ST JOHN'S, Jan. 14, 2013 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited first quarter consolidated financial statements for the three month period ended November 30, 2012.
Summary financial information is provided in this press release which should be read in conjunction with the condensed consolidated interim financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com.
SUMMARY OF RESULTS
The Company's quarterly results are summarized in the tables below:
|Q1 2013||Q1 2012|
|Third party manufacturing||$||3,961||$||4,404|
|Company owned products||1,546||1,049|
|Loss per share||$||-||$||-|
|(1)||EBITDA is identified in the Company's financial statements as "Earnings before undernoted items" and is more fully defined in the Company's financial statements and MD&A.|
Third party manufacturing revenue decreased in the first quarter of the current year as a result of a reduced Stryker program by the Company's significant military customer. Partially offsetting the reduction of revenue available from the Stryker program was an increase in revenues from the customer's foreign military sales program.
Company owned products revenue increased in the first quarter of the current year due to an increase in the number of Oil Spill Detection Radar systems sold plus the addition of revenue from the Company's newly acquired subsidiary, OceanWaveS GmbH, a company which develops and supplies radar-based wave and surface current measurement technology.
EBITDA performance improved in the first quarter largely due to decreased selling, general and administrative costs and increased gross profit resulting from a change in the mix of products sold and decreased fixed overhead costs.
Contributing to the decrease in the net loss for the quarter was the increase in EBITDA and a decrease in interest on long-term debt attributable to lower interest rates and lower overall borrowing levels.
Commenting on the quarter, Fraser Edison, CEO, noted "we are pleased with our improved EBITDA performance on a relatively stable revenue base as compared to Q1 of last year. We are also currently fully engaged in the integration of our most recent acquisition, OceanWaveS. Combining OceanWaveS' wave and current measuring capabilities with Rutter's sigma S6 technology is expected to provide an advantage in each of our key markets such as oil spill detection, ice navigation and small target detection. The acquisition also eliminates a significant development risk and is expected to provide new revenue generation opportunities by building upon the strong brand recognition and reputation we have in both companies."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca
About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the real time measurement of directional ocean wave spectra. OceanWaveS' customer base includes operators in offshore oil development interested in operational safety and efficiency, navies pursuing greater understanding of ship stability and motion prediction, and coastal monitoring stations concerned with vessel traffic management and coastline erosion monitoring. For more information see www.oceanwaves.org
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: RUTTER INC.
For further information:
Fraser Edison, President and Chief Executive Officer, Rutter Inc. +1 709 576 6666