Welcome!

Wireless Authors: Elizabeth White, Esmeralda Swartz, Pat Romanski, Liz McMillan, Carmen Gonzalez

News Feed Item

Circa Reports Sales and Operating results for the Fourth Quarter and Fiscal Year Ended December 31, 2013 and common shares issued under the Share Acquisition Plan

CALGARY, March 20, 2014 /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 fourth quarter and year ended December 31, 2013 and the issuance of common shares under the Share Acquisition Plan.

OPERATING RESULTS

Summary of fourth quarter operating results:

  • Consolidated sales of $6.9 million in Q4 2013, representing a 26.6% increase compared to Q4 2012 sales of $5.4 million
  • Profit from operations for the fourth quarter of 2013 of $389,000 compared to profit from operations of $174,000 for Q4 2012
  • EBITDA of $547,000 for the fourth quarter of 2013 compared to $100,000 for Q4 2012 (see below for explanation and calculation of EBITDA)
  • Adjusted EBITDA of $614,000 for the fourth quarter of 2013 compared to $100,000 for Q4 2012 (see below for explanation and calculation of Adjusted EBITDA)
  • The Company eliminated the drawings against its operating line of credit during the quarter
  • Earnings per share of $0.04 in Q4 2013 compared to $0.02 in Q4 2012

Summary of fiscal year operating results:

  • Consolidated sales of $24.2 million, an increase of 6.8% over the 2012 sales of $22.6 million
  • Profit from operations for the year of $0.8 million or $0.08 per share in 2013 compared to profit from operations of $0.6 million or $0.06 per share for the 2012 fiscal year
  • EBITDA of $1.3 million in 2013, compared to $0.5 million for the 2012 fiscal year
  • Adjusted EBITDA of $1.5 million for the year compared to $0.9 million in 2012
  • Earnings per share of $0.08 in 2013 compared to $0.06 in 2012
  • Cash balance of $825,000, no debt and working capital of $7.4 million at December 31, 2013

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:

         
  Year ended
31 Dec 2013
Year ended
31 Dec 2012
Three months
31 Dec 2013
Three months
31 Dec 2012
  $000's $000's $000's $000's
Profit for the period from operations 818 553 389 174
Income taxes 283 82 102 (135)
Interest 16 15 1 1
Depreciation and amortization 223 253 55 60
EBITDA 1,340 903 547 100
Non-recurring severance charges 118 53 67 -
Adjusted EBITDA 1,458 956 614 100

Consolidated sales for the fourth quarter of 2013 were $6.9 million -- a $1.5 million or 26.6% increase over the same period in 2012. The increase resulted from higher sales in the telecom segment as the Company had a significant increase in orders from the OEM industry.  For the year ended December 31, 2013, the Company recorded consolidated sales of $24.2 million compared to $22.6 million in 2012.

The increase in sales had a positive impact on the Company's earnings in the quarter and when compared to the prior year.  The Company posted a profit of $389,000 for the quarter and $0.8 million for the year compared to profit of $174,000 and $0.6 million, respectively.  As noted in the chart above, the Company was able to generate positive EBITDA of $1.3 million and Adjusted EBITDA of $1.5 million for the year ended December 31, 2013.

Grant Reeves, Circa's Interim President and Chief Executive Officer, stated:

"Circa's 2013 fourth quarter results continue to build on the momentum reported last quarter resulting in significantly improved full year revenues and earnings. The Company successfully executed on several opportunities in 2013 to achieve these results, including a major new program with an OEM customer and focusing on higher margin custom metal business. The second half of the year reflects these trends that are expected to continue into 2014. The Company's strong balance sheet enables strategic investment in equipment, new product lines and expanded marketing initiatives to continue driving sales growth and higher margins."

CIRCA ENTERPRISES INC.
Consolidated Statements of Comprehensive Income

       
For the years ended December 31   2013 2012
    $000's $000's
       
Sales   24,175 22,636
Cost of sales   (18,551) (17,529)
Gross profit   5,624 5,107
Selling, general and administrative expenses   (4,508) (4,462)
Operating profit   1,116 645
Gain on sale of assets   1 5
Finance costs   (16) (15)
Profit before tax   1,101 635
Income tax expense   (283) (82)
Profit for the year from operations attributable to shareholders of the Company   818 553
Other comprehensive income (loss):      
Exchange differences on translating foreign operations, net of tax   184 (30)
Total comprehensive income for the year attributable to shareholders of the Company   1,002 523
       
Earnings per share (in $'s)      
Basic and diluted   0.08 0.06

COMMON SHARES ISSUED UNDER ACQUISITION PLAN

On March 20, 2014 the Company issued an aggregate of 12,500 common shares to directors pursuant to the Company's Share Acquisition Plan at a deemed price of $0.60 per share in lieu of the cash annual retainers otherwise payable to the directors.

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 annual 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
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
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.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
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!
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.
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.
"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.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
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.
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...
“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...
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...
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.
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...
"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.
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...