Perlite Canada Inc. Announces Its Results for Fiscal Year 2009-2010
28 Febrero 2011 - 3:01PM
Marketwired
Perlite Canada inc. (TSX VENTURE: PCI) (the "Company") announces
hereby the results for the year ended October 31, 2010 ("Fiscal
Year 2010").
Fiscal Year 2010 as was the previous fiscal year of the Company
ended as at October 31, 2009 ("Fiscal Year 2009"), has been a
transitional fiscal year and was marked by the integration of the
perlite and vermiculite processing plant located in Lachine
(Quebec) acquired during Fiscal Year 2009.
The company has completed optimization works on the expanded
perlite processing system of the Lachine plant during the Fiscal
Year 2010 which works started during the fourth quarter of Fiscal
Year 2009. Their completion allowed the Company to implement a
consolidation and rationalization plan in order to reduce the
Company's operation costs. In the context of this rationalization
plan, the Company among other things terminated operations in its
vermiculite and perlite processing plant located in Baie-du-Febvre
(Quebec) in order to transfer the activities of this plant to its
Lachine (Quebec) and Saint-Pacome (Quebec) plants and moved its
head office in the Lachine plant's premises in order to centralize
administration of the Company.
These consolidation and rationalization efforts and more
specifically the Baie-du-Febvre shutdown, resulted in a lower level
of losses without affecting its level of sales. Indeed, the Company
generated in Fiscal Year 2010 a similar sales total then the one
recorded during Fiscal Year 2009, namely $6,777,430 for Fiscal Year
2010 compared to $6,810,413 for Fiscal Year 2009. The Company
recorded a loss before taxes of $506,520 and a net loss of $329,964
for Fiscal Year 2010 compared to a loss before taxes of $680,689
and a net loss of $432,736 for Fiscal Year 2009. Notwithstanding
these losses, and the fact that the rationalization and
consolidation plan has not been completed, the Company realised an
income before amortization and interests of $271,452 during Fiscal
Year 2010 comparatively to an income before amortization and
interests of $96,367 for Fiscal Year 2009, an increase of
approximately 181 %.
The rationalization efforts underway during the Fiscal Year 2010
thus have borne fruit and Management of the Company anticipates to
complete the rationalization and consolidation plan during the next
fiscal year, 2011.
As at February 16, 2011, the Company has accepted a conditional
offer for the purchase of the buildings and certain other assets
located in Baie-du-Febvre in consideration of a purchase price of
$250,000, payable cash at the closing of the transaction. This
purchase offer is conditional among other things to the raising of
capital necessary to the transaction and in obtaining the required
municipal authorizations. This offer is valid for a period of 90
days. In order to take in consideration this offer, the Company
incurred losses on depreciation of property and equipment destined
for sale amounting to $100,045 during Fiscal Year 2010.
Perlite Canada inc. has become a leading company in Canada in
the processing, distribution and sale of perlite and vermiculite,
two minerals used in industry and horticulture.
The common shares of Perlite Canada inc. are listed for trading
on the TSX Venture Exchange.
This press release contains forward-looking statements to which
are associated some risks and uncertainties. Any statement
contained in this present press release that does not constitute an
historical fact can be considered as a forward-looking statement.
In this present press release, verbs such as "believe",
"anticipate", "assess" and other similar expressions indicate
generally forward-looking statements. Those statements do not
warrant as for the future performance of Perlite Canada inc. and
they suppose known and unknown risks as well as uncertainties in
such a way that true future perspectives, returns or results of the
Company may be notably different of future returns or results
expressed or implied by these forward-looking statements.
The TSX Venture Exchange is not responsible for the truth or
accuracy of this press release.
Contacts: Perlite Canada inc. Richard Barabe or Martin Joyal
514-631-4251 514-631-4254 (FAX)
Perlite Canada Inc. (TSXV:PCI)
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