McVicar Reports Second Quarter 2013 Results
TORONTO, Aug. 28, 2013 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") today announces that the Company has filed its unaudited interim consolidated financial results for for the three months and six months ended June 30, 2013. All figures are in Canadian dollars unless otherwise stated. The unaudited interim consolidated financial statements and Management Discussion and Analysis may be downloaded from www.sedar.com.
Sales for the second quarter were $7.2 million, up 1% from $7.1 million for the same period of 2012. Sales for the first half were $12.9 million, down 13% from $14.9 million as compared to the same period of 2012;
Gross profit for the second quarter was $2.9 million, up 18% from $2.5 million for the same period of 2012. Gross profit for the first half was $4.9 million, up 10% from $4.4 million compared to the same period of 2012. Gross margin for the second quarter increased to 41% from 35% compared to the same period of 2012. Gross margin for the first half increased to 38% compared to 30% for the first half of 2012;
Net income for the second quarter was $1.4 million or $0.038 per share compared to $0.9 million or $0.030 per share for the same period of 2012. Net income for the first half increased to $2.0 million or $0.055 per share from $1.5 million or $0.043 per share for the same period of 2012.
As of June 30, 2013, the Company had $7.9 million in cash and cash equivalents and restricted cash, and a working capital balance of $16.2 million. The Company decreased its short-term borrowings under its credit facilities by $0.7 million to $1.4 million as of June 30, 2013.
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on investments and acquisitions of businesses in China. At present, McVicar has operations in both electronic components and specialty chemicals in four operations in China. McVicar is traded on the TSX Venture Exchange under the trading symbol "MCV".
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company 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 expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.For further information:
Ms. eXavier Peterson or Gang Chai, CEO at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.mcvicar.ca.