|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 DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Apr. 29, 2016 05:45 AM EDT Reads: 2,387
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
Apr. 29, 2016 04:45 AM EDT Reads: 2,338
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Apr. 28, 2016 07:00 PM EDT Reads: 1,465
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Apr. 28, 2016 04:45 PM EDT Reads: 1,724
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
Apr. 28, 2016 04:30 PM EDT Reads: 1,617
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
Apr. 28, 2016 02:45 PM EDT Reads: 1,360
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Apr. 28, 2016 02:30 PM EDT Reads: 1,550
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Apr. 28, 2016 01:15 PM EDT Reads: 1,085
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
Apr. 28, 2016 01:00 PM EDT Reads: 1,500
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Apr. 28, 2016 12:45 PM EDT Reads: 1,450
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
Apr. 28, 2016 12:15 PM EDT Reads: 1,602
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Apr. 28, 2016 12:00 PM EDT Reads: 532
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Apr. 28, 2016 11:30 AM EDT Reads: 2,175
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Apr. 28, 2016 11:00 AM EDT Reads: 1,394
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Apr. 28, 2016 10:30 AM EDT Reads: 526
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Apr. 28, 2016 10:15 AM EDT Reads: 938
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Apr. 28, 2016 10:00 AM EDT Reads: 717
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
Apr. 28, 2016 10:00 AM EDT Reads: 676
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Apr. 28, 2016 09:30 AM EDT Reads: 2,498
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Apr. 28, 2016 09:00 AM EDT Reads: 527