Opta Minerals Inc.
TSX : OPM

Opta Minerals Inc.

November 06, 2013 08:00 ET

Opta Minerals Inc. Reports Third Quarter Results for Fiscal 2013

WATERDOWN, ONTARIO--(Marketwired - Nov. 6, 2013) - Opta Minerals Inc. (TSX:OPM), today announced results for the three and nine months ended September 30, 2013. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.

3 months
ended
September 30,
2013
3 months
ended
September 30,
2012
Increase
(Decrease
) % 9 months
ended
September 30,
2013
9 months
ended
September 30,
2012
Increase
(Decrease
) %
Revenue $ 34,927 $ 32,980 $ 1,947 5.9 % $ 108,614 $ 92,526 $ 16,088 17.4 %
Gross Profit 5,743 6,996 (1,253 ) -17.9 % 18,585 20,113 (1,528 ) -7.6 %
16.4 % 21.2 % -4.8 % 17.1 % 21.7 % -4.6 %
EBITDA1 3,156 4,543 (1,387 ) -30.5 % 8,836 11,594 (2,758 ) -23.8 %
EBIT2 (1,719 ) 3,084 (4,803 ) -155.7 % 955 7,459 (6,504 ) -87.2 %
Profit (Loss) (1,423 ) 1,450 (2,873 ) -198.1 % (1,143 ) 4,282 (5,425 ) -126.7 %
EPS $ (0.08 ) $ 0.08 $ (0.16 ) $ (0.06 ) $ 0.23 $ (0.29 )
(1) EBITDA is a non-IFRS measure: refer to Footnotes
(2) EBIT is a non-IFRS measure; refer to Footnotes

David Kruse, President and CEO of Opta Minerals, noted "Revenues in the third quarter and on a year to date basis have increased over the comparable periods in 2012 primarily due to the acquisitions of Babco Industrial Corp. (Babco) and WGI Heavy Minerals, Incorporated (WGI) last year. Our base business has softened from the prior year as a result of generally weak economic conditions in the steel industry and reduced spending on infrastructure projects that also affects the Industrial Minerals Group. Earnings have been negatively impacted by these slowdowns. The impact was more pronounced in the Steel and Magnesium segment as the output in the steel industry during the quarter continued to track below the prior year. Results this quarter have been adversely affected by goodwill and intangible asset write-downs on certain goodwill and intangible assets in the Industrial Minerals segment and higher finance costs as a result of prior year acquisitions.

We anticipate that the steel industry will continue to track consistently with the past two quarters. With the integration of WGI now substantially complete, we anticipate lower SGA and reduced one time charges. The Company remains focused on further cost reductions in order to restore margins on certain products to historical levels. Working capital is expected to decline over the next six months as there will be limited bulk purchases of slags and garnets required over this time period."

Operational and Financial Highlights:

  • For the three months ended September 30, 2013 Opta Minerals has a net loss of $1.4 million as compared to a net profit of $1.5 million in the comparable quarter in 2012. On a year to date basis, the Company incurred a net loss of $1.1 million compared to net profit of $4.3 million in 2012 over the same period. Economic conditions across all sectors have affected both revenues and margins during the year. Lower revenues within the Steel Group have had a significant impact on the Company's net earnings. The Company has also incurred certain one time costs approximating $1.5 million in severance costs, various professional fees related to the WGI acquisition, new banking agreements and amendments and implementation of tax planning strategies. During the quarter, the Company expensed $3.9 million in goodwill and intangible asset write-downs on non-financial assets related to the Industrial Minerals segment and realized a gain of $0.6 million in changes in expected payments to contingent consideration.
  • Revenue in the Steel and Magnesium segment decreased 4.8% from the comparable quarter in 2012. On a year to date basis revenues have declined 5.4%. Revenue in the Steel and Magnesium segment has primarily been impacted by overall lower steel output in North America and Europe compared to the previous year. The Industrial Minerals segment increased 21.1% over the comparable quarter in 2012 and 58.8% on a year to date basis as compared to the previous year. The increase is due to the acquisition of WGI, partially offset by lower revenues in the base industrial minerals business related to generally weak economic conditions in this segment, as well as lower output in the steel industry as this group's revenues are also affected by the steel industry. In both segments we have not lost any major customers.
  • Gross profit decreased quarter over quarter due to lower overall gross profit margins of 16.4% compared to 21.2% in the prior year quarter. For the nine months ended September 30, 2013 gross profit margins were 17.1% compared to 21.7% in the comparable 2012 period. Gross profit margins have declined due to the acquisition of WGI which has inherently lower margins, reduced steel revenues especially in the last two quarters which have higher inherent margins than the Industrial Minerals group, and lower margins in the Industrial Minerals segment compared to the prior year as a result of competitive pressures, and economic conditions affecting revenues and throughput.
  • Selling, general and administrative expenses (SGA) as a percent of revenues were 12.9% in the third quarter and 13.9% for the first nine months of 2013. Included in SGA in the third quarter were $0.2 million in severance costs related to the restructuring and integration of the WGI acquisition. For the nine months ended September 30 2013 there were one time costs associated with professional fees for income tax restructuring of $0.2 million and severance costs of $0.8 million. With the integration of WGI substantially complete, the Company expects to reduce SGA in subsequent quarters as synergies have been achieved from the integration of the WGI acquisition.
  • Finance expense was $0.9 million for the quarter and $3.0 million year to date. Finance expense includes $0.5 million year to date in legal and amendment fees related to recent amendments to our banking agreements.
  • The debt to equity ratio at September 30, 2013 was 1.26 to 1.00, and at December 31, 2012 was 1.27 to 1.00. Subsequent to the quarter, the Company obtained a waiver of certain financial covenants under the Company's Credit Agreement with the Bank of Nova Scotia. At September 30, 2013, the Company was not able to fulfill certain financial covenants as stipulated under the Credit Agreement, which constituted an event of default under the Credit Agreement. Affected borrowings totaling $39.9 million have been classified as current liabilities. The Company in in the process of amending certain bank covenant ratios for subsequent quarters.

Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. The Company has production and distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta has one of the broadest product lines in the industry.

FOOTNOTES:

Earnings before income taxes and interest ("EBIT"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA") as defined below, are both non-IFRS earnings measures that do not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.

For the three
Months Ended
September 30
For the nine
Months Ended
September 30
2013 2012 2013 2012
$ $ $ $
Profit (Loss) for the Period (1,423 ) 1,450 (1,143 ) 4,282
Finance Expense 854 757 2,968 2,176
Income Taxes (1,150 ) 877 (870 ) 1,001
Depreciation and Amortization 1,584 1,459 4,664 4,135
Goodwill and Intangible Asset Write-downs 3,862 - 3,862 -
Fair Value Adjustments to Contingent Consideration (571 ) - (645 ) -
EBITDA1 3,156 4,543 8,836 11,594
Subtract:
Depreciation and Amortization 1,584 1,459 4,664 4,135
Goodwill and Intangible Asset Write-downs 3,862 - 3,862 -
Fair Value Adjustments to Contingent Consideration (571 ) - (645 ) -
EBIT2 (1,719 ) 3,084 955 7,459
Notes
(1) The term "EBITDA" refers to earnings before deducting finance expense, income taxes, depreciation and amortization. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration non-cash asset depreciation and amortization. EBITDA is not a recognized measure under International Finance Reporting Standards (IFRS), and accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with IFRS as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to similar measures presented by other issuers.
(2) The term "EBIT" refers to earnings before income taxes and finance expense. The Company believes that EBIT is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed or taxed. EBIT is a non-IFRS earnings measure that does not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to the Company's belief that the steel industry will continue to track consistently with the past two quarters resulting in increased revenues in both the Steel and Magnesium and Industrial Minerals segments, its expectation of lower SGA costs in subsequent quarters, its focus on further cost reductions to restore margins to historical levels and its expectations regarding working capital over the next six months, as well as other statements which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", 'would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "seek", "predict", "potential" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions.

Many factors could cause the Company'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 statements, including, without limitation: the impact of general economic conditions; the impact of specific industry conditions; the inability of the Company to successfully integrate recently acquired businesses or to achieve the anticipated benefits from such acquisitions; the risk of unexpected costs or liabilities relating to acquisitions; currency fluctuations and exchange rate risks; risks associated with foreign operations; governmental and environmental regulation; competition from other industry participants; cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; mining risks; and the other risks identified in the Company's Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements 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 reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, 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 Company does not intend, and does not assume any obligation, to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Opta Minerals Inc.
Interim Condensed Consolidated Balance Sheets
As At September 30, 2013
(Unaudited)
Expressed in Thousands of US Dollars (except number of shares)
September 30, December 31,
2013 2012
Assets
Current
Cash and cash equivalents $ 3,228 $ 3,966
Trade and other receivables 17,079 19,894
Inventories 39,314 32,516
Income taxes receivable 234 -
59,855 56,376
Property, Plant and Equipment 29,409 29,770
Intangible Assets 32,264 34,462
Goodwill 10,926 14,311
Deferred Income Tax Assets 7,884 7,846
$ 140,338 $ 142,765
Liabilities
Current
Trade and other payables 15,660 13,598
Borrowings 60,775 16,533
Provisions 259 249
Other liabilities 372 612
Income taxes payable - 360
77,066 31,352
Borrowings 419 45,351
Derivative Financial Instruments 188 396
Provisions 257 227
Other Liabilities 556 1,274
Deferred Income Tax Liabilities 4,248 4,468
Deferred Income Tax Liability on Intangible Assets 9,069 10,985
91,803 94,053
Equity Attributable to the Shareholders of the Company
Capital Stock
Authorized without limit as to number -
Preference shares (without par value) common shares
Issued -
18,105,983 common shares (December 31, 2012 - 18,084,559) 17,780 17,729
Contributed Surplus 4,322 4,018
Accumulated Other Comprehensive Loss (1,238 ) (1,849 )
Retained Earnings 27,671 28,814
48,535 48,712
$ 140,338 $ 142,765
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Income (Loss)
For the Three Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars (except per share amounts)
September 30, September 30,
2013 2012
Revenue $ 34,927 $ 32,980
Cost of Goods Sold 29,184 25,984
5,743 6,996
Expenses
Selling, general and administrative 4,512 4,136
Goodwill and intangible asset write-downs 3,862 -
Fair value adjustments to contingent consideration (571 ) -
Other income (341 ) (224 )
7,462 3,912
Profit (Loss) Before Finance Expense and Income Taxes (1,719 ) 3,084
Finance expense 854 757
Profit (Loss) Before Income Taxes (2,573 ) 2,327
Income taxes (1,150 ) 877
Profit (Loss) for the Period Attributable to the Shareholders of the Company $ (1,423 ) $ 1,450
Earnings (loss) per share for the period -
basic and diluted (0.08 ) 0.08
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Income (Loss)
For the Nine Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars (except per share amounts)
September 30, September 30,
2013 2012
Revenue $ 108,614 $ 92,526
Cost of Goods Sold 90,029 72,413
18,585 20,113
Expenses
Selling, general and administrative 15,108 12,616
Goodwill and intangible asset write-downs 3,862 -
Fair value adjustments to contingent consideration (645 ) -
Other expenses (income) (695 ) 38
17,630 12,654
Profit Before Finance Expense and Income Taxes 955 7,459
Finance expense 2,968 2,176
Profit (Loss) Before Income Taxes (2,013 ) 5,283
Income taxes (870 ) 1,001
Profit (Loss) for the Period Attributable to the Shareholders of the Company $ (1,143 ) $ 4,282
Earnings (loss) per share for the period -
basic and diluted (0.06 ) 0.23
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
For the Three Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2013 2012
Profit (Loss) for the Period Attributable to the Shareholders of the Company $ (1,423 ) $ 1,450
Other Comprehensive Income (Loss), net of income taxes
Items that may be reclassified subsequently to profit or loss
Unrealized gain on translation of foreign operations 194 106
Unrealized loss on financial derivative designated as a cash flow hedge (67 ) (2 )
Other comprehensive income, net of income taxes 127 104
Comprehensive Income (Loss) Attributable to the Shareholders of the Company $ (1,296 ) $ 1,554
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2013 2012
Profit (Loss) for the Period Attributable to the Shareholders of the Company $ (1,143 ) $ 4,282
Other Comprehensive Income (Loss), net of income taxes
Items that may be reclassified subsequently to profit or loss
Unrealized gain (loss) on translation of foreign operations 457 (102 )
Unrealized gain (loss) on financial derivative designated as a cash flow hedge 154 (175 )
Other comprehensive income (loss), net of income taxes 611 (277 )
Comprehensive Income (Loss) Attributable to the Shareholders of the Company $ (532 ) $ 4,005
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Changes in Equity
For the Nine Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars (except number of shares)
Number of Shares - Capital Stock Capital Stock Contributed
Surplus -
Share-based
Payments
AOCI* -
Cash Flow
Hedge
AOCI* -
Foreign
Currency
Translation
Reserve
Retained
Earnings
Total
Equity
At January 1, 2013 18,084,559 $ 17,729 $ 4,018 $ (293 ) $ (1,556 ) $ 28,814 $ 48,712
Comprehensive Income (Loss)
Loss for the period - - - - - (1,143 ) (1,143 )
Unrealized gain on translation of foreign operations - - - - 457 - 457
Unrealized gain on financial derivative designated as a cash flow hedge - - - 154 - - 154
Total Comprehensive Income (Loss) - - - 154 457 (1,143 ) (532 )
Transactions with Shareholders
Employee share purchase plan 13,347 36 - - - - 36
Stock options exercised 8,077 15 - - - - 15
Share-based payment expense - - 304 - - - 304
Total Transactions with Shareholders 21,424 51 304 - - - 355
At September 30, 2013 18,105,983 17,780 4,322 (139 ) (1,099 ) 27,671 48,535
At January 1, 2012 18,061,784 17,680 3,429 (193 ) (1,942 ) 23,541 42,515
Comprehensive Income
Profit for the period - - - - - 4,282 4,282
Unrealized loss on translation of foreign operations - - - - (102 ) - (102 )
Unrealized loss on financial derivative designated as a cash flow hedge - - - (175 ) - - (175 )
Total Comprehensive Income - - - (175 ) (102 ) 4,282 4,005
Transactions with Shareholders
Employee share purchase plan 9,885 23 - - - - 23
Stock options exercised 7,948 14 14
Share-based payment expense - - 469 - - - 469
Total Transactions with Shareholders 17,833 37 469 - - - 506
At September 30, 2012 18,079,617 $ 17,717 $ 3,898 $ (368 ) $ (2,044 ) $ 27,823 $ 47,026
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2013 and 2012
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2013 2012
Cash Provided by (Used in) -
Operating Activities
Profit (loss) for the period $ (1,143 ) $ 4,282
Items not affecting cash:
Depreciation of property, plant and equipment 2,722 2,230
Amortization of intangible assets 1,942 1,905
Goodwill and intangible asset write-downs 3,862 -
Share-based payment expense 304 469
Fair value adjustments to contingent consideration (645 ) -
Gain on disposal of property, plant and equipment (8 ) -
Deferred income taxes (2,312 ) (1,486 )
4,722 7,400
Changes in non-cash working capital
Trade and other receivables 2,610 (4,001 )
Inventories (7,099 ) 307
Trade and other payables 1,915 (117 )
Provisions 40 (633 )
Income taxes payable (587 ) 558
1,601 3,514
Financing Activities
Proceeds from issuance of common shares - net of issuance costs 51 37
Proceeds from borrowings 5,464 32,699
Repayment of finance lease liability (528 ) (190 )
Repayment of borrowings (3,847 ) (3,012 )
1,140 29,534
Investing Activities
Acquisition of subsidiaries (415 ) (29,988 )
Additions to property, plant and equipment (2,691 ) (1,598 )
Proceeds on disposal of property, plant and equipment 15 -
Additional contingent consideration paid on acquisitions (296 ) -
Additions to intangible assets (111 ) (62 )
(3,498 ) (31,648 )
Foreign Exchange Gain (Loss) on Cash Held in Foreign Currency 19 (5 )
Increase (Decrease) in Cash and Cash Equivalents (738 ) 1,395
Cash and Cash Equivalents
Beginning of Period 3,966 698
End of Period $ 3,228 $ 2,093
Additional Cash Flow Information:
Interest paid $ 2,488 $ 2,194
Income taxes paid 1,776 1,817
Opta Minerals Inc.
Segmented Information
For the Three Months Ended September 30, 2013 and 2012
Expressed in Thousands of US Dollars
Inter-segment revenues are recorded at transaction prices, which approximate cost. The Company's assets, operations and employees are located in Canada, the United States and Europe.
Three Months Ended September 30, 2013
Steel and Industrial
Magnesium Minerals Corporate Total
External revenue by market
Canada $ 3,163 $ 3,485 $ - $ 6,648
US 12,192 8,044 - 20,236
Europe 3,039 3,660 - 6,699
Other 12 1,332 - 1,344
Total revenue from external customers 18,406 16,521 - 34,927
Segment profit (loss) before corporate expenses, goodwill and intangible asset write-downs, fair value adjustments to contingent consideration, finance expense and income taxes 3,510 (444 ) - 3,066
Goodwill and intangible asset write-downs - (3,862 ) - (3,862 )
Fair value adjustments to contingent consideration 477 - 94 571
Corporate expenses - - (1,494 ) (1,494 )
Segment profit (loss) before finance expense
and income taxes 3,987 (4,306 ) (1,400 ) (1,719 )
Finance expense - - - (854 )
Income taxes - - - 1,150
Loss for the period - - - (1,423 )
Depreciation of property, plant and equipment 421 473 50 944
Amortization of intangible assets 554 45 41 640
Expenditures on property, plant and equipment $ 263 $ 332 $ 66 $ 661

External revenue by market is attributed to countries based on location of the customer.

Included in the Steel and Magnesium segment (formerly Mill and Foundry Products and Services) is revenue from two customers that individually each exceeds 10% of the Company's revenue.

The Company evaluates the performance of its operating segments primarily based on income before corporate expenses, goodwill and intangible asset write-downs, fair value adjustments to contingent consideration, finance expense and income taxes.

Opta Minerals Inc.
Segmented Information
For the Three Months Ended September 30, 2013 and 2012
Expressed in Thousands of US Dollars
Three Months Ended September 30, 2012
Steel and Industrial
Magnesium Minerals Corporate Total
External revenue by market
Canada $ 4,109 $ 3,890 $ - $ 7,999
US 11,744 8,259 - 20,003
Europe 3,475 1,039 - 4,514
Other 4 460 - 464
Total revenue from external customers 19,332 13,648 - 32,980
Segment profit (loss) before corporate expenses, finance expense and income taxes 3,956 888 - 4,844
Corporate expenses - - (1,760 ) (1,760 )
Segment profit (loss) before finance expense and income taxes 3,956 888 (1,760 ) 3,084
Finance expense - - - (757 )
Income taxes - - - (877 )
Profit for the period - - - 1,450
Depreciation of property, plant and equipment 367 401 43 811
Amortization of intangible assets 552 47 49 648
Expenditures on property, plant and equipment $ 229 $ 107 $ 45 $ 381
Opta Minerals Inc.
Segmented Information
For the Nine Months Ended September 30, 2013 and 2012
Expressed in Thousands of US Dollars
Inter-segment revenues are recorded at transaction prices which approximate cost. The Company's assets, operations and employees are located in Canada, the United States and Europe.
Nine Months Ended September 30, 2013
Steel and Industrial
Magnesium Minerals Corporate Total
External revenue by market
Canada $ 9,844 $ 10,259 $ - $ 20,103
US 35,985 25,552 - 61,537
Europe 10,658 10,540 - 21,198
Other 12 5,764 - 5,776
Total revenue from external customers 56,499 52,115 - 108,614
Segment profit (loss) before corporate expenses, goodwill and intangible asset write-downs, fair value adjustments to contingent consideration, finance expense and income taxes 10,311 (1,566 ) - 8,745
Goodwill and intangible asset write-downs - (3,862 ) - (3,862 )
Fair value adjustments to contingent consideration 477 - 168 645
Corporate expenses - - (4,573 ) (4,573 )
Segment profit (loss) before finance expense and income taxes 10,788 (5,428 ) (4,405 ) 955
Finance expense - - - (2,968 )
Income taxes - - - 870
Loss for the period - - - (1,143 )
Total assets as at September 30, 2013 68,436 69,987 1,915 140,338
Depreciation of property, plant and equipment 1,151 1,420 151 2,722
Amortization of intangible assets 1,668 138 136 1,942
Goodwill and intangible assets as at September 30, 2013 42,408 643 139 43,190
Expenditures on property, plant and equipment $ 1,389 $ 1,077 $ 225 $ 2,691
Opta Minerals Inc.
Segmented Information
For the Nine Months Ended September 30, 2013 and 2012
Expressed in Thousands of US Dollars
Nine Months Ended September 30, 2012
Steel and Industrial
Magnesium Minerals Corporate Total
External revenue by market
Canada $ 11,318 $ 11,446 $ - $ 22,764
US 36,867 19,769 - 56,636
Europe 11,514 1,053 - 12,567
Other 5 554 - 559
Total revenue from external customers 59,704 32,822 - 92,526
Segment profit (loss) before corporate expenses, finance expense and income taxes 11,044 2,090 - 13,134
Corporate expenses - - (5,675 ) (5,675 )
Segment profit (loss) before finance expense and income taxes 11,044 2,090 (5,675 ) 7,459
Finance expense - - - (2,176 )
Income taxes - - - (1,001 )
Profit for the period - - - 4,282
Total assets as of September 30, 2012 75,438 61,409 2,659 139,506
Depreciation of property, plant and equipment 1,060 1,054 116 2,230
Amortization of intangible assets 1,613 147 145 1,905
Goodwill and intangible assets as at September 30, 2012 44,731 4,720 272 49,723
Expenditures on property, plant and equipment $ 909 $ 525 $ 164 $ 1,598

Contact Information