The information in this press release includes certain measures that are not financial measures prescribed under GAAP. (unaudited, in thousands of Canadian dollars) Reconciliation of adjusted EBITDA and Net earnings (loss) Net earnings (loss) per share (basic and diluted) (unaudited, in thousands of Canadian dollars As a result of the gain on debt settlement, the Company recorded net earnings of $3.3 million, or $0.078 per share, fully diluted, versus a net loss of $2.8 million, or $0.066 per share, fully diluted, last year. The Company recorded adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") of $187,181, as opposed to an adjusted loss of $783,350 in the first six months of fiscal 2010.
To this date, our team has successfully coped with all challenges and we remain confident in regards to our success as well as our business outlook."įor the first six months of the current fiscal year, sales amounted to $23.3 million, up 6.2% from $21.9 million in the first six months a year ago.
Furthermore, in order to better control manufacturing costs and optimize capacity, we intend to integrate certain production phases currently outsourced. In parallel, the support received from our partners with respect to our reorganization plan is a true mark of confidence. "This gradual recovery in our target markets should yield business opportunities that we intend to exploit in the best possible time frame. "The second quarter confirmed signs of recovery in the heavy-duty truck market," said Denis Bertrand, President and Chief Executive Officer of Sigma Industries. Subsequent to the end of the second quarter, the Company announced the signing of a new banking agreement which also includes new terms for the repayment of certain long-term debts. As at the same date, compliance with all financial ratios has been suspended by the lender until the end of the current fiscal year. As a result, the Company recorded net earnings of $4.3 million, or $0.100 per share, fully diluted, in the second quarter of fiscal 2011, as opposed to a net loss of $1.4 million, or $0.032 per share, fully diluted, for the same period a year earlier.Īs at October 23, 2010, the Company's balance sheet showed total net debt of $25.2 million, down from $26.2 million three months earlier. This process also resulted in a non-recurring gain of $6.0 million on debt settlement. Despite a more robust business volume, non-recurring general, administrative and operating expenses related to the Company's reorganization process caused a reduction in operating profitability. The Company generated an adjusted loss before interest, taxes, depreciation and amortization of $273,089 compared with an adjusted loss of $291,723 in the second quarter of fiscal 2010. However, sales of snow removal products declined $613,125, as last winter's unfavourable weather conditions reduced the need to purchase new equipment for certain clients. Moreover, sales to the bus industry rose by $693,766 as a result of new contracts in the transit bus market. This growth reflects a $1.0-million increase in sales to the heavy-duty truck industry resulting from a recovery in business activity in the sector following the trough of the recession.
Sales reached $12.0 million, an increase of 12.2% from $10.7 million in the second quarter a year ago. (TSX Venture Exchange: SSG), a manufacturing company specialized in the production of composite and metal components, today announced results for the second quarter of its 2011 fiscal year ended October 23, 2010.
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