Symax Lift (Holding) Co. Ltd.
TSX VENTURE : SYL

Symax Lift (Holding) Co. Ltd.

June 01, 2015 16:05 ET

Symax Lift (Holdings) Co. Ltd. Announces First Quarter 2015 Financial Results

TORONTO, ONTARIO--(Marketwired - June 1, 2015) - Symax Lift (Holdings) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company") announces its financial results for the three-month period ending March 31, 2015.

Highlights

  • Sales decreased to $6.92 million during the first quarter in 2015, representing an 11% decrease over the same quarter of previous year, as a result of the real estate industry slowdown in China, which commenced in the third quarter in 2014.
  • Gross profit decreased to $2.11 million during the first quarter in 2015, representing a 16% decrease over the same quarter of the previous year, as a result of sales decrease and gross margin minor drop.
  • Operation expenses increased by $0.43 million or 19% to $2.72 million during the first quarter in 2015 over the same quarter of previous year. G&A expenses increased by $0.64 million, mainly due to the expenditures related to stairlift business development and Symax Chongqing manufacturing preparation, offsetting the increase was $0.21 million decrease in selling expenses.
  • Net loss was $994,000 ($0.03 per share) during the first quarter in 2015, compared to net income $79,000 ($0.00 per share) in the same quarter of 2014. EBITDA was $(326,000) during the first quarter in 2015, compared to $437,000 in the same quarter in 2014.
  • As at March 31, 2015, the Company had total cash of $1.37 million and short term bank loans of $18.42 million.
SUMMARY FINANCIAL STATEMENTS
in thousands of Canadian dollars Three Months Ended March 31
except per share and percentage data 2015 2014 % Change
Sales 6,917 7,755 -11%
Gross profit 2,114 2,520 -16%
Gross margin 31% 32%
Operating expenses 2,715 2,283 19%
Operating income (601) 237 -354%
Other income (loss) (426) (137) 211%
Income taxes 33 (21) -257%
Net income (994) 79
EBITDA (326) 437 -175%
Earnings per share - basic &diluted ($0.03) $0.00
31-Mar-15 31-Dec-14
Total assets 62,027 56,821
Current liabilities 45,465 40,836
Long term liabilities 4,086 3,748
Shareholders' equity 12,476 12,238

"Symax's sales this quarter decreased by 11% year over year, due to the real estate industry's slowdown which commenced in the third quarter, 2014", stated Ms. Sabrina Zhang, CEO of Symax. "We expect that the real estate slowdown will continue into 2016, and our objective will be to try to maintain sales levels and take actions to reduce costs as we move forward."

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contact Information

  • Symax Lift (Holdings) Co. Ltd.
    Mary Ma
    CFO
    604.277.6678
    info@symax.ca