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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.

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