|By PR Newswire||
|November 2, 2012 01:11 PM EDT||
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:
30 Sep 2012
30 Sep 2011
30 Sep 2012
30 Sep 2011
|Profit for the period from continuing|
|Depreciation and amortization||193||271||59||87|
|Non-recurring severance charge||53||147||8||29|
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|
30 Sep 2012
30 Sep 2011
30 Sep 2012
30 Sep 2011
|Cost of sales||(13,317)||(13,701)||(4,653)||(4,906)|
Selling, general and administrative
|Operating profit (loss)||610||(2)||151||(110)|
|Loss on sale of assets||-||(1)||-||-|
|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
|Other comprehensive income (loss):|
Exchange differences on translating
foreign operations, net of tax
Total comprehensive income (loss) for
the period attributable to shareholders
of the Company
|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.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Jan. 30, 2015 10:00 PM EST Reads: 2,875
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Jan. 30, 2015 03:45 PM EST Reads: 3,147
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
Jan. 30, 2015 03:15 PM EST Reads: 3,524
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 02:30 PM EST Reads: 2,713
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Jan. 30, 2015 02:15 PM EST Reads: 3,241
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Jan. 30, 2015 01:45 PM EST Reads: 2,374
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Jan. 30, 2015 01:15 PM EST Reads: 2,030
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Jan. 30, 2015 01:15 PM EST Reads: 2,625
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Jan. 30, 2015 01:00 PM EST Reads: 4,138
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
Jan. 30, 2015 12:45 PM EST Reads: 1,740
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
Jan. 30, 2015 12:45 PM EST Reads: 1,929
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 30, 2015 12:00 PM EST Reads: 8,063
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Jan. 30, 2015 12:00 PM EST Reads: 2,689
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
Jan. 30, 2015 11:45 AM EST Reads: 2,796
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 30, 2015 11:45 AM EST Reads: 3,637
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Jan. 30, 2015 11:30 AM EST Reads: 2,341
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Jan. 30, 2015 11:30 AM EST Reads: 3,066
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Jan. 30, 2015 11:15 AM EST Reads: 3,175
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
Jan. 30, 2015 11:00 AM EST Reads: 2,453
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Jan. 30, 2015 10:45 AM EST Reads: 2,703