SAINT-GEORGES, QC, April 27, 2015 /CNW Telbec/ - Manac Inc. (TSX: MA) ("Manac"), a North American leader in the design and the manufacture of specialty trailers, reports a net income of $4.3 million or $0.25 per share for the first quarter of 2015, compared with a net income of $1.6 million or $0.10 per share for the corresponding period in 2014.
Revenues for the first quarter totaled $95.9 million, compared with $66.2 million for the corresponding period in 2014, an increase of 45%. Adjusted EBITDA (please refer to note 1 below) was $6.1 million, compared to $3.0 million in the first quarter of 2014. The Adjusted Net Income (please refer to note 1 below) for the first quarter of 2015 was $3.1 million, compared to $1.3 million in the same period in 2013. The increase in revenues is attributable in part to the addition of Peerless Limited ("Peerless"), but mainly to an increased production output at the Company's three other facilities to address the high level of demand.
"The year 2015 starts very well for Manac, supported by the backlog level at the end of 2014, solid trucking industry dynamic and our increased production levels. The continued decrease of the Canadian dollar during the first quarter of 2015 negatively impacted the Company's cost of material, although our hedging strategy has helped mitigate the effect on our results." mentioned Charles Dutil, President and Chief Executive Officer.
The Company's backlog remains strong at $165.3 million on March 28, 2015. This compares to $98.4 million on March 29, 2014 and to $173.5 million on December 31, 2014.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. Manac offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Peerless®, Darkwing®, UltraPlate®, UltravanTM, Scona® and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, energy, mining, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, QC, Penticton, BC as well as Oran and Kennett, MO.
Manac will hold a conference call with financial analysts, investors and media representatives on Monday, April 27, 2015 at 1:30 p.m. (EDT). A webcast will be available at www.manac-ir.com and www.newswire.ca.
To join the conference toll free, please dial 1-866-865-3087. The conference access code is 25746583.
A replay of the conference call will be available until May 12, 2015 by dialing 1-855-859-2056 and entering conference ID 25746583, followed by the pound key (#).
Forward looking statements
The statements set forth in this press release, which describes Manac's objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "could", "should", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. Manac would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Manac's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in commodity prices, exchange rate variations, cost of material, competition in the transportation, trucking and trailer industries, and such other risks as described in detail from time to time in the reports filed by Manac with securities authorities in Canada. Unless otherwise required by applicable securities laws, Manac disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.
Adjusted EBITDA and Adjusted net income are non-IFRS measures that Manac uses to assess its operating performance. Adjusted EBITDA is defined as net income before net finance costs, income tax, depreciation and amortization expense, then excluding items that are not in Manac's normal business. Adjusted net income is defined as net income before items that are not in Manac's normal business, adjusted to reflect the tax effect on these items.
For a reconciliation of these "non-IFRS" measures, please refer to Manac's "Management Discussion and Analysis for the first quarter ended March 28, 2015" which has been filed via SEDAR (www.sedar.com).
SOURCE Manac Inc.
Image with caption: "Manac Logo. (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20150427_C5994_PHOTO_EN_14749.jpg
For further information: Charles Dutil, President & Chief Executive Officer, Manac Inc., Email: email@example.com, Telephone: 418-228-2018