Trading Symbol: MCV
TORONTO, June 1 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") announces today that it has filed its unaudited interim financial statements and management's discussion and analysis ("MD&A") for the three month period ending March 31, 2010. The detailed financial statements and MD&A can be found on www.sedar.com.
Highlights of the first quarter results:
- Sales: $8.7 million, an increase of 3.7% compared to $8.4 million in
the first quarter of 2009. Before translating into Canadian dollars,
the total sales in RMB increased by approximately 18% and total sales
in US dollar increased by 36%.
- Gross profit: $2.7 million, an increase of 35% compared to $2 million
in the first quarter of 2009.
- Operating income: $1.2 million, an increase of 127% compared to $0.57
million in the first quarter of 2009.
- Net income and earnings per share: net income was $0.7 million, an
increase of 81% compared to $0.39 million in the first quarter of
2009. Earning per share was $0.02 compared to $0.01 in the first
quarter of 2009.
- Cash flows generated by operation activities: $1.49 million, down 44%
from $2.66 million for the first quarter of 2009. (Cash flows before
change in non-cash working capital in the quarter was $1.62 million,
an increase of 44% from $1.13 million in the first quarter of 2009)
Management is very satisfied with the operating results of the first quarter.
"The Company reported excellent growth in both revenue and net income for both the technical products sector and the chemical products sector. Gross margin was higher compared to previous quarters, reflecting management's continuous efforts in cost reduction and product upgrading. The balance sheet was stronger than ever before. The Company is in a great position for future growth." said Winfield Ding, Chief Financial Officer of McVicar.
Headquartered in Toronto, Canada, McVicar Industries Inc. is focused on the specialty chemical business through interests in companies operating in the People's Republic of China. McVicar's operating companies include: Zhejiang Hongbo Chemical Co. Ltd., Hongzhou Changlong
Chemical Co. Ltd., and Jiangsu Luyuan Chemical Co. Ltd., all of which are specialty chemical companies serving the personal care, pharmaceutical and industrial markets.
This press release contains forward-looking statements which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
For further information: For further information: McVicar Investor Contact: Ms. eXavier Peterson or Mr. Winfield Ding, Chief Financial Officer, Tel: (416) 366-7420; email@example.com or firstname.lastname@example.org