MONTREAL, QUEBEC--(Marketwired - June 30, 2016) - Perlite Canada inc. (the «Corporation») (TSX VENTURE:PCI) announces hereby the results for its second quarter 2016 ended on April 30, 2016.
The Corporation generated revenues of $ 2,007,035 during the second quarter that ended April 30, 2016 (the "2nd Quarter 2016") compared to $1,891,535 during the second quarter that ended April 30, 2015 being an increase of approximately 6 %. For the six months period ended April 30, 2016, Corporation's revenues was $3,726,780 compared to sales revenue of $3,283,118 for the same six months period ended April 30, 2015 which represents an approximate increase of 14%.
The Corporation recorded earnings before income taxes of $314,916 for the 2nd Quarter 2016 compared with earnings before income taxes of $195,768 for the same period in 2015. For the six months period ended April 30, 2016, the Corporation recorded earnings before income taxes of $ 239 035 compared to earnings before income taxes of $ 84,219 for the same period in 2015. Increase of the earnings before income taxes during this six month period compared to the same period in 2016 is mainly explained, by a foreign exchange gain of $97 991 recorded during this period following the increase of the Canadian dollar compare with the American dollars during that period, the decrease of financial charges and the increase of the perlite sales.
The Corporation recorded net earnings of $314,916 for the 2nd Quarter 2016 compared to net earnings of $195,768 for the same period in 2015. For the six months period ended on April 30, 2016, the Corporation recorded net earnings of $239,035 compared to net earnings of $84,219 for the same period in 2015.
It should be noted that the Corporation settled a claim from a former vermiculite supplier recorded as an account payable in its financial statements. The supplier filed an action in the Superior Court of Quebec, district of Montreal (Québec) in August, 2014 claiming to the Corporation the total amount of the sums billed to it by this supplier totaling $925,401.56 USD (1,161,193 $ CDN as at April 30, 2016 compared to 1,209,962 $ CDN as at October 31, 2015). The Corporation was contesting this legal action. The Corporation settled this action on June 21 2016 according to terms and conditions that shall be held confidential according to the settlement agreement. The amount of this claim is reported in the financial statements of the Corporation for the 2nd quarter 2016 as an account payable.
Perlite Canada inc. has become a leading Corporation 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 Corporation may be notably different of future returns or results expressed or implied by these forward-looking statements.
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