Click here to close now.



Welcome!

Mobile IoT Authors: Sanjay Uppal, Pat Romanski, Scott Allen, Teridion Blog, Tim Mullahy

News Feed Item

Circa Reports Improved Operating Results for the Third Quarter Ended September 30, 2012 and Declares a Special Cash Dividend

CALGARY, Nov. 2, 2012 /CNW/ - Circa Enterprises Inc. (CTO-TSXV) (the "Company" or "Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, reports results of operations for the third quarter ended September 30, 2012 and the declaration of a special cash dividend.

THIRD QUARTER RESULTS

Summary of third quarter operating results:

  • Consolidated sales of $5.87 million, representing a 0.1% increase compared to Q3 2011 sales of $5.86 million
  • Profit for the period from continuing operations for the third quarter of 2012 of $84,000 compared to a loss from continuing operations of $77,000 for Q3 2011
  • EBITDA of $210,000 for Q3 2012 compared to EBITDA of $(23,000) for Q3 2011 (see below for explanation and calculation of EBITDA)
  • Adjusted EBITDA of $218,000 for Q3 2012 compared to Adjusted EBITDA of $6,000 for Q3 2011 (see below for explanation and calculation of Adjusted EBITDA)

Summary of year-to date operating results:

  • Consolidated sales of $17.21 million, representing a 0.3% increase compared to sales of $17.16 million for the same nine month period in 2011
  • Profit from continuing operations for the nine months ended September 30, 2012 of $379,000 compared to a loss of $23,000 for the same period in 2011
  • EBITDA of $803,000 for the nine month period ended September 30, 2012 compared to EBITDA of $268,000 for the same period in 2011
  • Adjusted EBITDA of $856,000 for the nine month period ended September 30, 2012 compared to Adjusted EBITDA of $415,000 for the same period in 2011
  • Cash flow from operations for the nine months ended September 30, 2012 of $1.1 million, which has enabled the Company to eliminate its debt in 2012

EBITDA is earnings before interest, taxes, depreciation and amortization.  Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and is adjusted for other non-recurring items and non-cash items. EBITDA and Adjusted EBITDA are a non-IFRS financial measures and do not have any standardized meaning prescribed by International Financial Reporting Standards and, therefore, may not to be comparable to similar measures presented by other issuers.  Management believes that EBITDA and Adjusted EBITDA are useful supplemental measures, which provides an indication of the results generated by Circa's primary business activities prior to consideration of how those activities are financed, amortized or taxed.  Readers are cautioned, however, that EBITDA and Adjusted EBITDA should not be construed as an alternative to comprehensive income (loss) determined in accordance with IFRS as an indicator of the Company's financial performance. EBITDA and Adjusted EBITDA are calculated by the Company as follows:

         
  (unaudited)
Nine months
30 Sep 2012
(unaudited)
Nine months
30 Sep 2011
(unaudited)
Three months
30 Sep 2012
(unaudited)
Three months
30 Sep 2011
  $000's $000's $000's $000's
Profit for the period from continuing
operations 379 (23) 84 (77)
Income taxes 217 (7) 66 (42)
Interest 14 27 1 9
Depreciation and amortization 193 271 59 87
EBITDA 803 268 210 (23)
Non-recurring severance charge 53 147 8 29
Adjusted EBITDA 856 415 218 6

Consolidated sales for the third quarter of 2012 were consistent at $5.9 million compared to the same period in 2011. Sales in both divisions were consistent, despite month to month volatility in sales. Telecom segment sales were $2.5 million and Circa Metals' sales were $3.3 million in each of Q3 2012 and Q3 2011.

The Company's earnings increased significantly in the quarter when compared to the prior year due to operational efficiencies.  The Company was able to improve productivity and efficiencies and, in turn, reduce its direct labour costs which resulted in higher gross margins and operating margins.  The Company posted after tax profit of $84,000 for the quarter compared to after tax loss of $77,000 reported in 2011.

The Company was able to generate positive EBITDA of $210,000 for the quarter and $0.8 million for the nine months ended September 30, 2012.  This cash flow allowed the Company to eliminate its operating line of credit during the 2012 fiscal year.

Ivan Smith, Circa's President and Chief Executive officer, stated:

"The third quarter 2012 financial results are an improvement over the results achieved over the third quarter of 2011.  The Company is continuing to achieve stronger margins as a result of efficiency and productivity improvements in its operations.  This has reduced costs and improved profitability compared to the prior year.

The Company's balance sheet is strong and the business is stable.  We are continuing to pursue new opportunities to grow top line revenue.  In the coming year, we will continue to concentrate our efforts towards revenue growth, efficient operations and improving on our financial results for our shareholders."

CIRCA ENTERPRISES INC.
Consolidated Statements of Comprehensive Income
           
Unaudited          
    Nine months
ended
30 Sep 2012
Nine months
ended
30 Sep 2011
Three months
ended
30 Sep 2012
Three months
ended
30 Sep 2011
    $000's $000's $000's $000's
           
Revenue   17,214 17,164 5,869 5,861
Cost of sales   (13,317) (13,701) (4,653) (4,906)
Gross profit   3,897 3,463 1,216 955
Selling, general and administrative
expenses
  (3,287) (3,465) (1,065) (1,065)
Operating profit (loss)   610 (2) 151 (110)
Loss on sale of assets   - (1) - -
Finance costs   (14) (27) (1) (9)
Profit (loss) before tax   596 (30) 150 (119)
Income tax expense   (217) 7 (66) 42
Profit (loss) for the period from
continuing operations attributable to
shareholders of the Company
  379 (23) 84 (77)
Other comprehensive income (loss):          
Exchange differences on translating
foreign operations, net of tax
  (58) 65 (88) 129
Total comprehensive income (loss) for
the period attributable to shareholders
of the Company
  321 42 (4) 52
           
Earnings (loss) per share (in $'s)          
Basic and diluted   0.04 (0.00) 0.01 (0.01)

DECLARATION OF SPECIAL DIVIDEND

The Company announced today that its Board of Directors has declared a special cash dividend of $0.05 per share on its common shares payable December 12, 2012 to shareholders of record at the close of business November 28, 2012.  The Dividend is deemed to be an eligible dividend for purposes of the Income Tax Act (Canada).

Circa Enterprises Inc. is a public company with operations in Alberta, Ontario and Florida. The outstanding common shares of Circa Enterprises Inc. are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company's quarterly financial statements and related management's discussion and analysis have been filed with certain securities regulatory authorities in Canada and may be accessed electronically through the SEDAR website at www.sedar.com.

 

SOURCE Circa Enterprises Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...