VANCOUVER, May 30, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – May 30, 2017: ("Grande West" or the "Company"), a Canadian bus manufacturer of heavy-duty mid-sized transit buses for sale in Canada and the United States, announced today financials for the first quarter ending March 31, 2017.
Q1 Highlights
Selected Quarterly Information
The following table shows results for the quarter ended March 31, 2017 and February 28, 2016 stated in Canadian dollars.
3 months ended |
3 months ended, |
|||
(unaudited) |
(unaudited) |
|||
Revenue – Bus sales and after-market parts |
$ |
4,548,968 |
$ |
3,571,313 |
Gross profit (loss) |
$ |
952,392 |
$ |
228,516 |
Gross margin |
21% |
6% |
||
Net earnings (loss) |
$ |
(1,084,865) |
$ |
(1,030,985) |
Basic and diluted earnings (loss) per share |
$ |
(0.02) |
$ |
(0.02) |
Cash and cash equivalents |
$ |
6,070,740 |
$ |
1,469,485 |
Working Capital |
$ |
13,108,709 |
$ |
641,820 |
Total Assets |
$ |
26,958,363 |
$ |
4,774,190 |
Non-current financial liabilities |
$ |
2,180,661 |
$ |
118,216 |
During the three month periods ending February 28, 2016 and March 31, 2017, 12 Vicinity buses were delivered in each period.
Highlights and Developments in 2017
Management reports Q1 2017 results of twelve (12) Vicinity buses delivered and revenue recognized for revenues of $4,548,968, gross profit of $952,392 and gross profit margin of 21%.
A total of thirty-two (32) buses were received at Company headquarters during February in Q1, twelve (12) delivered, with the balance to be delivered to customers in Q2. Production, shipping and delivery is underway to fulfill the first BC Transit production run for fifty-five (55) of ninety seven (97) Vicinity buses.
Our production and delivery ramp is now tracking contracts announced in 2016.
Backlog: Current total firm orders for Q2 2017 through 1H 2018 delivery are for two hundred sixty five (265) buses valued at over $96 million CAD.
2017 Q1 Deliveries to date are for twelve (12) buses.
Additional information about current operations, production and Buy America production plans can be located in this quarter's Management's Discussion and Analysis under Recent Highlights and Developments.
A conference call to discuss these results will be held today at 11:00 AM EST. The call-in number is (866) 215-5508 or (514) 841-2157 and can be accessed by entering passcode 44958431. A recording of the call will be available on the website the following day at http://www.grandewest.com/investors/videocentre.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer which designs, engineers and manufactures mid-size buses for transit authorities and commercial enterprises. Grande West's Best-in-Class rated Vicinity bus is available in 30' and 35' models designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40 foot transit bus, burns less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is Buy America compliant, and along with ABG, its exclusive US distributor, has sold Vicinity buses to US–based public and private operators and is actively pursuing more opportunities throughout the US.
Grande West Transportation
John LaGourgue
Ph: 1-604-607-4000
[email protected]
www.grandewest.com
Paradox Public Relations
Karl Mansour
Ph: 866-460-0408
[email protected]
www.paradox-pr.ca
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Grande West Transportation Group Inc.
Grande West Transportation, John LaGourgue, Ph: 1-604-607-4000, [email protected], www.grandewest.com; Paradox Public Relations, Karl Mansour, Ph: 866-460-0408, [email protected], www.paradox-pr.ca
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