31 Dec 2014 08:36 ET
ACCESSWIRE Vancouver, BC / ACCESSWIRE / December 31, 2014 / Jemi Fibre Corp. (TSXV: JFI) ("Jemi Fibre" or the "Company") is pleased to announce its second quarter results for the three-month period ended October 31, 2014. During the quarter, the Company was busy integrating the operations of its newly acquired divisions, including its Kootenay region, based preserving operation, contract logging operation, private timberlands and WoodEx sawmill. Toward the end of the quarter, the results from the Company's combined operating divisions were starting to be indicative of the Company's ongoing business. It is anticipated that the Company will capture further increases in efficiency and volume as these operations continue to ramp up in future quarters. OVERVIEW OF FINANCIAL RESULTS During the second quarter ended October 31, 2014, the Company recorded revenue of $14,500,262, a 115% increase over the $6,744,916 in revenue recorded for the preceding quarter ended July 31, 2014. EBITDA for the second quarter was $2,850,494 compared with EBITDA of $180,193 in the first quarter, indicating positive cash flow contributions from our newly acquired assets. The net loss and comprehensive loss for the second quarter amounted to $943,947 or $0.02 per common share, compared to net loss and comprehensive loss $12,405,677 or $0.34 per common share for the preceding quarter. $11,164,853 of the net loss for the first quarter was a result of non-cash charges related to the June 5, 2014 acquisitions. The Company anticipates reversing most of these losses prior to the Company's April 30, 2015 year end and re-allocating them to the Company's balance sheet as the acquired assets are appraised and valued. In the second quarter, the Company's harvesting operations from its private timberlands and contract logging divisions represented a significant portion of the Company's output. For the three months ended October 31, 2014, the Company harvested approximately 195,400 m3 of timber compared to 103,320 m3 of timber harvested in the preceding quarter ended July 31, 2014. During the quarter, the Company's preserving operations were another important revenue and EBITDA contributor. The Company anticipates further growth in the near term from this division. Further, at the end of the quarter, the WoodEx sawmill achieved full operation on a one-shift basis. OPERATIONS UPDATE The company is also pleased to report EBITDA for November 2014 of approximately $1.76 million. Results from all operating divisions are steady and in line with the Company's expectations," stated Mike Jenks, CEO. "And, revenue and margins from the WoodEx sawmill continue to improve. The Company anticipates the mill achieving profitability during the third quarter." Further, the Company would like to correct a previous announcement made on December 3, 2014 in regards to the vesting criteria on 20,000 incentive stock options (the "Options") granted to Transcend Resource Group, an investor relation service provider. The Options will vest in quarters with one quarter of the Options deemed to have vested as of December 2, 2014, one quarter of the Options will vest as of March 2, 2015, one quarter of the Options will vest as of June 2, 2015 and the final one quarter of the Options will vest on December 2, 2015 which is the expiry date of the option. ON BEHALF OF THE BOARD OF DIRECTORS JEMI FIBRE CORP. "Mike Jenks" Mike Jenks CEO For further information, please contact: Brent Lokash, President Tel: 1 604 428-1075 |