/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
SAINT-GEORGES, QC, Nov. 11, 2013 /CNW Telbec/ - Trailer manufacturer Manac Inc. (TSX: MA) reported net income of $2.0M, or $0.17 per share (based on a weighted average number of outstanding common shares of 12,203,762), for the third quarter of 2013 compared with net income of $2.3M or $0.23 per share (based on a weighted average number of outstanding common shares of 10,141,041), for the corresponding period in 2012. Sales for the third quarter of 2013 totaled $69.8M compared with $73.0M for the year-earlier period.
For the first nine months of 2013, net income is $8.3M, or $0.69 per share (based on a weighted average number of outstanding common shares of 12,141,723), compared with net income of $4.1M, or $0.53 per share (based on a weighted average number of outstanding common shares of 7,873,386), a 101% increase from the same period in 2012. Sales for the first nine months of the year were $218.1M compared to $202.5M for 2012, a 7.7% increase.
"Our results reflect the commitment of our operational teams and the current trend of the industry. We believe the third quarter sales level shows a temporary slowdown for flatbed orders and some specialty products. We remain optimistic about the short and long term outlook of our industry" says Charles Dutil, Manac President.
Upon the completion of its initial public offering, on September 27 2013, Manac reimbursed a $15.4M loan as well a $5M debenture, bringing its net debt down to $2.4M compared to $51.1M as of December 31, 2012. Moreover, the Company has access to an unused line of credit of $40M.
For the third quarter, the backlog of the Company followed the anticipated drop and the seasonal industry backlog trend, which according to ACT Research has declined by 23% in number of units. As at September 28, 2013, our backlog of orders stood at $53.4M compared to $63.1M as at June 22nd 2013.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate®, Liddell Canada® and Trailmobile®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.
Manac Inc. will hold a conference call with financial analysts, investors and media representatives on Tuesday, November 12, 2013 at 11:30 a.m. EST. A podcast will be available at www.manac-ir.com and www.newswire.ca. A replay of the conference call will be available until November 19, 2013, by dialing 866. 865. 3087 and entering conference ID 97109546, followed by the pound key (#).
Forward looking statements
This document may contain forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements arebased on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.
Image with caption: "Manac Logo (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20131111_C6394_PHOTO_EN_33239.jpg
SOURCE: Manac Inc.
For further information:
President & CEO
Email: [email protected]
Telephone: 418. 228. 2018