MONTREAL, Oct. 6 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) today announced
financial results for the first quarter of its fiscal year ended August 31,
Net earnings, EBITDA(1) and sales all reached record levels reflecting a
continuing trend of strong financial performance. For the quarter, net
earnings reached $4,329,085, or $0.10 per share, which is 293.8% higher than
net earnings of $1,099,256, or $0.04 per share, for the first quarter of the
previous fiscal year. EBITDA increased by 194.6% to $6,169,004 up from
$2,093,758 during the corresponding period of the previous fiscal year. Sales
also strengthened in the quarter reaching a level of $14,029,875, a 119.4%
increase over the level of $6,394,473 recorded in the first quarter of the
previous fiscal year.
"We are pleased to report the results of the first quarter of our 2009
fiscal year with record breaking levels for earnings, EBITDA and sales. This
quarter has been characterized by continuing strong operational performance
and our ability to execute and begin operations at our German facility
according to schedule. Both factors have enabled us to improve sales while
maintaining strong margins. Demand for our products continued to increase in
the quarter as reflected by the strong increase in our twelve month backlog of
orders which reached a record level of $53,646,727 at the end of the quarter.
We also managed to extend our supply agreements by one year with our key
customer and increase by 50% the minimum prescribed quantities of cadmium
telluride to be procured from us for most of the remaining term of the
agreements. We believe that this is a strong indication of the forthcoming
widespread deployment of CdTe solar cells which should lead to further
increases in the demand for the products we manufacture." commented
Mr. Jacques L'Ecuyer, President and Chief Executive Officer. He added, "We are
also extremely pleased by the performance of our German facility which
positively contributed to our financial results during the quarter.
Production at this facility began as planned on July 29, 2008 and we are
now fully qualified and have begun deliveries to our key customer. I would
like to thank our German employees as well as many of their Canadian
counterparts who have been instrumental in the commissioning of the facility
and its operation."
Mr. L'Ecuyer concluded, "In spite of the current financial turbulences,
we would like to reassure our investors on our ability to execute our growth
plan. With an exceptionally strong balance sheet, we remain very well
positioned to take advantage of both organic growth and accretive acquisitions
The interim consolidated financial statements of 5N Plus, as well as
Management's Discussion and Analysis of this first quarter ended August 31,
2008 are available on the 5N Plus website, at www.5nplus.com and on the SEDAR
website at www.sedar.com.
The Company will host a conference call at 10:00 Eastern Time on Tuesday,
October 7, 2008 with financial analysts to discuss the first quarter results.
All interested parties are invited to participate to the live broadcast on the
company's Web site at www.5nplus.com. A replay of the webcast and a recording
of the Q&A will be available until October 21, 2008.
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999% (five
nines or 5N) and more. 5N Plus, which has its head office in Montreal, Quebec,
develops and produces high-purity metals and compounds for electronic
applications and provides its customers with recycling solutions. The Company
is an integrated producer with both primary and secondary refining
capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium
and selenium and on related compounds such as cadmium telluride and cadmium
sulphide. The Company's products are critical precursors in a number of
electronic applications, including the rapidly-expanding solar (thin-film
photovoltaic) market, for which 5N Plus is a major supplier of cadmium
telluride, and the radiation detector market.
(1) EBITDA is not defined by Canadian generally accepted accounting
principles and cannot be formally presented in financial statements.
EBITDA means earnings before financing costs, interest income, income
taxes, depreciation and start-up costs. The definition of EBITDA used
by the Company may differ from that used by other companies. Please
see management's discussion and analysis for more details.
For further information:
For further information: Jacques L'Ecuyer, President and Chief Executive
Officer, 5N Plus Inc., (514) 856-0644, firstname.lastname@example.org