|By Marketwired .||
|December 17, 2012 06:59 PM EST||
EDMONTON, ALBERTA -- (Marketwire) -- 12/17/12 --
------------------------------------------------------------------ All figures For the three months ended For the twelve months ended in CAD September 30 September 30 ------------------------------------------------------------------ % % 2012 2011 Change 2012 2011 Change ------------------------------------------------------------------ Revenue $28,017,866 $29,182,088 -4.0% $115,701,729 $107,702,207 7.4% EBITDA (i) $ 139,779 $ 1,458,767 -90.4% $ 3,906,215 $ 4,339,969 -10.0% Net (Loss) Earnings $ (266,493) $ 559,633 -147.6% $ 950,584 $ 911,403 4.3% Basic EPS (ii) $ (0.01) $ 0.03 $ 0.05 $ 0.04 Diluted EPS (ii) $ (0.01) $ 0.03 $ 0.04 $ 0.04 ------------------------------------------------------------------ (i) EBITDA is defined as Earnings Before Interest, Taxes, Depreciation & Amortization (ii) EPS is defined as Earnings (Loss) Per Share
COMMERCIAL SOLUTIONS INC. ("Commercial" or "Company") (TSX:CSA) a leading Canadian distributor of bearings, power transmission equipment, oilfield, industrial, and safety products today announced its financial results for the three-month and twelve-month periods ended September 30, 2012. A complete copy of the Company's report will be available on the Internet at www.sedar.com.
Financial highlights from fiscal 2012 are as follows:
For the twelve-month period ended September 30, 2012, Commercial reported revenue of $115.7 million compared to revenue of $107.7 million for the same period last year, representing a year-over-year increase of 7.4 percent, as previously announced. EBITDA decreased by $0.4 million and net earnings improved by $0.04 million from the prior year.
For the three-month period ended September 30, 2012, Commercial reported revenue of $28.0 million compared to revenue of $29.2 million for the same period last year, representing a decrease of 4.0 percent. EBITDA for the quarter was $0.1 million in comparison to $1.5 million in the same period last year. The Company reported net loss of $0.3 million for the quarter compared to net earnings of $0.6 million during the fourth quarter of fiscal 2011.
The Company's increase in revenues primarily relates to growth in the first two quarters of the fiscal year. During these periods, capital expenditures for rig building and rig utilization rates were higher. During the third quarter, although rig utilization rates were lower due to the wetter than normal weather conditions in Western Canada, the Company benefited from its strategic efforts in expanding its service to customers who provide well completion and production maintenance activities. These companies are less impacted by weather and therefore less seasonal. As well, oil and gas exploration activity in Saskatchewan strengthened which directly enhanced revenues generated by the Company's service centers in this region. The growth in Saskatchewan also includes increases in revenues generated from the agriculture, construction, mining and manufacturing sectors. For the last quarter of the fiscal year, the Company experienced a decrease in revenues as rig utilization rates continued to be low due to continued wet weather over the summer. As well, exploration and production companies were dealing with numerous uncertainties including pipeline limitations, volatile crude oil prices and unpredictable capital markets. These factors contributed to curtailed or delayed capital spending which directly affected the Company's revenues.
The Company experienced significant EBITDA improvement in the first two quarters of the year when revenue levels were high; however, the improvement in EBITDA was fully offset by the EBITDA decrease experienced during the last quarter. Fiscal 2012's fourth quarter EBITDA was at the lowest quarter in the current year compared to 2011 fourth quarter EBITDA which was the highest for the 2011 year. The current year's last quarter EBITDA decrease was due to a decrease in revenues coupled to an increase in operating expenses. The increase in operating expenses was primarily a result of increased personnel costs as Commercial adjusted staffing and wages levels to meet increased demand during the first half of the fiscal year. These levels were maintained to ensure that a quality workforce was retained for expected activity post spring break-up. Net earnings improved from the prior year despite lower EBITDA. This was primarily due to interest costs savings as the Company paid down the mezzanine debt as well as having lower tax expenses in the current year.
The Company is approaching fiscal 2013 purposefully and cautiously. A significant portion of the Company's revenue is derived from the Western Canadian energy sector which is impacted by drilling activity in Western Canada. The current global economic activity is resulting in subdued expectations in Western Canada and this is anticipated to be sustained throughout fiscal 2013.
Commercial has organized its business to serve different sectors. In addition to the energy sector, the Company's other primary markets include construction, mining, agriculture and forestry. Very strong agricultural commodity prices are expected to drive an increase in overall planting acreage in Alberta and Saskatchewan in the next fiscal year, subject to weather conditions. The forestry sector in British Columbia is also showing growth as recovery in the United States is experiencing accelerating housing starts. Growth in these other sectors and new growth in the United States energy sector will benefit the company as it continues developing its operations in Texas. These factors are important in mitigating the seasonal impact of lower revenues from oil drilling in Western Canada.
Jim Barker, President and CEO of Commercial noted, "This has been a unique year where we started out with high activity in the energy sector providing us opportunity to grow at double-digit rates. With the exception of the last quarter, we have delivered nine consecutive quarters of revenue increases. While the market continues to be uncertain, I am encouraged by the potential growth in some of the diverse sectors we serve. We are also increasing our market share in the energy sector through strong relationships with regional customers. With the recent announcement of a pending consolidation with a larger company, we believe it further enhances our capability to be successful in the competitive markets we serve."
Headquartered in Edmonton, Alberta, Commercial is one of Canada's leading independent industrial distributors with 23 Services Centres and approximately 270 employees located primarily in Western Canada. Commercial offers more than 160,000 items critical to maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers. The Company represents 450 leading manufacturers and serves over 11,000 customer accounts within a broad cross-section of industries, including oil and gas, forestry, agriculture, firefighting, food processing, chemical processing, mining, utilities, manufacturing, and construction. Commercial trades under the symbol "CSA" on the Toronto Stock Exchange. For further information on the Company, please visit www.commercialsolutions.ca and for detailed financial information visit www.sedar.com.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 25, 2016 10:00 AM EDT Reads: 591
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jun. 25, 2016 09:30 AM EDT Reads: 1,060
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 Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Jun. 25, 2016 07:45 AM EDT Reads: 978
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 25, 2016 07:30 AM EDT Reads: 755
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, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 24, 2016 02:15 PM EDT Reads: 371
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Jun. 24, 2016 01:00 PM EDT Reads: 1,312
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Jun. 24, 2016 12:00 PM EDT Reads: 1,548
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 24, 2016 10:30 AM EDT Reads: 907
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Jun. 24, 2016 09:45 AM EDT Reads: 1,167
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 24, 2016 09:30 AM EDT Reads: 591
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Jun. 24, 2016 09:30 AM EDT Reads: 1,114
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Jun. 24, 2016 08:45 AM EDT Reads: 1,224
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Jun. 24, 2016 08:45 AM EDT Reads: 1,105
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, wh...
Jun. 24, 2016 08:30 AM EDT Reads: 794
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Jun. 24, 2016 08:15 AM EDT Reads: 1,424
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Jun. 24, 2016 08:15 AM EDT Reads: 1,184
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 24, 2016 07:30 AM EDT Reads: 963
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 opportuni...
Jun. 24, 2016 07:15 AM EDT Reads: 1,159
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Jun. 22, 2016 11:00 AM EDT Reads: 1,338
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Jun. 19, 2016 12:45 PM EDT Reads: 1,231