Third quarter interim statements came out this morning. Net income for the nine months is 0.08 per share, including a restatement of a prior write off, valued at approximately 0.027 per share. They look like they are maintaining profitability, and appear to be heading for around a 10 cent per share annual net income (13 without the restatement). They also issued another normal course issuer bid a couple of weeks ago.
Here is an excerpt:
Net earnings for the three months ended September 30, 2009 amounted to $697 thousand or
.03 per diluted share and for the nine months ended September 30, 2009 amounted to $1,951 thousand or
.08 per diluted share. This compares to the respective periods in 2008 (as restated) of $922 thousand or
.04 per diluted share and $1,705 thousand or
.07 per diluted share. The net earnings for both the three and nine months of 2008 have been restated because of the previous write off of work in process, as explained in note 1 of the Notes to the Unaudited Consolidated Financial Statements, having the effect of improving the comparative 2008 net earnings by $481 thousand for the three months ended September 30, 2008 and by $672 thousand for the nine months ended September 30, 2008. Had these restatements not been made for the 2008 amounts, the comparison between 2009 and 2008 would have been shown increases period over period.
Although sustaining profitability, we have seen declines in revenues. Revenues for the three months ended September 30, 2009 amounted to $22,317 thousand compared to $23,275 thousand for the three months ended September 30, 2008, a decline of 4% and, for the nine months ending September 30 2009 versus 2008 revenues were $69,931 thousand compared to $71,765 thousand, a decline of 3%.
EBITDA for the third quarter 2009 was $1,389 and for the year to date was $4,110 or
.06 per diluted share and
.16 per diluted share respectively. Comparative amounts for 2008 were $2,313 thousand and $5,062 thousand or
.09 per diluted share and
.19 per diluted share for the respective periods. The comparative amounts for 2008 have been restated because of the adjustments made to the reported earnings in 2008 due to the previous write off of work in process as explained above. Similarly, had these restatements not been made for the 2008 results, the comparison between 2009 and 2008 would have shown increases period over period.
Cash reserves are building, working capital is improving and the remaining long term debt due to related parties is being extinguished. The balance sheet is improving quarter over quarter. Subsequent to the close of the third quarter 2009, the Company received approval to repurchase 1,246 thousand of its issued shares for cancellation.