McVicar Industries Inc. ("McVicar" or the "Company") today announces
its financial results and management's discussion and analysis (MD&A) for
the first quarter ended March 31, 2012. The detailed financial statements and
MD&A can be found on www.sedar.com. All amounts are in Canadian
dollars unless otherwise noted.
First Quarter of 2012
Financial Highlights
During the quarter in 2012,
the Company's chemical group still challenges.
- Sales:
sales for the first quarter of 2012 were $7,757,608, increased 10% from
$7,075,461 for the first quarter of 2011.
- Gross
profit: $1,980,776 for the first quarter of 2012, or 6% higher than
$1,869,950 in the first quarter of 2011.
- Net
income: net income was $585,947 for the first quarter of 2012 compared to
$712,670 reported for the first quarter of 2011, down 18%. Net income
attributed to shareholders of the Company for the quarter in 2012 was
$481,991, down 5% from $509,782 for the first quarter of 2011.
- Earnings
per share: Basic and diluted income per share for the first quarter of
2012 was $0.014 comparable to $0.014 in the first quarter of 2011.
- Cash
flows generated by operation activities: a $2,132,674 of cash flows from
operating activities in the first quarter of 2012, compared to $736,110
cash from operating activities for the first quarter of 2011.
Business Developments
- Increase
of interest in Jite Technologies Inc. ("Jite"): During 2010 and 2011 the Company
increased its interest in Jite from 48.6% to
56.2%. Subsequent to March 31, 2012, the Company has further increased its
interest in Jite to 93.67% and is in the
progress of the privatization of Jite.
This press release contains
forward-looking statements which reflect the Corporation's current expectations
regarding future events. The forward-looking statements involve risks and
uncertainties. Actual results could differ materially from those projected
herein. Although we believe that our expectations are based on reasonable
assumptions, we can give no assurance that our expectations will materialize.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.