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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tornado Global Hydrovacs Ltd | TSXV:TGH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -2.30% | 0.85 | 0.84 | 0.87 | 0.85 | 0.84 | 0.85 | 35,015 | 20:08:56 |
Second Quarter 2023 Overview and Recent Developments
Gross Profit and EBITDAS are a non-IFRS financial measures and readers are cautioned that Gross profit and EBITDAS should not be considered to be more meaningful than Net Income determined in accordance with IFRS.
OutlookManagement believes the Company’s business will continue to strengthen and expects the Company’s production and sales of hydrovac trucks in North America in 2023 to continue to grow and capitalize on the significantly increased production capacity at its Red Deer facility over the long term for the following reasons:
Limiting factors on the Company’s ability to meet increased demand include: (i) the possibility of chassis supply chain interruption due to chip shortages at the chassis manufacturer level and other supply chain issues related to other key hydrovac components caused by the COVID pandemic, the Russian invasion of Ukraine and USA China tensions, Canada China relations, and China Taiwan tensions; and (ii) general inflationary increases in components and labour. However, management believes that it will be able to manage these supply chain issues as a result of strategic decisions made by the Company.
Financial and Operating Highlights (in CAD $000’s except per share data)
Three months ended June 30 | Six Months ended June 30 | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Revenue | $ | 23,516 | $ | 13,362 | $ | 44,547 | $ | 23,301 | |||||
Cost of sales | 19,554 | 10,529 | 37,137 | 18,124 | |||||||||
Gross Profit (1) | 3,962 | 2,833 | 7,410 | 5,177 | |||||||||
Selling and general administrative expenses | 1,951 | 1,613 | 3,740 | 3,011 | |||||||||
Depreciation and amortization | 358 | 306 | 690 | 613 | |||||||||
Finance expense | 164 | 38 | 325 | 83 | |||||||||
Stock-based compensation | 98 | 39 | 227 | 92 | |||||||||
(Gain) on disposal of fixed assets | - | - | - | (136 | ) | ||||||||
Income before tax | 1,391 | 837 | 2,428 | 1,514 | |||||||||
Income tax expense | (337 | ) | (267 | ) | (589 | ) | (470 | ) | |||||
Net income | $ | 1,054 | $ | 570 | $ | 1,839 | $ | 1,044 | |||||
Net income per share - basic | $ | 0.008 | $ | 0.004 | $ | 0.014 | $ | 0.008 | |||||
Net income per share - diluted | $ | 0.008 | $ | 0.004 | $ | 0.013 | $ | 0.008 | |||||
EBITDAS (1) | $ | 2,011 | $ | 1,220 | $ | 3,670 | $ | 2,166 | |||||
EBIT (1) | $ | 1,555 | $ | 875 | $ | 2,753 | $ | 1,597 | |||||
Total assets | $ | 45,766 | $ | 29,866 | $ | 45,766 | $ | 29,866 | |||||
Shareholders Equity | $ | 18,035 | $ | 13,368 | $ | 18,035 | $ | 13,368 |
1 Gross Profit, EBITDAS and EBIT are a non-IFRS financial measures and readers are cautioned that none of Gross Profit, EBITDAS or EBIT should be considered to be more meaningful than Net Income determined in accordance with IFRS.
About Tornado Global Hydrovacs Ltd.Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,200 hydrovacs sold since 2005. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in the North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. In China, the Company’s subsidiary is used principally to source certain parts to the Company’s North America operations.
For more information about Tornado Global Hydrovacs Ltd., visit www.tornadotrucks.com or contact:
Brett NewtonPresident and Chief Executive OfficerPhone: (587) 802-5070Email: bnewton@tghl.ca | |
AdvisoryCertain statements contained in this news release constitute forward-looking statements and future oriented financial information. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements or future oriented financial information. The use of the words “anticipates”, “should”, ‘‘may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or future oriented financial information. 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 or, as applicable, future oriented financial information. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements and future oriented financial information included in this news release should not be unduly relied upon. Such statements include those with respect to:
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. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Tornado. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Tornado’s expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
The future oriented financial information regarding the Company’s estimate of aggregate gross revenue in the amount of USD$44 million from the Supply Contract contained in this news release was approved by management as of the date hereof and is based on certain assumptions that management believes are reasonable in the circumstances including (i) the demand for hydrovac trucks, (ii) the ability of the Company to fulfil its obligations under Supply Contract; and (iii) the anticipated purchase price to be paid for hydrovac trucks. The purpose of the future oriented financial information contained herein is to disclose the anticipated economic value of the Supply Contract and readers are cautioned that such information may not be appropriate for other purposes.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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