Perlite Canada Inc.

Perlite Canada Inc.

March 09, 2009 13:51 ET

Perlite Canada Inc. Announces its Results for Fiscal Year 2007-2008

MONTREAL, QUEBEC--(Marketwire - March 9, 2009) - Perlite Canada inc. (TSX VENTURE:PCI) (the "Company") announces hereby the results for the year ended October 31, 2008.

During the fiscal year 2008, management of the Company concentrated its efforts and resources on two major projects towards the long-term development of the Company: the starting-up of Saint-Pacome plant and the acquisition of the perlite and vermiculite processing plant owned by Normiska Corporation located in Lachine (Quebec) (the "Lachine plant"). These two projects have been completed within the context of a long term strategy and are in line with the goal and strategies of the Company.

The revenues of the Company have been subjected to a decrease during the fiscal year 2008 caused, in part, by the delays in the installation and the start of the operation of the Saint-Pacome plant which delay forced some major customers of the Company to buy their perlite and vermiculite from third parties. The decrease of the revenues of the Company had a direct impact on its earnings. Moreover, external factors in the fiscal year 2008 have impacted negatively the income of the Company such as the exceptional high prices of maritime transport and the historic high of the oil price.

Consequently, corporate sales for the fiscal year 2008 were $3,509,360, compared to $4,719,354 for the fiscal year 2007 and the Company posted a net loss of $329,345 compared to net earnings of $163,669 for the fiscal year 2007.

The Company's results for fiscal year 2008 however should be analysed in their context. The management of the Company anticipates that the start of the Saint-Pacome plant and the acquisition of the Lachine plant will have a significant impact on the Company's results.

Perlite Canada inc. has become a leading company in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.

This press release contains forward-looking statements to which are associated some risks and uncertainties. Any statement contained in this present press release that does not constitute an historical fact can be considered as a forward-looking statement. In this present press release, verbs such as "believe", "anticipate", "assess" and other similar expressions indicate generally forward-looking statements. Those statements do not warrant as for the future performance of Perlite Canada inc. and they suppose known and unknown risks as well as uncertainties in such a way that true future perspectives, returns or results of the Company may be notably different of future returns or results expressed or implied by these forward-looking statements.

The TSX Venture Exchange is not responsible for the truth or accuracy of this press release.

Contact Information

  • Perlite Canada inc.
    Richard Barabe or Martin Joyal
    514-336-6651 (FAX)