|By PR Newswire||
|November 30, 2012 04:44 PM EST||
- 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
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
Twelve Months ended
|($000s, except per share amounts)|
|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
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 1, 2015 04:45 PM EDT Reads: 490
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 1, 2015 03:15 PM EDT Reads: 334
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 326
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,414
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 128
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,070
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,171
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,291
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,196
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,774
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,047
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,040
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 332
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,908
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,582
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 399
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,967
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 482
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,544
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,494