Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Fourth Quarter and Fiscal Year ended September 30, 2012

  • Fiscal Year Sales increased 20%
  • Fiscal Year Profits increased 84%
  • Fourth Quarter Profits increased 169%
  • Quarter-end Cash on hand increased 103% to $31.2 million
  • No bank debt

(TSX-XTC)

TORONTO, Nov. 30, 2012 /PRNewswire/ - Exco Technologies Limited today announced results for its fourth quarter and fiscal year ended September 30, 2012.  In addition, the Company announced the quarterly dividend of $0.0375 per common share which will be paid on December 28, 2012 to shareholders of record on December 14, 2012.  The dividend is an "eligible dividend" in accordance with the Income Tax Act of Canada.

  Three Months ended
September 30
Twelve Months ended
September 30
  ($000s, except per share amounts)
  2012 2011 2012 2011
Sales 61,667 54,026 242,516 202,631
Net income 7,147 2,660 24,449 13,263
Basic earnings per share $0.18 $0.06 $0.60 $0.32
Diluted earnings per share $0.17 $0.06 $0.60 $0.32
Common shares outstanding         40,623,011 40,961,823 40,623,011 40,961,823

In the fourth quarter consolidated sales were $61.7 million - a $7.6 million or 14% increase over the prior year.  The Casting and Extrusion segment recorded higher sales of $40.0 million compared to $34.4 million last year - an increase of 16%.  The Automotive Solutions segment experienced a 10% increase in sales from $19.6 million last year to $21.7 million.

Annual consolidated sales totalled $242.5 million compared to $202.6 million last year - an increase of $39.9 million or 20% over last year.  The Casting and Extrusion segment reported sales of $152.5 million - an increase of $24.2 million or 19% from the prior year. The Automotive Solutions segment reported sales of $90.0 million - an increase of $15.7 million or 21% from the prior year.  This strong sales performance is in line with management's expectations and was primarily driven by organic growth in demand for Exco's products by a recovering and increasingly dynamic North American automotive marketplace.

The Company's fourth quarter consolidated net income increased to $7.1 million ($0.18 basic earnings per share or $0.17 diluted earnings per share) compared to $2.7 million ($0.06 basic and diluted earnings per share) in fiscal 2011 - an increase of 169%.  Fourth quarter pretax earnings increased significantly in the Casting and Extrusion segment by $3.9 million or 169% over the same quarter last year. Fourth quarter pretax earnings also increased in the Automotive segment by $831 thousand or 28% over the same quarter last year.

The Company reported annual consolidated net income of $24.4 million or $0.60 per share compared to consolidated net income of $13.3 million or $0.32 per share last year - an increase of 84%.  Casting and Extrusion pretax earnings increased by 99% to $22.4 million from $11.3 million in the prior year.  The Automotive Solutions segment recorded pretax earnings of $15.3 million for the year compared to $11.7 million last year - an increase of 31%.  The fourth quarter and full year earnings exceeded management's guidance and essentially reflect the impact of climbing sales in a high capacity utilization and tightly controlled fixed cost environment.

As we look toward the next year we believe the economic recovery in North American automotive industry should continue to grow at a slow but steady pace.  With US interest rates now assured to be at historic low levels for numerous years to come, unit sales of light vehicles should continue to benefit from cheaper leasing and financing charges despite anaemic growth in the greater US economy.  The elevated age of the average North American automobile on the road today - in excess of 10 years - and the better mileage of new vehicles also support stronger demand for light vehicles.  Management believes this will directly benefit our automotive component businesses which should continue to experience strong sales and efficient overhead absorption, as well as, indirectly benefit our large mould businesses and Castool which sell moulds and consumable components/tooling to OEMs and their tiers.  This relatively positive outlook may be undermined by political developments in the US during the first quarter of fiscal 2013 that may result in simultaneous increases in US taxes and sharply reduced government spending and the situation in European where fiscal austerity and recession throughout the Euro zone is so prevalent. However, in Europe management expects there will be minimal impact on its consolidated financial performance as its European operations are a relatively small part of its overall business.

Our extrusion tooling group is expected to continue executing its strategy of growing throughout emerging markets.  In addition to its purchase of a tool shop in Colombia last year, which is now cashflowing, Exco is pleased to announce that it has purchased land in Sorocaba, Brazil and will be constructing a production facility there over the next year.  The estimated cost including equipment is expected to be approximately $12 million over the next several years.

Mr. Robbins, President and CEO of Exco says "on this the 60th anniversary of the firm which my father created I am very pleased that we have produced the best financial results in our history.  I also strongly support the reinvestment of some of these resources in the future long term development of our core businesses in markets which we hope to dominate with our strong reputation for technology and quality - as we currently do in our traditional North America markets."

The comparative amounts in the above analysis have been adjusted to reflect the impact of the Company's transition to IFRS effective October 1, 2010. Refer to Note 13 to the interim consolidated financial statements for the fourth quarter for a full reconciliation of the comparative period's interim consolidated financial statements under GAAP to IFRS.

(For further information and prior year comparison please refer to the Company's Fourth Quarter Interim Financial Statements in the Investor Relations section posted at www.excocorp.com.  Alternatively, please refer to www.sedar.com)

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 11 strategic locations, we employ 2,213 people and service a diverse and broad customer base.

A conference call to discuss those results will be held on Monday, December 3, 2012 at 10:00 a.m. (Toronto time) which can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

To access the live audio webcast, please log on to www.excocorp.com, or http://www.newswire.ca/en/webcast/detail/1065919/1159113 a few minutes before the event.  Real Player is required for access.  For those unable to participate on December 3, 2012, an archived version will be available on the Exco website.

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as "anticipate", "plan", "may", "will", "should", "expect", "believe", "estimate" and similar expressions to identify forward-looking information and statements especially with respect to sales growth and financial performance of the Company's business units, absorption of the Company's fixed costs, contribution of our businesses, input costs and other aspects of our operating efficiencies.  Such forward-looking information and statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe to be relevant and appropriate in the circumstances. These assumptions include, among other things, the number of automobile vehicles produced in North America and Europe, the number of extrusion dies required in North America and South America, the rate of economic growth in North America and Europe and BRIC countries, investment by OEMs in drivetrain architecture and structural parts, the likelihood of austerity measures taken by developed countries (especially the U.S. and Europe) and currency fluctuations (particularly with respect to the US dollar, Euro and Mexican Peso).  Readers are cautioned not to place undue reliance on forward-looking information and statements, as there can be no assurance that the assumptions, plans, intentions or expectations upon which such statements are based will occur.  Forward-looking information and statements are subject to known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed, implied or anticipated by such information and statements.  These risks, uncertainties and assumptions  are described in the Company's Management's Discussion and Analysis included in our 2011 Annual Report, in our 2011 Annual Information Form and, from time to time, in other reports and filings made by the Company with securities regulatory authorities.

While the Company believes that the expectations expressed by such forward-looking information and statements are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct.  In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive.  Furthermore, the Company will update its disclosure upon publication of each fiscal quarter's financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.

 

SOURCE Exco Technologies Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...