Rutter Releases First Quarter Unaudited Financial Statements
Summary financial information is provided in this press release which should be read in conjunction with the full financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com. Fraser H. Edison, President and CEO of the Company, and Karen M. Snook, Chief Financial Officer, will host a conference call on
SUMMARY OF RESULTS
The Company's quarterly results are summarized in the tables below:
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(in thousands except per share amounts)
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Three Months Three Months
November 30, November 30, Increase
2009 2008 (Decrease)
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Revenue $ 12,903 $ 11,617 $ 1,286
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EBITDA(1) 1,236 855 381
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Other costs(2) 1,034 706 328
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Net Earnings from Continuing
Operations 202 149 53
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Net Earnings from Discontinued
Operations - 17 (17)
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Net Earnings 202 166 36
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Earnings per Share 0.003 0.002 0.001
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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.
2. Other costs include: Depreciation and amortization; Interest on long-
term debt; Interest and bank charges; Other items; Equity income; all
of which are separately disclosed in the Company's financial
statements.
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(in thousands)
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Three Months Three Months
November 30, November 30, Increase
2009 2008 (Decrease)
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Revenues
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Third Party manufacturing $ 9,679 $ 6,836 $ 2,843
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Company owned products 2,138 4,219 (2,081)
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Technologies segment 11,817 11,055 762
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Other (including corporate) 1,086 562 524
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Company total 12,903 11,617 1,286
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EBITDA
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Technologies segment $ 1,310 $ 1,307 $ 3
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Other (including corporate) (74) (452) 378
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Total 1,236 855 381
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Overall, revenues increased by
Technologies - Revenue in the Technologies segment account for
Other (including corporate) - Revenues and EBITDA have improved as a result of increased consulting engineering business from government stimulus spending in response to the general economic conditions.
Earnings from Continuing Operations - The Company's profit from continuing operations was
CONCLUSION
The results of operations during the first quarter of the 2010 fiscal year are consistent with the Company's expectation for the quarter. "Rutter has now completed the transition from the restructuring we undertook in fiscal 2009," said Fraser Edison, President and CEO of the Company. "As these results show, we have strong performance in our manufacturing operations and I fully expect this to continue during the year. While our products business is slowing from last year, I'm very optimistic about the investments we are making in our radar products and the initial successes we've achieved," he concluded.
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. Multidisciplinary consulting engineering services including civil, structural, mechanical and electrical engineering (other than automation engineering) as well as environmental and construction management services are provided to a diverse client base which includes all levels of government and the oil and gas and industrial sectors. For more information see www.rutter.ca.
Forward-Looking Statements
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.
%SEDAR: 00022015E
For further information: Karen Snook, Chief Financial Officer, Rutter Inc., (709) 368-3174; Dan Herder, Corporate Secretary, Rutter Inc., (709) 368-3174
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