. MDT in the Company's Corporate
Offices at 1121, 940 - 6th Avenue S.W, Calgary, Alberta. In addition to the
formal business items, management will be presenting an overview of Questor's
results for the financial year ended December 31, 2013 and first quarter ended
March 31, 2014 and discussing the Company's strategic initiatives for 2014.
Questor's unaudited condensed consolidated financial statements and notes
thereto and management's discussion and analysis for the three months ended
March 31, 2014 will be available shortly on the Company's website at
www.questortech.com and through SEDAR at www.sedar.com.
ABOUT QUESTOR TECHNOLOGY INC.
Questor is an international environmental oilfield services provider founded in
late 1994 and headquartered in Calgary, Alberta, Canada with a field office
located in Grande Prairie, Alberta. The Company is focused on clean air
technologies with activities in Canada, the United States, Europe and Asia.
Questor designs and manufactures high efficiency waste gas incinerators for sale
or for use on a rental basis and also provides combustion-related oilfield
services. The Company's proprietary incinerator technology destroys noxious or
toxic hydrocarbon gases which enables regulatory compliance, environmental
protection, public confidence and reduced operating costs for customers. Questor
is recognized for its particular expertise in the combustion of sour gas (H2S).
The technology creates an opportunity to utilize the heat generated from
efficient combustion which can be been used for water vaporization, process heat
and power generation, through ClearPower Solutions (a subsidiary of Questor).
While Questor's current customer base operates primarily in the crude oil and
natural gas industry, this technology is applicable to other industries such as
landfills, water and sewage treatment, tire recycling and agriculture.
Questor trades on the TSX Venture Exchange under the symbol "QST".
Certain information in this news release constitutes forward-looking statements.
When used in this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose", "estimate",
"expect", and similar expressions, as they relate to the Company, are intended
to identify forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. These statements
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's current views
with respect to future events based on certain material factors and assumptions
and are subject to certain risks and uncertainties, including without
limitation, changes in market, competition, governmental or regulatory
developments, general economic conditions and other factors set out in the
Company's public disclosure documents. Many factors could cause the Company's
actual results, performance or achievements to vary from those described in this
news release, including without limitation those listed above. These factors
should not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this news release and such forward-looking statements included in,
or incorporated by reference in this news release, should not be unduly relied
upon. Such statements speak only as of the date of this news release. The
Company does not intend, and does not assume any obligation, to update these
forward-looking statements. The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
Neither 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.
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Stated in Canadian dollars
Unaudited
March 31 December 31
As at 2014 2013
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 6,023,026 $ 7,323,303
Trade and other receivables 3,879,578 2,863,257
Inventories 2,347,975 2,359,276
Prepaid expenses and deposits 93,048 124,163
Current tax assets - 77,849
----------------------------------------------------------------------------
Total current assets $ 12,343,627 12,747,848
----------------------------------------------------------------------------
Non-current assets
Property and equipment 1,533,329 1,256,066
Intangible assets 230,509 25,915
Goodwill 687,398 -
----------------------------------------------------------------------------
Total non-current assets 2,451,236 1,281,981
----------------------------------------------------------------------------
Total assets $ 14,794,863 $ 14,029,829
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Trade payables, accrued liabilities,
provisions $ 1,768,737 $ 1,746,259
Deferred revenue and deposits 450,238 252,356
Current portion of lease inducement 52,002 52,002
Current tax liabilities 371,864 638,527
----------------------------------------------------------------------------
Total current liabilities 2,642,841 $ 2,689,143
----------------------------------------------------------------------------
Non-current liabilities
Deferred tax liabilities 44,570 53,793
Lease inducement 108,336 121,337
----------------------------------------------------------------------------
Total non-current liabilities 152,906 175,130
----------------------------------------------------------------------------
Total liabilities 2,795,747 $ 2,864,274
----------------------------------------------------------------------------
Capital and reserves
Issued capital 5,680,655 5,636,119
Reserves 692,081 703,156
Retained earnings 5,628,030 4,826,280
Cumulative translation adjustment (1,650) -
----------------------------------------------------------------------------
Total equity 11,999,116 11,165,555
----------------------------------------------------------------------------
Total liabilities and equity $ 14,794,863 $ 14,029,829
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Stated in Canadian dollars except per share data
Unaudited
For the three months ended March 31 2014 2013
----------------------------------------------------------------------------
Revenue $ 3,215,437 $ 1,719,577
Cost of sales (1,772,896) (829,136)
----------------------------------------------------------------------------
Gross profit 1,442,541 890,441
Administration expenses (487,156) (353,550)
Net foreign exchange gains (losses) 143,153 44,997
Depreciation of property and equipment (11,965) (10,740)
Amortization of intangible assets (305) (305)
Other income 2,700 4,675
----------------------------------------------------------------------------
Profit before tax 1,088,968 575,518
Income tax expense (287,218) (158,434)
----------------------------------------------------------------------------
Profit for the period $ 801,750 $ 417,084
----------------------------------------------------------------------------
Other comprehensive (loss) income, net of
income tax
Exchange differences on translating foreign
operations (1,650) -
----------------------------------------------------------------------------
Total comprehensive income for the period $ 800,100 $ 417,084
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share, Profit for the period
Basic $ 0.032 $ 0.017
Diluted $ 0.031 $ 0.017
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Stated in Canadian dollars
Unaudited
Cumulative
Issued Retained Translation
Capital Reserves Earnings Adjustment Total Equity
----------------------------------------------------------------------------
Balance at
January 1, 2014 $5,636,119 $ 703,156 $4,826,280 $ - $11,165,555
Profit for the
period - - 801, 750 - 801,750
Recognition of
share-based
payments - 16,711 - - 16,711
Issue of ordinary
shares under
employee share
option plan 44,536 (27,786) - - 16,750
Translation of
foreign
operations - - - (1,650) (1,650)
-----------------------------------------------------------
Balance at March
31, 2014 $5,680,655 $ 692,081 $5,628,030 $ (1,650) $11,999,116
-----------------------------------------------------------
Cumulative
Issued Retained Translation Total
Capital Reserves Earnings Adjustment Equity
----------------------------------------------------------------------------
Balance at
January 1, 2013 $5,521,001 $ 676,834 $2,282,231 $ - $ 8,480,066
Profit and total
comprehensive
income - 417,084 - 417,084
Recognition of
share-based
payments - 18,796 - - 18,796
Issue of ordinary
shares under
employee share
option plan - - - -
-----------------------------------------------------------
Balance at March
31, 2013 $5,521,001 $ 695,630 $2,699,315 $ - $ 8,915,946
-----------------------------------------------------------
The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.
---------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Stated in Canadian dollars
Unaudited
For the three months ended March 31 2014 2013
----------------------------------------------------------------------------
Cash flows from operating activities
Profit and total comprehensive income $ 800,100 $ 417,084
Adjustments for:
Income tax expense 287,218 158,434
Depreciation of property and equipment 65,596 80,397
Amortization of intangible assets 305 305
Net unrealized foreign exchange (gains)
losses 85,136 (12,611)
Expense recognized in respect of equity-
settled share-based payments 16,711 18,796
----------------------------------------------------------------------------
1,255,065 662,405
Movements in non-cash working capital (891,550) (156,651)
----------------------------------------------------------------------------
Cash generated from operations 363,515 505,754
Income taxes paid (583,871) -
----------------------------------------------------------------------------
Net cash (used in) generated from operating
activities (220,356) 505,754
----------------------------------------------------------------------------
Cash flows used in investing activities
Payments for property and equipment (46,776) (90,355)
Payments for intangible assets (50,858) -
Acquisition of a business (1,000,710) -
----------------------------------------------------------------------------
Net cash used in investing activities (1,098,344) (90,355)
----------------------------------------------------------------------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
under employee share option plan 16,750 -
----------------------------------------------------------------------------
Net cash generated from financing activities 16,750 -
----------------------------------------------------------------------------
Net (decrease) increase in cash (1,301,950) 415,399
Cash and cash equivalents at beginning of
the period 7,323,303 4,405,624
Effects of translation of foreign currency
items 1,673 6,246
----------------------------------------------------------------------------
Cash and cash equivalents at end of the
period $ 6,023,026 $ 4,827,269
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Questor Technology Inc.
Audrey Mascarenhas
President and Chief Executive Officer
(403) 571-1530
(403) 571-1539 (FAX)
amascarenhas@questortech.com
www.questortech.com
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