ST. JOHN'S, Jan. 14, 2014 /CNW/ - Today, Rutter Inc. (TSX: RUT) released
its unaudited condensed consolidated interim financial statements for
the quarter ended November 30, 2013.
Summary financial information is provided in this press release which
should be read in conjunction with the condensed consolidated interim
financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com.
SUMMARY OF RESULTS
The Company's quarterly results are summarized in the tables below:
|
Revenue
|
|
Q1 2014
|
|
Q1 2013
|
|
|
|
|
|
|
|
|
|
Third party manufacturing
|
|
$
|
1,750
|
|
$
|
3,961
|
|
Company owned products
|
|
|
1,152
|
|
|
1,546
|
|
|
|
$
|
2,902
|
|
$
|
5,507
|
|
EBITDA(1)
|
|
$
|
(519)
|
|
$
|
627
|
|
Net earnings (loss)
|
|
$
|
(1,089)
|
|
$
|
(12)
|
|
Earnings (loss) per share
|
|
$
|
(0.014)
|
|
$
|
-
|
|
(1)
|
EBITDA is identified in the Company's financial statements as "Earnings
before undernoted items" and is more fully defined in the Company's
financial statements and MD&A.
|
As expected, reduced government military spending resulted in further
third party manufacturing revenue decreases in the current quarter. The
Company decreases in the Company's revenues directly impacted
profitability, resulting in a net loss of $1,089,000 compared to a net
loss of $12,000 for the same period last year.
Commenting on the quarter, Fraser Edison, CEO, noted "one of the
challenges Rutter faces is the 'lumpiness' of its operating results
from quarter to quarter and I would remind investors to view the
quarter in context of the quarterly information presented in the
Company's MD&A as a better vantage point for the business. Impacting
this particular quarter is the low manufacturing revenue stream. We
have known that the available revenue from our military customer is
declining and while we do expect that revenue stream to rebound over
the longer term, we have taken necessary steps through the end of
fiscal 2013 and into the first quarter of fiscal 2014 to solidify this
business, including winning work with new customers and right-sizing
our workforce. It is also apparent that the Products revenue stream is
not earned evenly over the quarters nor does it always spike or decline
in the same quarters from year to year; generally speaking, Products'
revenues peak somewhere in the second half of the year. Given the
margins on this business, changes in timing impact our quarterly bottom
lines dramatically and this is certainly evident in the first quarter
of fiscal 2014."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies
and engineering solutions. Rutter's global network supplies
technologies to improve efficiency and safety in the marine, defense,
transportation, oil and gas sectors from its headquarters in the
Province of Newfoundland and Labrador. For more information see www.rutter.ca
About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the
real time measurement of directional ocean wave spectra. OceanWaveS'
customer base includes operators in offshore oil development interested
in operational safety and efficiency, navies pursuing greater
understanding of ship stability and motion prediction, and coastal
monitoring stations concerned with vessel traffic management and
coastline erosion monitoring. For more information see www.oceanwaves.org
Forward-Looking Statements
This press release may contain forward-looking statements that involve
risks and uncertainties. These statements reflect current expectations
and are subject to a number of risks and uncertainties including but
not limited to, change in technology and general market conditions. Due
to the many risks and uncertainties, Rutter Inc. cannot assure that
forward-looking statements that may be contained in this press release
will be realized.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE Rutter Inc.
Fraser Edison, President and Chief Executive Officer, Rutter Inc. +1 709 576 6666