ST. JOHN'S, April 11, 2012 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited second quarter consolidated financial statements for the six month period ended February 29, 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. Fraser H. Edison, President and CEO of the Company, and Karen M. Snook, Chief Financial Officer, will host a conference call on Monday, April 16, 2012, to discuss the results. Details of this call will be announced in a press release dated April 12, 2012 and will also be available on the Company's web site.
SUMMARY OF RESULTS
The Company's quarterly results are summarized in the tables below:
|Revenue||Q2 2012||Q2 2011||YTD 2012||YTD 2011|
|Third party manufacturing||$||3,806||$||6,269||$||8,210||$||12,123|
|Company owned products||1,416||973||2,465||1,891|
|Net earnings (loss)||$||(107)||$||92||$||(624)||$||313|
|Earnings (loss) per share||$||(0.002)||$||0.001||$||(0.008)||$|| 0.004
|(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 is lower in the second quarter of the current year and on a year to date basis 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 is an increase in revenues from the customer's foreign military sales program.
Increased deliveries of the Company's Oil Spill Detection product accounts for the Company Owned Products revenue increase for both the quarter and year to date. Other revenues are higher in the current quarter and on a year to date basis due to project revenues earned for completion of research work in the second quarter and increased rental income from a sublease of office space entered into in the second half of fiscal 2011.
The Company's EBTIDA performance for the current quarter is relatively stable as a greater proportion of the revenue generated in this year has come from higher margin radar sales. Radar sales account for 25% of total revenues in this quarter compared to 13% of total revenues for the comparative quarter. The elements contributing to lower EBITDA performance on a year to date basis include: lower revenues from third party manufacturing; the change in mix of products manufactured and higher professional fees in the first quarter relating to acquisition activity.
The reduced EBITDA performance resulted in a year to date net loss of $624,000, $(0.008) per share, as compared to net earnings of $313,000, $0.004 per share, in the prior year.
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
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.
For further information:
Karen Snook, Chief Financial Officer and Corporate Secretary, Rutter Inc. +1 709 576 6666