Trading Symbol: MCV
TORONTO, Nov. 30 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") is pleased to announce that it has filed its interim financial statements and management's discussion and analysis (MD&A) for the third quarter ended September 30, 2009. The detailed financial statements and MD&A can be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.
The following are the highlights of results for the third quarter and nine months ended September 2009:
Third Quarter and First Nine Months of 2009 Financial Highlights
- Sales for the third quarter of 2009 amount to $9.52 million as
compared with $9.54 million in the prior-year quarter. Sales for the
nine months of 2009 were $26.6 million as compared to $28.9 million
a year ago despite the global economic weakness this year.
- Gross profit for the third quarter and first nine months of 2009 was
$3.2 million and $8.1 million, respectively, compared to $2.2 million
and $7.4 million a year ago, representing a dramatic increase of
48.3% and 9.5%, respectively. Gross margin as a percentage of sales
for the third quarter and first nine months of 2009 increased by 11%
to 34% (from 23%) and by 5% to 30% (from 25%), respectively, compared
to a year ago. This significant year-over-year increase in gross
profits was mainly attributable to the shift to high profit margin
products and operational efficiency.
- Net profit for the third quarter was $0.88 million (9% of sales) or
$0.03 per share compared to $0.77 million (8% of sales) or a $0.02
per share in the same quarter a year ago. For the first nine months
of 2009, net profit was $2.22 million (8% of sales) or $0.06 per
share compared to $1.41 million (5% of sales) or a $0.05 per share
for the same period a year ago.
"I am very pleased with our operational achievements as reflected by the outstanding financial results even though we had experienced severe global economic slowdown," said Gang Chai, President & CEO, "Our strategy of continuous product innovation and improvement and key customer service has been proven to be successful even in an economic recession. With the recovery of the world economy in sight, we are well positioned to begin a new round of growth."
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: Mr. Kevin Ming Zhang, CFO at: 55 University Avenue, Suite 605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421, www.mcvicar.ca