MONTREAL, QUEBEC--(Marketwired - July 2, 2013) - Perlite Canada inc. (the «Company») (News - Market indicators) announces hereby the results for its second quarter 2013 ended on April 30, 2013 (the "2nd Quarter 2013").
The Company's sales total $1,731,528 during the second quarter ended April 30, 2013 (the "2nd Quarter 2013") compared to $1,648,007 during the second quarter ended April 30, 2012, namely an increase of approximately 5%.
The Company recorded earnings before income taxes of $127,659 for the 2nd Quarter 2013 compared to a loss before income taxes of $39,239 for the same period in 2012.This significant increase of Company's earnings before income taxes is mainly explained by the reduction of manufacturing costs, by the efficiency of perlite processing systems at both Company's plants and by the reduction of management costs. The Company generated net earnings of $127,659 for the 2nd Quarter 2013 compared to a net loss of $39,239 for the 2nd Quarter 2012.
For the six months period ended April 30, 2013, Company's sales revenue was $3,034,178 compared to sales revenue of $3,331,489 for the same six months period ended April 30, 2012 which represents an approximate decrease of 9%. For the six months period ended April 30, 2013, the Company recorded earnings before taxes of $192,227 comparatively to a loss before taxes of $58,055 for the same period in 2012 and net earnings totalling also $192,227 compared to a net loss of $58,055 for the same period in 2012.
The Company also announces the adoption by the shareholders of the Company of a rights plan adopted by the Directors in December, 2006. The purpose of the rights plan is to ensure adequate time for shareholders of the Company to assess the merits of a takeover bid without undue pressure. The rights plan would be terminated if the rights agreement is not approved by the shareholders every two-year thereafter and so on. The rights plan has been approved by the shareholders in April 2009, in April 2011 and in April 2013.
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.
