Trading Symbol: MCV
TORONTO, May 31, 2012 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") today announces its financial results and management's discussion and analysis (MD&A) for the first quarter ended March 31, 2012. The detailed financial statements and MD&A can be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.
First Quarter of 2012 Financial Highlights
During the quarter in 2012, the Company's chemical group still challenges.
- Sales: sales for the first quarter of 2012 were $7,757,608, increased 10% from $7,075,461 for the first quarter of 2011.
- Gross profit: $1,980,776 for the first quarter of 2012, or 6% higher than $1,869,950 in the first quarter of 2011.
- Net income: net income was $585,947 for the first quarter of 2012 compared to $712,670 reported for the first quarter of 2011, down 18%. Net income attributed to shareholders of the Company for the quarter in 2012 was $481,991, down 5% from $509,782 for the first quarter of 2011.
- Earnings per share: Basic and diluted income per share for the first quarter of 2012 was $0.014 comparable to $0.014 in the first quarter of 2011.
- Cash flows generated by operation activities: a $2,132,674 of cash flows from operating activities in the first quarter of 2012, compared to $736,110 cash from operating activities for the first quarter of 2011.
- Increase of interest in Jite Technologies Inc. ("Jite"): During 2010 and 2011 the Company increased its interest in Jite from 48.6% to 56.2%. Subsequent to March 31, 2012, the Company has further increased its interest in Jite to 93.67% and is in the progress of the privatization of Jite.
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.
For further information:
Ms. eXavier Peterson or Winfield Yongbiao Ding, CFO at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.mcvicar.ca