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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.38 | 0.37 | 0.395 | 0.38 | 0.38 | 0.38 | 5,473 | 20:46:41 |
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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 three and nine month periods
ended September 30, 2012. The Company reported a profit of $155,386 ($0.006 per
basic share) for the three months ended September 30, 2012 compared to a profit
of $304,596 ($0.012 per basic share) for the same three month period last year.
Profit for the nine months ended September 30, 2012 was $742,264 ($0.030 per
basic share) compared to a profit of $394,057 ($0.016 per basic share) for the
nine months ended September 30, 2011.
FINANCIAL HIGHLIGHTS SUMMARY
(Stated in Canadian dollars except per share amounts)
Three months ended September 30, 2012
---------------------------------------
Increase
2012 2011 (decrease)
----------------------------------------------------------------------------
Revenue 1,112,976 1,580,395 (467,419)
Gross profit(1) 590,994 802,243 (211,249)
EBITDA(1) 299,225 605,795 (306,570)
Profit and total comprehensive income 155,386 304,596 (149,210)
Cost of sales as a percent of
revenue(1) 46.9% 49.2% (2.3)%
Cash generated from operations before
movements in non-cash working
capital(1) 374,491 558,832 (184,341)
Total assets 9,194,824 7,818,476 1,376,348
Non-current liabilities 234,829 226,539 8,290
Shares outstanding(2)
Basic 24,857,370 24,712,261 145,109
Diluted 25,452,830 24,812,335 640,495
Earnings per share - Basic 0.006 0.012 (0.006)
Earnings per share - Diluted 0.006 0.012 (0.006)
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FINANCIAL HIGHLIGHTS SUMMARY
(Stated in Canadian dollars except per share amounts)
Nine months ended September 30, 2012
---------------------------------------
Increase
2012 2011 (decrease)
----------------------------------------------------------------------------
Revenue 4,531,855 3,684,470 847,385
Gross profit(1) 2,093,292 1,558,410 534,882
EBITDA(1) 1,226,329 808,730 417,599
Profit and total comprehensive income 742,264 394,057 348,207
Cost of sales as a percent of
revenue(1) 53.8% 57.7% (3.9)%
Cash generated from operations before
movements in non-cash working
capital(1) 1,327,966 707,341 620,625
Total assets 9,194,824 7,818,476 1,376,348
Non-current liabilities 234,829 226,539 8,290
Shares outstanding(2)
Basic 24,857,370 24,709,018 148,352
Diluted 25,189,409 24,753,921 435,488
Earnings per share - Basic 0.030 0.016 0.014
Earnings per share - Diluted 0.029 0.016 0.013
----------------------------------------------------------------------------
(1) Non-IFRS financial measure. Please see discussion in the Non-IFRS
Financial Measures section of the Company's Management's Discussion and
Analysis for the three and nine month periods ended September 30, 2012.
(2) Weighted average.
The Company's profit and total comprehensive income decreased by $149,210 in
third quarter 2012 compared to the corresponding period in 2011 primarily due to
lower revenues arising from differences in the volume and mix of incinerator
sales in each period and to the net foreign exchange losses recorded in the
current period compared to the net foreign exchange gains recorded in the same
period of 2011. Partially offsetting these impacts to profit and total
comprehensive income was the comparatively higher revenues arising from improved
utilization and rate differences in the incinerator rental and services mix and
lower income tax and administration expenses incurred during third quarter 2012.
The substantial increase to profitability in the nine month period ended
September 30, 2012 is attributable to higher revenues arising from differences
in the volume and mix of incinerator sales in each period and to the stronger
margins achieved in 2012. Higher utilization of the rental incinerator fleet and
lower administration expenses in 2012 also contributed to the positive profit
variance for the first nine months of 2012. The level of profitability achieved
in the first nine months of 2012 is particularly noteworthy on a comparative
basis because second quarter 2011 results reflected a $0.3 million non-recurring
revenue amount.
"Our revenue in the first nine months of 2012 is 23 percent higher than the
corresponding period last year. Our profit is 88 percent higher on a comparative
basis, resulting in earnings per basic share of $0.030 compared to $0.016 per
basic share for the same period in 2011," said Audrey Mascarenhas, President and
Chief Executive Officer. "Our third quarter 2012 results are strong and combined
with incinerator sales revenue generated in the first two quarters of the year
and confirmed incinerator sales orders we anticipate delivering during fourth
quarter 2012, we expect to achieve a $1.3 million increase to incinerator sales
revenue year over year.
Recently enacted hazardous air pollutant regulations in the United States have
opened opportunities for Questor's clean air solutions. Similarly, increasing
shale exploration activities in Europe has lead to public concerns and new
regulations, creating demand for our portable rental incinerator units. We are
pursuing expansion of the Company's presence in both markets," concluded Ms.
Mascarenhas.
In relation to the Company's market awareness and brand recognition initiatives,
Ms. Mascarenhas has made presentations at each of the following events:
-- the 5th International Petroleum and Petrochemical Leadership and
Innovation Summit held in Dongying, Shandong Province, China from
September 17 - 19, 2012;
-- the Canadian Society for Unconventional Resources 14th Annual
Unconventional Resources Conference held October 3 - 4, 2012 in Calgary,
Alberta, Canada; and
-- the 19th International Petroleum Environmental Conference held October
30, 31, and November 1, 2012 in Denver, Colorado, USA.
Ms. Mascarenhas will also make a presentation at the Unconventional Gas Aberdeen
2012 Conference in Aberdeen, Scotland on November 28, 2012.
A copy of each presentation is or will be made available on the Company's website.
Questor's unaudited condensed financial statements and notes thereto and
management's discussion and analysis for the three and nine month periods ended
September 30, 2012 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 service company founded in
late 1994 and headquartered in Calgary, Alberta, Canada with a field office
located in Grande Prairie, Alberta, Canada. 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 ensures regulatory compliance, environmental
protection, public confidence and reduced operating costs for customers. Questor
is recognized for its particular expertise in the combustion of the sulfur
compounds (primarily H2S) in sour gas. While the Company's current customer base
is primarily in the oil and 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.
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF FINANCIAL POSITION
Stated in Canadian dollars
Unaudited
September 30 December 31
As at 2012 2011
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 4,760,902 $ 2,166,301
Short-term investment - 1,007,896
Trade and other receivables 1,377,533 2,852,578
Inventories 577,066 766,028
Prepaid expenses and deposits 105,156 96,296
Current tax assets 25,885 73,341
----------------------------------------------------------------------------
Total current assets 6,846,542 6,962,440
----------------------------------------------------------------------------
Non-current assets
Property and equipment 2,339,655 2,053,972
Intangible assets 8,627 9,541
----------------------------------------------------------------------------
Total non-current assets 2,348,282 2,063,513
----------------------------------------------------------------------------
Total assets $ 9,194,824 $ 9,025,953
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Trade payables, accrued liabilities and
provisions $ 779,933 $ 1,070,989
Deferred revenue and deposits - 280,042
Current tax liabilities 59,238 196,572
----------------------------------------------------------------------------
Total current liabilities 839,171 1,547,603
----------------------------------------------------------------------------
Non-current liabilities
Deferred tax liabilities 104,995 94,935
Lease inducement 129,834 61,099
----------------------------------------------------------------------------
Total non-current liabilities 234,829 156,034
----------------------------------------------------------------------------
Total liabilities 1,074,000 1,703,637
----------------------------------------------------------------------------
Capital and reserves
Issued capital 5,458,215 5,458,215
Reserves 678,470 622,226
Retained earnings 1,984,139 1,241,875
----------------------------------------------------------------------------
Total equity 8,120,824 7,322,316
----------------------------------------------------------------------------
Total liabilities and equity $ 9,194,824 $ 9,025,953
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Stated in Canadian dollars except per share data
Unaudited
For the three months ended For the nine months ended
September 30 September 30
----------------------------------------------------------------------------
2012 2011 2012 2011
----------------------------------------------------------------------------
Revenue $ 1,112,976 $ 1,580,395 $ 4,531,855 $ 3,684,470
Cost of sales (521,982) (778,152) (2,438,563) (2,126,060)
----------------------------------------------------------------------------
Gross profit 590,994 802,243 2,093,292 1,558,410
Administration
expenses (328,410) (351,443) (1,046,071) (1,172,258)
Net foreign
exchange gains
(losses) (21,568) 102,755 (4,232) 23,723
Depreciation of
property and
equipment (10,340) (10,922) (31,125) (21,958)
Amortization of
intangible
assets (305) (305) (914) (914)
Write-off of
property and
equipment (18,871) (13,340) (27,865) (31,798)
Other income 9,377 16,516 21,290 294,877
----------------------------------------------------------------------------
Profit before tax 220,877 545,504 1,004,375 650,082
Income tax
expense
Current (47,705) (169,101) (252,051) (173,247)
Deferred (17,786) (71,807) (10,060) (82,778)
----------------------------------------------------------------------------
Profit and
comprehensive
income $ 155,386 $ 304,596 $ 742,264 $ 394,057
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per
share
Basic $ 0.006 $ 0.012 $ 0.030 $ 0.016
Diluted $ 0.006 $ 0.012 $ 0.029 $ 0.016
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF CHANGES IN EQUITY
Stated in Canadian dollars
Unaudited
Issued Retained Total
capital Reserves earnings equity
----------------------------------------------------------------------------
Balance at January 1,
2012 $ 5,458,215 $ 622,226 $ 1,241,875 $ 7,322,316
Profit and total
comprehensive income - - 742,264 742,264
Recognition of share-
based payments - 56,244 - 56,244
Issue of ordinary
shares under employee
share option plan - - - -
----------------------------------------------------------------------------
Balance at September
30, 2012 $ 5,458,215 $ 678,470 $ 1,984,139 $ 8,120,824
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance at January 1,
2011 $ 5,404,966 $ 593,944 $ 51,471 $ 6,050,381
Profit and total
comprehensive income - - 394,057 394,057
Recognition of share-
based payments - 45,102 - 45,102
Issue of ordinary
shares under employee
share option plan 53,249 (26,249) - 27,000
----------------------------------------------------------------------------
Balance at September
30, 2011 $ 5,458,215 $ 612,797 $ 445,528 $ 6,516,540
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF CASH FLOWS
Stated in Canadian dollars
Unaudited
For the nine months ended September 30 2012 2011
----------------------------------------------------------------------------
Cash flows from (used in) operating activities
Profit and total comprehensive income $ 742,264 $ 394,057
Adjustments for:
Income tax expense 262,111 256,025
Write-off of property and equipment 27,865 31,798
Depreciation of property and equipment 221,040 157,734
Amortization of intangible assets 914 914
Net unrealized foreign exchange losses (gains) 16,307 (181,119)
Expense recognized in respect of equity-
settled share-based payments 56,244 45,102
Write-downs of inventories to net realizable
value 1,221 2,830
----------------------------------------------------------------------------
1,327,966 707,341
Movements in non-cash working capital 2,411,569 (1,247,223)
----------------------------------------------------------------------------
Cash generated from (used in) operations 3,739,535 (539,882)
Income taxes paid (383,793) (242,523)
----------------------------------------------------------------------------
Net cash generated from (used in) operating
activities 3,355,742 (782,405)
----------------------------------------------------------------------------
Cash flows (used in) from investing activities
Payments for property and equipment (750,510) (1,220,600)
Proceeds from disposal of property and
equipment - 3,200
----------------------------------------------------------------------------
Net cash used in investing activities (750,510) (1,217,400)
----------------------------------------------------------------------------
Cash flows from financing activities
Proceeds from issue of ordinary shares under
employee share option plan - 27,000
----------------------------------------------------------------------------
Net cash from financing activities - 27,000
----------------------------------------------------------------------------
Net increase (decrease) in cash 2,605,232 (1,972,805)
Cash and cash equivalents at beginning of the
period 2,166,301 3,995,669
Effects of exchange rate changes on the balance
of cash held in foreign currencies (10,631) 129,348
----------------------------------------------------------------------------
Cash and cash equivalents at end of the period $ 4,760,902 $ 2,152,212
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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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