Click here to close now.




















Welcome!

Mobile IoT Authors: Kaazing Blog, Elizabeth White, Cloud Best Practices Network, Pat Romanski, Liz McMillan

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
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
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.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
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, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...