Sigma Ventures' financial results maintain upward momentum during the third quarter

    - Cash flows from operating activities before changes in non-cash working
      capital items of $5.5 million, or $0.16 per share in the first nine
      months of fiscal 2007
    - Third quarter sales and EBITDA up almost fourfold year-over-year
    - Quarterly earnings per share of $0.03 almost double prior-year levels

    QUEBEC, March 22 /CNW Telbec/ - Sigma Ventures Inc. (TSX Venture
Exchange: SVX), a leading composite and metal products manufacturer, today
announced results for the third fiscal quarter and nine months ended
January 31, 2007. The Company posted sales, EBITDA and net earnings increases
compared to the prior year, with the strong year-over-year growth reflecting
the acquisitions of Faroex Ltée. and René Matériaux Composites Ltée., which
occurred on March 15, 2006 and June 28, 2006, respectively.
    Revenue for the third quarter was up close to fourfold to $22.9 million
compared to $5.9 million during the same period last year. Earnings before
interest, taxes, depreciation and amortization (EBITDA) reached $2.8 million,
compared to $0.7 million in the third quarter of 2006. Net earnings were
$1.0 million or $0.03 per share in the three-month period ended January 31,
2007, up from $359,356 or $0.017 per share in the same period last year.
Notably, cash flows from operating activities - including cash flows of
$6.3 million from non-cash working capital items - were $7.9 million, or $0.23
per share for the third quarter 2007 compared to $0.2 million in the same
period last year.
    For the nine-month period ended January 31, 2007, Sigma posted sales of
$60.8 million, more than five times sales of $11.8 million for the same period
last year. EBITDA reached $7.7 million compared to $1.6 million in 2006 and
net earnings quadrupled, to $3.1 million compared to net earnings of
$0.8 million in the year-ago period. These increases were once again primarily
the result of the aforementioned acquisitions. Year-to-date cash flows from
operating activities before changes in non-cash working capital items reached
$5.5 million, or $0.16 per share.
    "We posted strong third quarter results. Sigma is generating significant
cash flows, and the recently completed initial closing of the private
placement of $4.2 million has strengthened the Company's balance sheet" stated
Sigma President and CEO, Denis Bertrand. "Going forward, we will carry on with
our strategic plan to build the Company from this solid base, as we continue
to realise operational and market synergies from the acquisitions of the past
twelve months."
    Sigma continued to deploy its growth strategy in recent months. At the
end of the third quarter, the Company completed the acquisition of the assets
of Camoplast's composite truck division located in Acton Vale, Quebec for
$4.7 million. This transaction has allows Sigma to acquire a new, promising
technology, solidifies the Company's advantageous market position and
strengthens its two other Beauce, Québec facilities through the exchange of
best practices, as well as new market opportunities. Shortly after the end of
the quarter, Sigma acquired Groupe Synergy Composites (GSC) Inc., a company
specialized in the development of advanced composite products and technology
for the utility vehicle and bus industries. GSC has developed an innovative
technology and carries a promising product line that are a natural fit for
Sigma, as the Company integrates GSC's long standing culture of innovation and
its unique technology, while Sigma's manufacturing capability allows GSC to
fully capture the potential of its existing markets.


    Interim consolidated results of operations
                         Three-month periods ended  Nine-month periods ended
                                        January 31,               January 31,
                        --------------------------- -------------------------
                                 2007         2006         2007         2006
                                    $            $            $            $
    ----------------------------------------------- -------------------------
    Sales                  22,895,279    5,895,200   60,763,532   11,827,235
    EBITDA                  2,754,123      719,527    7,701,737    1,578,173
    Earnings before
     income taxes           1,642,129      551,523    4,905,364    1,164,231
    Net earnings            1,032,948      359,356    3,118,765      755,265
    Net earnings per share
      Basic                     0.030        0.017        0.093        0.041
      Diluted                   0.029        0.017        0.089        0.041
    ----------------------------------------------- -------------------------

    Consolidated balance sheet data
                                     As at
                           January 31,    April 30,
                                 2006         2006
                                    $            $
    Total assets           53,256,862   18,286,942
    Total liabilities      38,577,509   14,227,623
    Shareholders' equity   14,679,353    4,059,319


    The information included in this press release contains certain
information which are not financial measures prescribed under GAAP. Sigma
Ventures uses earnings before interest, taxes, depreciation and amortization
("EBITDA") in the assessment of its financial performance. As there is no
generally accepted method of calculating this financial measure, it may not be
comparable to similar measures reported by other companies. EBITDA refers to
earnings before interest, income taxes, depreciation, amortization and other
non-operating expenses and revenues. This measure does not represent the cash
flow for the repayment of long-term debt, the payment of dividends, the
reinvestment or other discretionary uses, and should not be considered
remotely or as a substitute to other measures of performance calculated
according to GAAP.


    Sigma Ventures Inc. (TSX-V: SVX) is a leading composite and metal
products manufacturer. Sigma has six operating subsidiaries which employ
650 people. The Company is active in the growing heavy duty truck, coach,
transit and bus, train and subway, machinery, agriculture, light forestry and
alternative energy market segments. Sigma offers its products to original
equipment manufacturers and distributors in the United States, Canada and
    Sigma has had a recent history of steady growth and accretive
acquisitions. Its recent and planned growth initiatives are expected to
continue to raise Sigma's profile with investors.


    This press release contains certain forward-looking statements with
respect to the Company. Such forward-looking statements are dependent upon a
certain number of factors and are subject to risks and uncertainties. Actual
results may differ from those expected. The information contained in this
press release is dated March 22, 2007, the date on which the Directors
approved the press release. Management does not assume any obligation to
update or revise any forward-looking statements, whether as a result of new
information or future events, except when required by the regulatory

    Note to readers: Complete unaudited consolidated financial statements and
    Management's Discussion & Analysis of Financial Position and Operating
    Results were posted on SEDAR and are available at

    The exchange does not accept responsibility for the adequacy or accuracy
    of this release.

For further information:

For further information: Sigma Ventures Inc.: Denis Bertrand, Chief
Executive Officer, (418) 780-3902,; Bertrand
Côté, Chief Financial Officer, (418) 780-3903,;
MaisonBrison/BarnesMcInerney: Frédéric Beausoleil, Executive Vice-President,
IR, (514) 731-0000, Ext. 228,

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