November 29, 2010 18:01 ET

Nordex Explosives Ltd. Announces Nine Month Revenues Increase by 64% Year Over Year; Profits Increase to $0.08 Per Share

KIRKLAND LAKE, ONTARIO--(Marketwire - Nov. 29, 2010) -


LES EXPLOSIFS NORDEX LTEE/NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) announced its financial results for the third quarter ending September 30th, 2010. Nordex continued to post increased sales during the third quarter of 2010.

Sales for the third quarter were $3,284,136 which represents an increase of 37% over the same three month period in 2009. Net income after tax for the period was $292,913 compared to $173,972 for the same three month period in 2009, an increase of 68%.

The Corporation is continuing to execute its strategy of increasing manufacturing capabilities while reducing non essential expenses in order to achieve success in future net profits.

Total sales for the nine months ended September 30th, 2010 were $9,526,669 an increase of 64% compared to sales of $5,805,889 for the nine months ended September 30th, 2009. Earnings per share were $0.08 year to date and were $0.042 during the third quarter ending September 30th, 2010 compared to $0.025 during the same period in 2009. Earnings before interest, taxes, depreciation and amortization and stock based compensation increased to $511,770 compared to $311,709 for the comparative period in 2009. Net income before tax for the third quarter was $381,082 compared to $226,173 for the third quarter of 2009.

Outlook for 2010: Nordex Explosives Ltd. is pleased to advise that the forecasted sales for 2010 are revised upwards to $12,000,000 from the previous forecast of $11,000,000 on the basis that the Corporation has been able to secure new mining clients, has retained previous mining clients who resumed or increased operations during the year, and has increased Nordex's market share in the non-mining sectors, specifically the quarry and construction industries.

The growth in sales has been substantial during the first nine months of 2010. Management is continuing to increase its manufacturing, distribution and technical capabilities while developing a strategy for expanding its business beyond its current geographical region into both Quebec and Southern Ontario.

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. is a manufacturer and distributor of explosives for the mining, quarry and road 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 trades on the TSX Venture Exchange under the symbol "NXX".

Forward‐Looking Information

Certain information included herein contains "forward‐looking information" which reflects the current expectations of management of the Corporation regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "should", "will", "anticipate", "forecast", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "seek", "predict", "potential" and similar expressions have been used to identify such forward‐looking information. Certain statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Corporation. Forward‐looking information involves significant risks, uncertainties and assumptions. Many factors could cause the Corporation's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information, including, without limitation, cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; compliance with environmental regulations; exchange rate fluctuations as well as the other risks identified in the "Risk Factors" contained in the Corporation's Management Discussion and Analysis and other public filings (copies of which may be obtained at under the Corporation's profile). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and the reader should not place undue reliance on the forward‐looking information. Although any forward‐looking information contained in this press release is based upon what management currently believes to be reasonable assumptions, the Corporation cannot assure readers that actual results, performance or achievements will be consistent with such forward‐looking information, and management's assumptions may prove to be incorrect. These forward‐looking statements are made as of the date of this press release, and, other than as required by law, the Corporation does not intend, and does not assume any obligation, to update or revise forward‐looking information, whether as a result of new information, future events or otherwise.

Neither 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.

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