VANCOUVER, Aug. 17, 2017 /CNW/ - Grande West
Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) ("Grande
West" or the "Company"), a Canadian bus manufacturer of heavy-duty
mid-sized transit buses for sale in Canada and the
United States, is pleased to announce financials for the
second quarter ending June 30,
2017.
Q2 Highlights
- Record bus and aftermarket parts revenue of $11,780,851 versus $85,423 in the year ago period
- 160% quarter over quarter revenue increase; $11,780,851 versus $4,548,968 in Q1 2017
- First ever profitable quarter, net income of $221,884
- First ever positive EBITDA of $399,602
- Record quarterly deliveries of thirty two (32) Vicinity
buses
Selected Quarterly Information
|
3 months ended
June 30, 2017
|
3 months ended,
May 31, 2016
|
|
(unaudited)
|
(unaudited)
|
Revenue
|
11,780,851
|
85,423
|
Gross
Profit
|
1,926,105
|
15,910
|
Net earnings
(loss)
|
221,884
|
-908,610
|
Basic and diluted
earnings (loss) per share
|
0.00
|
-0.02
|
|
|
|
Cash and cash
equivalents
|
6,496,447
|
3,784,813
|
Working
Capital
|
13,312,118
|
639,872
|
Total
Assets
|
38,728,690
|
7,962,955
|
Non-current financial
liabilities
|
1,016,168
|
86,462
|
The following table shows results for the quarter ended
June 30, 2017 and three months ended
May 31, 2016 stated in Canadian
dollars.
Management reports Q2 2017 results of thirty two (32) Vicinity
buses delivered, revenue of $11,780,851, net income of $221,884 and gross profit margin of 17%. The
Vicinity continues to gain adoption in the market and the Company
is now in full production and delivery mode for orders accepted in
2016. This is Grande West's second
consecutive quarter with record deliveries and revenue, with the
first profitable quarter since being founded in 2008. Management
expects to deliver a minimum of two hundred Vicinity buses during
2017, setting up continued profitable and record setting quarters
for the second half of 2017. The sales pipeline in Canada and the US is robust and new and repeat
orders are expected in both markets to continue to fill the backlog
of orders for 2018 while 2017 deliveries are met.
Backlog: Current total firm orders for Q3 2017 through 1H 2018
delivery are for two hundred thirty three (233) buses valued at
over $84 million CAD.
William Trainer, Grande West CEO
stated, "I am very pleased to announce the first profitable quarter
in Grande West's history, another
major milestone for the Company. Many years of hard work and effort
went into making the inflection to profitability. I sincerely thank
all the members of our team, exceptional customers, and our
supportive shareholders who all played a part in Grande West achieving this goal. As we grow and
expand, we are confident and well positioned to continue to build
on the first of many profitable quarters. Our ramp up in production
and deliveries continues and will result in additional new record
quarterly achievements in deliveries, revenue and profit for the
second half of 2017 and into 2018."
Additional information about current operations, production and
Buy America production plans can be located in the Management's
Discussion and Analysis under Recent Highlights and Developments at
http://sedar.com/.
A conference call to discuss these results will be held today at
8:00 AM PST / 11:00 AM EST. The call-in number is (866)
215-5508 or (514) 841-2157 and can be accessed by entering passcode
45310688. A recording of the call will be available on the website
shortly at http://www.grandewest.com/investors/videocentre.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer
which designs, engineers and manufactures mid-size buses for
transit authorities and commercial enterprises. Grande West's Best-in-Class rated Vicinity bus
is available in 27.5, 30 and 35 foot models designed with
affordability, accessibility and global responsibility in mind. It
costs significantly less than a regular 40 foot transit bus, burns
less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal
transportation agencies and private operators with new buses and is
receiving follow-on orders in many Canadian transit agencies.
Grande West is Buy America
compliant, and along with ABG, its exclusive US distributor, has
sold Vicinity buses to US–based public and private operators and is
actively pursuing more opportunities throughout the US.
For further information please contact:
Grande West Transportation
John LaGourgue
Director
Ph: 1-604-607-4000
jlagourgue@grandewest.com
www.grandewest.com
Neither the TSX-V nor its Regulation Service Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding the use of proceeds from the
Private Placement, are forward-looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. Forward-looking statements involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements.
Important factors that could cause actual results to differ
materially from Grande West's
expectations include uncertainties relating to the receipt of final
approval from the TSX-V; and other risk and uncertainties disclosed
in Grande West's reports and
documents filed with applicable securities regulatory authorities
from time to time. Grande West's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. Grande West assumes no obligation to update the
forward-looking statements or beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
SOURCE Grande West Transportation Group Inc.