|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
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
May. 26, 2015 11:00 AM EDT Reads: 4,151
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 will addresses this very serious issue of profound change in the industry.
May. 26, 2015 11:00 AM EDT Reads: 482
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
May. 26, 2015 11:00 AM EDT Reads: 5,831
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 26, 2015 10:15 AM EDT Reads: 1,852
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
May. 26, 2015 10:00 AM EDT Reads: 3,311
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
May. 26, 2015 10:00 AM EDT Reads: 2,150
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
May. 26, 2015 09:00 AM EDT Reads: 5,365
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 26, 2015 09:00 AM EDT Reads: 2,202
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
May. 26, 2015 08:00 AM EDT Reads: 5,636
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
May. 26, 2015 08:00 AM EDT Reads: 6,148
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 25, 2015 11:00 PM EDT Reads: 6,250
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 25, 2015 09:00 PM EDT Reads: 5,156
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 25, 2015 08:00 PM EDT Reads: 2,370
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 25, 2015 07:00 PM EDT Reads: 5,994
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 25, 2015 04:00 PM EDT Reads: 3,072
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
May. 25, 2015 03:00 PM EDT Reads: 4,483
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
May. 25, 2015 02:00 PM EDT Reads: 4,653
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 Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
May. 25, 2015 02:00 PM EDT Reads: 5,094
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 25, 2015 01:15 PM EDT Reads: 2,547
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 25, 2015 01:00 PM EDT Reads: 6,524