EDMONTON, June 27 /CNW/ - PowerComm Inc. (PCG:TSX) ("PowerComm" or the
"Company") today released its results for the fiscal year ended March 31,
2008. Overall revenue increased to $ 59.1 million and several segments showed
strong growth. Although the Company showed a net loss for the period of $
2.3 million after taxes, management considers the year to be a watershed.
During the year the Company completed its initial public offering, in
addition to closing three acquisitions. The Company continued to build its
internal infrastructure and consolidate its multiple acquisitions and has seen
revenue grow from slightly more than $ 21 million in 2005 to almost $
60 million in 2008.
"The incredible growth that we have achieved has compelled us to increase
our internal resources to achieve our growth strategy," said Wayne Rutherford,
PowerComm's President and CEO, "We have set the stage for our next period of
aggressive expansion," he continued. "The company recently announced two
potential acquisitions that would add significant growth both in revenue and
earnings," he concluded.
The company experienced substantial growth in its two recurring revenue
segments, electrical and instrumentation maintenance and valve servicing,
increasing by 26% and 41% respectively compared to the previous year. Although
several project delays were visible throughout fiscal 2008, the Company
expects to experience a dramatically more positive year in its construction
and manufacturing segments, as backlog for this segment has shown continued
Manufacturing has taken more resources to assimilate than anticipated,
however backlog of orders at Redhill Systems Ltd. currently exceeds full year
revenue for fiscal 2008.
Foreign operations contributed for the first time in 2008 and activity
there is showing additional opportunities going forward.
"We have positioned the Company for the next step of growth," said Joe
Huising, PowerComm's CFO, "while sometimes challenging in the short term,
there is necessity in setting the stage for longer term growth in some
instances," he continued.
The company reduced its long term debt during the year and continued to
improve its ratio of payables to receivables.
PowerComm's Financial Statements, Management Discussion and Analysis and
Annual Information Form can be viewed at the Company's profile at
The news release contains certain forward-looking statements, including
management's assessment of future plans and operations and capital
expenditures and the timing thereof, that involve substantial known and
unknown risks and uncertainties, certain of which are beyond PowerComm Inc.'s
control. Such risks and uncertainties include, without limitation, risks
associated with the Corporation's ability to market successfully to current
and new customers; supply and demand for PowerComm Inc.'s services and
products and industry activity levels; capital expenditure programs;
projections of commodity prices and costs; the Corporation's ability to obtain
material and equipment from suppliers; operating risk liability; expansion of
services and products by internal growth or acquisition; the Corporation's
ability to obtain additional financing on satisfactory terms; the impact of
general economic and industry conditions; changes in laws and regulations
(including the adoption of new environmental laws and regulations) and changes
in how they are interpreted and enforced; competitive conditions; the lack of
availability of qualified personnel or management; fluctuations in foreign
exchange or interest rates, stock market volatility; and obtaining required
approvals of regulatory authorities. PowerComm Inc.'s actual results,
performance or achievements could differ materially from those expressed in,
or implied by, these forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds, that PowerComm Inc. will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to PowerComm Inc. or persons acting on its behalf are
expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are
made as of the date of this news release and PowerComm Inc. does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
For further information:
For further information: Wayne R. Rutherford, President and Chief
Executive Officer; or J.D. Snowdon, Executive Vice President, Corporate
Services at (780) 465-7038 or at email@example.com