Rutter Releases First Quarter Unaudited Financial Statements
ST. JOHN'S, Jan. 14, 2014 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited condensed consolidated interim financial statements for the quarter ended November 30, 2013.
Summary financial information is provided in this press release which should be read in conjunction with the condensed consolidated interim financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com.
SUMMARY OF RESULTS
The Company's quarterly results are summarized in the tables below:
|Revenue||Q1 2014||Q1 2013|
|Third party manufacturing||$||1,750||$||3,961|
|Company owned products||1,152||1,546|
|Net earnings (loss)||$||(1,089)||$||(12)|
|Earnings (loss) per share||$||(0.014)||$||-|
|(1)||EBITDA is identified in the Company's financial statements as "Earnings before undernoted items" and is more fully defined in the Company's financial statements and MD&A.|
As expected, reduced government military spending resulted in further third party manufacturing revenue decreases in the current quarter. The Company decreases in the Company's revenues directly impacted profitability, resulting in a net loss of $1,089,000 compared to a net loss of $12,000 for the same period last year.
Commenting on the quarter, Fraser Edison, CEO, noted "one of the challenges Rutter faces is the 'lumpiness' of its operating results from quarter to quarter and I would remind investors to view the quarter in context of the quarterly information presented in the Company's MD&A as a better vantage point for the business. Impacting this particular quarter is the low manufacturing revenue stream. We have known that the available revenue from our military customer is declining and while we do expect that revenue stream to rebound over the longer term, we have taken necessary steps through the end of fiscal 2013 and into the first quarter of fiscal 2014 to solidify this business, including winning work with new customers and right-sizing our workforce. It is also apparent that the Products revenue stream is not earned evenly over the quarters nor does it always spike or decline in the same quarters from year to year; generally speaking, Products' revenues peak somewhere in the second half of the year. Given the margins on this business, changes in timing impact our quarterly bottom lines dramatically and this is certainly evident in the first quarter of fiscal 2014."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca
About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the real time measurement of directional ocean wave spectra. OceanWaveS' customer base includes operators in offshore oil development interested in operational safety and efficiency, navies pursuing greater understanding of ship stability and motion prediction, and coastal monitoring stations concerned with vessel traffic management and coastline erosion monitoring. For more information see www.oceanwaves.org
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Rutter Inc.For further information:
Fraser Edison, President and Chief Executive Officer, Rutter Inc. +1 709 576 6666