MONTREAL, QUEBEC--(Marketwired - Sept. 27, 2013) - Perlite Canada inc. (the «Company») (TSX VENTURE:PCI) announces hereby the results for its third quarter 2013 ended on July 31, 2013.
The Company generated revenues of $1,450,138 during the third quarter ended July 31, 2013 (the "3rd Quarter 2013") compared to $1,331,822 as at July 31, 2012, which represents an increase of approximately 9%. It recorded earnings before taxes of $44,106 during the 3rd Quarter 2013 compared to a loss before taxes of $326,655 for the third quarter of 2012. The Company generated net earnings of $44,106 for the 3rd quarter 2013 compared to a net loss of $326,655 for the same period in 2012.
For the nine month period ended July 31, 2013, total sales were $4,484,316 compared to $4,663,311 for the same period in 2012, being a decrease of approximately 4%. However, the Company generated earnings before taxes of $236,333 during this period compared to a loss before taxes of $384,710 for the nine month period ended July 31, 2012 and net earnings of $236,333 compared to a net loss of $384,710 in 2012.
The significant increase in earnings before income taxes is explained by i) the implementation of a strategy to reduce costs, ii) the completion of the sale price adjustments for vermiculite products in order to integrate the raw material price raises that occurred during the last years and iii) the Company's gross margin increase.
The Company announces also the appointment of M. Patrick Barriault, CPA, CA, L.L.M.Fisc, professional Charted Accountant, as an independent director of the Company on September 24, 2013. Mr. Barriault is partner and founder of the accountant firm Patrick Barriault CPA inc.
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:
Richard Barabe or Martin Joyal
(514) 631-4251
(514) 631-4254 (FAX)