Welcome!

Mobile IoT Authors: Yeshim Deniz, Elizabeth White, David H Deans, Sematext Blog, Liz McMillan

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
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...