VANCOUVER, British Columbia, Nov. 30, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (“Luxor” or the “Company”) (TSX.V:LRL) (OTC:LXRRF) is pleased to provide third quarter results. Sales for the 9 month period ending September 30, 2016 were $19,902,837 compared to $2,645,607 for the same period in 2015. The net loss from operations, before stock based compensation, interest and depreciation for the 9 month period ending September 30, 2016 was $110,837 compared to a net profit of $185,260 for the same period in 2015. The net loss from operations after stock based compensation, interest and depreciation for the 9 month period ending September 30, 2016 was $856,837 compared to a net profit of $373,436 for the same period in 2015.
Sales for the 3 month period ending September 30, 2016 were $7,811,014 compared to $956,985 for the same period in 2015. The net loss from operations, before stock based compensation, interest and depreciation for the 3 month period ending September 30, 2016 was $845,267 compared to a net profit of $162,021 for the same period in 2015. The net loss from operations after stock based compensation, interest and depreciation for the 3 month period ending September 30, 2016 was $1,683,037 compared to a net profit of $161,267 for the same period in 2015.
2016 is a material year for the start-up of the Company’s new turnkey framing business. Luxor’s sales budget for 2016 is $23 million. Through the first 9 months almost $20 million in sales have been achieved. The objective was to have all infrastructure in place to facilitate a successful 2017.
The Gross Margin on the turnkey framing business was approximately 10%. This is the result of an aggressive approach in entering a new geographic market, the Western United States. As expected in a new business, there were inefficiencies in material procurement, prefabricated product manufacturing and procurement of labor, which have been addressed. There has been important improvement in these areas and the Company is focused on significantly growing the Gross Margin in 2017.
The Company’s budget for 2017 turnkey framing sales is $40 million of which over $20 million has been contracted.