Xebec Fiscal 2012 Fourth Quarter and Year-end Financial Results
MONTREAL, April 1, 2013 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas upgrading, natural gas, field gas and
hydrogen purification solutions for the clean energy and crude-derived
fuels displacement markets, announced today its 2012 fourth quarter
operating results.
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Revenues of $15.2 million in fiscal 2012 compared to $14.2 million for
the same period in 2011, a 7% increase in the year.
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Net income of $1.9 million in fiscal 2012 compared to a net loss of $1.5
million for fiscal 2011.
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Revenues of $5.8 million in the fourth quarter compared to $2.7 million
for the same period in 2011, a 113% increase in the period.
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Positive EBITDA of $0.1 million in the fourth quarter compared to ($1.6)
million for the same period in 2011.
Financial Highlights:
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Three months ended
December 31,
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% of
Change
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Twelve months ended
December 31,
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% of
Change
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(In dollars)
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2012
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2011
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2012
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2011
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(In dollars)
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(unaudited)
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(unaudited)
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Revenues
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5,753,220
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2,698,612
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113.2%
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15,179,121
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14,203,463
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6.9%
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Gross margin
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1,178,498
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100,307
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1074.9%
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3,146,347
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4,204,003
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-25.2%
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Gross margin as a percentage of revenues
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20.5%
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3.7%
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20.7%
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29.6%
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EBITDA*
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189,709
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(1,622,861)
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3,447,247
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114,050
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Net income (loss)
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(92,199)
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(1,996,211)
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1,938,853
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(1,456,950)
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Net income (loss) per share - basic ($/share)
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(0.00)
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(0.02)
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0.04
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(0.04)
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Net income (loss) per share - diluted ($/share)
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(0.00)
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(0.02)
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0.04
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(0.04)
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Weighted average number of shares
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39,363,867
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39,363,867
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39,363,867
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39,363,867
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As at:
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December 31,
2012
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December 31,
2011
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Total assets
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9,734,306
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10,283,088
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Total Long term Liabilities
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1,274,935
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402,077
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Equity
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1,737,339
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(307,121)
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As at:
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April 1,
2013
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March 30,
2012
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Back log
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8,487,778
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11,050,333
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* EBITDA is a non-IFRS financial measure and the Company defines it as
earnings from operations excluding financial charges, taxes, foreign
exchange loss (gain) and amortization.
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Financial Results
Revenues
Xebec posted revenues of $5.8 million for the fourth quarter of 2012, a
113.2% increase compared to $2.7 million in the fourth quarter of 2011.
For the twelve-month period ended December 31, 2012, the total revenues
amounted to $15.2 million, a 6.9% increase compared to $14.2 million
for the same period last year. The improvement versus the same period
last year is mostly explained by the significant progress on gas
purification projects.
Order Backlog
As of April 1, 2013, total order backlog stood at $8.5 million, compared
to $11.1 million as of March 30, 2012.
Gross Margin
Xebec's gross margin for the fourth quarter of 2012 amounted to $1.2
million, compared to $0.1 million for the same 2011 period. For the
twelve-month period ended December 31, 2012, the total gross margin
amounted to $3.2 million, compared to $4.2 million for the same period
last year. Despite increasing margins from product sales, the non
recurring engineering contracts and license revenues prior to the IP
transaction of March 22, 2012 inflated the margins positively in 2011.
EBITDA and Net Income (Loss)
The EBITDA for the fourth quarter of 2012 amounted to $0.2 million
compared to $(1.6) million in the fourth quarter of 2011. For the
twelve-month period ended December 31, 2012, the EBITDA amounted to
$3.4 million, compared to $0.1 million for the same period last year.
The improved EBITDA is the result of our continuous efforts to improve
gross margin and control costs and the gain resulting from the IP
transaction.
The net loss for the fourth quarter of 2012 totaled $0.1 million, or nil
per share, compared to a net loss of $2.0 million, or $0.02 per share
for the same 2011 period. For the twelve-month period ended December
31, 2012, net income was $1.9 million or $0.04 per share, compared to
net loss of $1.5 million or $0.04 per share for the same period last
year, reflecting primarily a $4.2 million increase in gain on
disposition of assets and a $0.3 million decrease in selling and
administrative costs and $0.4 million decrease in research and
development.
Selling and administrative expenses were $2.0 million in the fourth
quarter of 2012 compared to $2.0 million for the same period last year.
For the twelve-month period ended December 31, 2012, selling and
administrative were $6.5 million, compared to $6.8 million for the same
period last year. The decrease in expenses is the results of the cost
control measures.
As of December 31, 2012, the Company's cash on hand before restricted
cash totaled $1.3 million, compared to $0.4 million as at December 31,
2011.
Xebec 2012 year-end Financial Statements and Management's Discussion and
Analysis include further information on the Company.
2012 Fourth Quarter Financial Statements and Management's Discussion and
Analysis
The complete financial statements, notes to financial statements and
Management's Discussion and Analysis for the fiscal year ended December
31, 2012, are available on the Company's Website at www.xebecinc.com or on the SEDAR Website at www.sedar.com.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to
corporations and governments looking to reduce their carbon footprints.
With more than 1,300 customers worldwide, Xebec designs, engineers and
manufactures innovative products that transform raw gases into
marketable sources of clean energy mainly used as transportation fuel.
Xebec's strategy is focused on establishing leadership positions in
markets where demand for biogas upgrading, natural gas dehydration,
liquefaction and hydrogen purification is growing. Headquartered in
Montreal (QC), Xebec is a global company with two manufacturing
facilities in Montreal and Shanghai, as well as a sales and
distribution network in North America and Asia. Xebec trades on the TSX
under the symbol XBC. For additional information on the company and its
products and services, please visit the Xebec web site at www.xebecinc.com.
Caution Concerning Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements within the meaning of applicable
securities laws. This forward looking information includes, but is not
limited to, the expectations and/or claims of management of Xebec with
respect to information regarding the business, operations and financial
condition of Xebec. Forward-looking information contained in this press
release involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of Xebec or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. This list is not exhaustive of the
factors that may affect forward-looking information contained in this
press release. When used in this press release, such statements use
such words as "anticipate", "believe", "plan", "estimate", "expect",
"intend", "may", "will" and other similar terminology. These statements
reflect current expectations regarding future events and operating
performance and speak only as of the date of this presentation.
Forward-looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether or not such
results will be achieved. A number of factors could cause actual
results to differ materially from the results discussed in the
forward-looking statements.
SOURCE: XEBEC ADSORPTION INC.
