4th Quarter Earnings WINNIPEG, MB, Nov. 12, 2021 /CNW/ - (TSX: BUI)
Sales
Revenue for the quarter was $58.4 million, down $5.5 million from the prior year fourth quarter, representing an 8.5% decrease over the prior year due to supply chain issues that the Company is working through. Revenue for the twelve months of 2021 was $253.4 million, up $3.8 from 2020, showing a 1.5% YTD increase in revenue. Demand for products remains strong and the Company is working to increase production for the remainder of the year to meet the growing order backlog.
| 4th quarter ending | | | | | 12 months ending | | |
| September 30, 2021 | | | Year Ago | | September 30, 2021 | | Year Ago |
| Revenue (millions) | | $58.4 | | $63.9 | | Revenues (millions) | $253.4 | $249.6 |
| Net profit (millions) | | $(0.7) | | $(12.4) | | Net profit (millions) | $(0.4) | $(25.8) |
| Net profit/share | | $(0.03) | | $(0.49) | | Net profit/share | $(0.01) | $(1.03) |
| Shares issued (millions) | | 25.0 | | 25.0 | | Shares Issued (millions) | 25.0 | 25.0 |
Net Earnings for the Quarter
The net income for the fourth quarter was $(0.7) compared to $(12.4) for the same period in 2020. For the year to date, the net income was $(0.4) compared to a loss of $(25.8) in the prior year. In the current quarter, improved margin coupled with reduced selling and administration and research and development and increased gains on sale contributed to improved earnings, This was offset by a loss in foreign exchange in the quarter.