Click here to close now.

Welcome!

Mobile IoT Authors: Carmen Gonzalez, Pat Romanski, Elizabeth White, Esmeralda Swartz, 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
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
Connected things, systems and people can provide information to other things, systems and people and initiate actions for each other that result in new service possibilities. By taking a look at the impact of Internet of Things when it transitions to a highly connected services marketplace we can understand how connecting the right “things” and leveraging the right partners can provide enormous impact to your business’ growth and success. In her general session at @ThingsExpo, Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, discussed how this exciting emergence of layers of...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...