Nordex Explosives Ltd.
TSX VENTURE : NXX

Nordex Explosives Ltd.

November 28, 2014 07:00 ET

Nordex Announces Quarter 3 Financial Results

KIRKLAND LAKE, ONTARIO--(Marketwired - Nov. 28, 2014) - NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce the filing of the quarterly financial statements and management discussion and analysis for the fiscal period ended September 30, 2014. This information is available on SEDAR and the Corporation's website.

Highlights for this nine month and three month period are as follows:

  • Year to date (YTD) Revenue of $14,759,036, an increase of 16.4% from the previous years comparable nine month period;
  • YTD Gross Profit of $3,441,708, an increase of 29.1% from the previous years comparable nine month month period;
  • YTD Net Income before tax of $946,456, an increase of 119.5% from the previous years comparable nine month period;
  • YTD Net Income after tax of $689,846, an increase of 132.5% from the previous years comparable nine month period;
  • Revenue for the three month period of $4,646,067;
  • Net Income after tax for the three month period of $110,197;
  • Appointed Mr. Sean Conroy to the position of Controller;
  • Advanced discussions with Pacific Group of Companies to form a joint venture partnership to facilitate the introduction of Nordex products to Western Canada;
  • Initiated operations at new Sudbury storage and distribution facility;

President and CEO Jim Taylor states; "Nordex continues to maintain profitable operations while continuing to expand the footprint for the Corporation's suite of explosives products, services and solutions. With the implementation of our "Product & Blast Optimization" initiative we have received positive response from existing customers, and look forward to providing innovative blasting solutions to new clients in new jurisdictions."

About Nordex Explosives

Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at www.nordexexplosives.com

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information