MONTREAL, QUEBEC--(Marketwired - April 3, 2017) - Perlite Canada inc. (the «Corporation») (TSX VENTURE:PCI) announces hereby the results for its first quarter 2017 ended on January 31, 2017 (the "1st Quarter 2017").
The Corporation generated revenues of $2,183,622 during the 1st Quarter 2017 compared to $1,719,745 during the first quarter ended January 31, 2016, an increase of approximately 27 %.
The Corporation recorded a profit before income taxes and net earnings of $ 293,243 for the 1st Quarter 2017 compared to a loss before taxes and a net loss of $75,881 for the 1st quarter of 2016.
The increased of the benefits during the 1st Quarter 2017 is mainly explained by the increase of the Corporation's sales, the continued enhancement of the production system and strict operation cost controls. Furthermore, the Corporation recorded a gain on change of $45,207 during the 1st Quarter 2017 while the decreased of the Canadian dollar compared to the US dollar during the first quarter of 2016 caused a loss on change of $131,196. This loss on change in 2016 was mainly attributable to the accounting of an amount claimed by one of its former vermiculite suppliers reported in the financial statements of the Corporation as an account payable. The Corporation settled this claim during the Fiscal Year 2016.
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.
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.