Strong Q1...trending nicely Pacific Safety earns $200,000 in fiscal Q1
2013-11-25 08:16 ET - News Release
Mr. Terry Vaudry reports
PACIFIC SAFETY PRODUCTS INC. REPORTS FIRST QUARTER OF FISCAL 2014 AND ANNOUNCES STOCK OPTION GRANT
Pacific Safety Products Inc. has released financial results for the three-month period ended Sept. 30, 2013.
Highlights
- The company reported net income for the first quarter of $200,000 compared with a net loss of $500,000 during the first quarter of the prior year.
- Revenues for the first quarter were $3.8-million, an increase of 35.7 per cent compared with revenues of $2.8-million during the first quarter of fiscal 2013.
- Gross margin as a percentage of revenues for the first quarter was 28.4 per cent compared with 20.1 per cent for the first quarter of the prior year.
- Expenses for the first quarter were $900,000 compared with $1.0-million for the first quarter of the prior year, a decrease of 14.8 per cent.
- Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) were $200,000 compared with the adjusted EBITDA loss of $400,000 during the first quarter of the prior year.
"PSP continued to identify and remove costs from its operations during its first quarter," said chief executive officer, Terry Vaudry. "We remain committed to rightsizing the company while continuing to invest in our products and customers ahead of what we believe will be a healthy business environment in calendar year 2014."
Grant of stock options
The company has granted an aggregate of 2,725,000 to certain directors, officers and employees of the company, including to Fraser Campbell and Ken Hight, directors of the company, Terry Vaudry, the chief executive officer and a director of the company, and Rudy Witlox, chief financial officer. The stock options are exercisable at a price of 11 cents and expire five years from the date of grant. The stock options vest immediately upon grant.