ARNPRIOR, ONTARIO--(Marketwired - Nov. 25, 2015) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), a leading North American manufacturer of advanced armour and personal protection solutions, today reported financial results for the three month period ended September 30, 2015.
- Revenues for the first quarter were $4.96 million, an increase of 32.9% compared to revenues of $3.73 million during the first quarter of fiscal 2014.
- The Company reported net income for the first quarter of $0.28 million compared to a net income of $0.04 million during the first quarter of the prior year.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")(i) was $0.25 million compared to the Adjusted EBITDA of $0.16 million during the first quarter of the prior year.
- Gross margin as a percentage of revenues for the first quarter was 24.3% compared to 28.7% for the first quarter of the prior year.
- Expenses for the first quarter were $0.99 million an increase of 5.1% compared to $0.95 during the first quarter of the prior year.
"PSP had a solid first quarter of fiscal 2016 and we have identified a number of revenue opportunities that we believe will underpin the success we had in fiscal 2015", says CEO, Terry Vaudry. "We remain committed to protecting shareholder value as we move the business forward".
About PSP: The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safely®. PSP is an established industry leader in the production, distribution and sale of high-performance and high-quality safety products for the defence and security market. These products include body armour to protect against ballistic, stab and fragmentation threats, ballistic blankets to reduce blast effects, tactical clothing, and protective products against chemical and biological hazards. PSP is the largest body armour manufacturer in Canada, directly supplying the Canadian Department of National Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products under the GH Armor Systems® brand to U.S. based law enforcement and private security firms. The Company also produces tactical clothing. Pacific Safety Products is a reporting issuer in British Columbia, Alberta and Ontario, Canada and publicly trades under the symbol PSP on the TSX Venture Exchange.
Forward-Looking Information: This news release contains certain statements which may constitute "forward-looking information" within the meaning of applicable securities laws. These statements relate to anticipated or assumed events or results and, in some cases, can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms. The forward-looking events and circumstances discussed in this news release, including when the Company expects to commence delivery under the above noted contracts, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(i) Adjusted EBITDA consists of earnings before interest expense, income taxes, share-based compensation, depreciation and amortization, foreign exchange, and other one-time charges and gains. PSP believes Adjusted EBITDA is a useful measure in the evaluation of performance. Adjusted EBITDA is not a recognized performance measure under International Financial Reporting Standards ("IFRS") and does not have a standardized meaning as prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other entities.