TSX.V: AEP
OTC: APEUF
NANAIMO, BC, Sept. 17, 2021 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to provide an update on the Company's net revenues for the first two months of the 3rd Quarter of 2021.
The Company has carried the strong momentum gained in the first half of 2021 into the 3rd Quarter of 2021. Revenues for the two months ended August 31, 2021 were $11.5 million which represents an 18.8% increase from the full three month quarter ended September 30, 2020during which the Company had revenues of $9.68 million. Management is confident that 3rd quarter 2021 revenues will surpass the 2nd quarter 2021 revenues of $14.4 million which were partly the result of higher than normal lumber prices.
The Company also wishes to report that current sales order bookings stand at approximately $12 million. These orders are expected to be delivered by the end of the calendar year 2021
Based on the robust first half of the year, and strong current bookings, management estimates that 2021 year-end revenues will reach at least $50 million barring any significant weather stoppages or other unforeseen circumstances. The Company generated $35.7 million in revenue during the full year ended December 31, 2020.
"Strong demand and significant production volume increases have offset the drop in lumber prices and Q3 is poised to be a record quarter for the Company" said Melissa MacRae, Interim CFO. "While raw material price volatility and labour shortages continues to challenge the industry the solid start to Q3 is a testament to the hard work and focus of the entire AEP team."
The Company's focus continues to be on the raw material and labour challenges experienced by the construction industry, while also driving forward with further organic growth and production efficiency initiatives.