TORONTO, March 8, 2013 /CNW/ - General Donlee Canada Inc. ("General
Donlee" or the "Company") (TSX: GDI) today announced its results for
the fourth quarter and year ended December 31, 2012. The Board has
declared a quarterly dividend of 8.25 cents per common share payable on
April 15, 2013 to holders of record at the close of business on March
Financial highlights relating to General Donlee's fourth quarter 2012:
Record backlog of $65.0 million at December 31, 2012, up 17% from
Sales of $13.6 million, 15% higher than in Q4 2011
Net income before other gains, losses and income taxes of $1.2 million
Quarterly dividend of 8.25 cents per share paid to shareholders on
January 15, 2013
Financial highlights relating to the year 2012:
Sales of $54.5 million, up 11% compared to 2011
Net income before other gains, losses and income taxes of $6.2 million,
representing a 22% increase over 2011.
Dividends totaling $0.33 per share declared to shareholders in 2012
Consistent growth in strong sales and strong cash flow from operations
"General Donlee's 15% increase in sales in the fourth quarter and 11%
increase in sales year-to-date over the comparable periods last year
continue to reflect strong fundamentals in the industries we serve and
our ability to grow our business with current and new customers. As a
result, in the fourth quarter we generated $1.8 million of cash flow
from operations before changes in working capital and net of interest
expenses, and paid out $0.88 million in quarterly dividends to
shareholders" said Chief Executive Officer, Garen Mikirditsian.
"At December 31, 2012, our production order backlog was at an all-time
high of $65 million, up 45% over the last 3 years, and representing
another important milestone in the Company's 48-year history that
reflects the confidence our customers have in the Company's ability to
consistently deliver product of the highest quality," said Mr.
Mikirditsian. "We expect demand to remain robust."
Significant increase in Net Income before other gains, losses and income
Net income before other gains, losses and income taxes was $6.2 million,
up 22% over 2011.
The following summary of financial data presents General Donlee's
consolidated results of operations for the three-month and twelve-month
periods ended December 31, 2012, including comparative results for the
same periods in 2011.
($ millions, except per Share amounts)
Three Months Ended
Twelve Months Ended
Net income before other gains, losses and income taxes
Basic income per share
(a) Based on weighted average of 10,612,934 shares outstanding.
(b) Based on weighted average of 10,629,632 shares outstanding.
(c) Based on weighted average of 10,664,465 shares outstanding.
General Donlee had sales of $54.5 million for the year ended December
31, 2012 - an increase of $5.6 million, or 11%, over 2011. Sales in the
Company's aerospace and power generation products division during the
year ended December 31, 2012 were $34.1 million - up by 14%, or $4.3
million, over 2011. General Donlee's specialty precision products
division's sales during the same period were $20.4 million, an increase
of $1.3 million or 7% over 2011.
Excluding the impact of non-recurring items in both comparable periods,
the Company's net income before other gains, losses and income taxes
was $6.2 million, representing a 22% increase over 2011.
The Company's net income during the year ended December 31, 2012 was
$4.2 million, compared to net income of $4.6 million during the same
period in the previous year.
Appointment of Chief Financial Officer
General Donlee announces the appointment of Robert Kheir as Chief
Financial Officer. Mr. Kheir brings over 18 years of experience to the
role. Previously, Mr. Kheir was CFO of ASL Distribution Services Ltd.,
a leader in supply chain services, overseeing organic and acquisitive
growth of 25%. His experience includes the aerospace sector, having
started his career at Bombardier Aerospace. Mr. Kheir is a certified
management accountant and holds an MBA from Wilfrid Laurier University.
"Rob's broad-based experience as a finance professional, including his
prior exposure to the aerospace sector, gives him a solid platform for
the job of Chief Financial Officer of General Donlee," commented Mr.
Garen Mikirditsian, President and Chief Executive Officer of the
Company. "We welcome Rob to the team and look forward to working with
him to execute our growth strategy."
The Company continues to see strong demand from customers, especially
those in the aerospace sector. "Our record production backlog of $65.0
million is evidence of the confidence our customers have in the
Company's ability to consistently deliver product of the highest
quality," said President and Chief Executive Officer, Garen
The Company expects 2013 demand for its services to ramp-up as the year
unfolds. "We see strong demand from various customers in the aerospace
sector, as well as particular opportunities in the nuclear sector",
said Mr. Mikirditsian. "We are experiencing important quoting activity
across these markets".
The Company is also seeing its pro-active efforts at broadening its
customer base bearing fruit. "We are pleased to note that the Company
recently signed a Long Term Agreement with a new customer, a major
European aircraft engine manufacturer", said Mr. Mikirditsian. "The
establishment of new customer relationships, as well as the continuing
growth with our current customer base is evidence of the superior
technical expertise of our skilled workforce and the Company's
commitment to make significant investments in capital equipment and
human resources to achieve operational excellence."
General Donlee Canada Inc. is a leading diversified manufacturer of
precision-machined products for the military, commercial and general
aerospace industries, and a specialist in the manufacture of
precision-machined products for the industrial products and power
generation industries. General Donlee's operating strategy focuses on
targeting niche markets for products that are aligned with its
sophisticated manufacturing capabilities and skilled workforce.
On March 8, 2013 the Company will file its audited Consolidated
Financial Statements (including the notes thereto) and Management's
Discussion and Analysis for the year ended December 31, 2012 with SEDAR
at www.sedar.com. These documents will also be available on the Company's website at www.generaldonlee.com on the Financial Reports page.
As with all forward-looking statements, caution must be exercised to
ensure that appropriate interpretation is made. Certain forward-looking
statements are based on information currently available to Management,
but are subject to a number of uncertainties and risks that could cause
actual results to differ materially from the results discussed in the
forward-looking statements. These uncertainties and risks include, but
are not limited to those listed under the "Risk Factors" section of the
Company's 2012 Annual Information Form, dated March 8, 2013 (which can
be found at www.sedar.com).
Further information can be found in the disclosure documents filed by
General Donlee Canada Inc. with the securities regulatory authorities,
available at www.sedar.com or through the Company's website at www.generaldonlee.com.
SOURCE: General Donlee Canada Inc.
For further information:
Robert S. Kheir, MBA, CMA
Chief Financial Officer
Telephone: (416) 743-4417
Web site: www.generaldonlee.com