Xebec Fiscal 2012 Fourth Quarter and Year-end Financial
Results
MONTREAL,
April 1, 2013 /CNW Telbec/ - Xebec
Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas
upgrading, natural gas, field gas and hydrogen purification
solutions for the clean energy and crude-derived fuels displacement
markets, announced today its 2012 fourth quarter operating
results.
- Revenues of $15.2 million in
fiscal 2012 compared to $14.2 million
for the same period in 2011, a 7% increase in the year.
- Net income of $1.9 million in
fiscal 2012 compared to a net loss of $1.5
million for fiscal 2011.
- Revenues of $5.8 million in the
fourth quarter compared to $2.7
million for the same period in 2011, a 113% increase in the
period.
- Positive EBITDA of $0.1 million
in the fourth quarter compared to ($1.6)
million for the same period in 2011.
Financial Highlights:
| |
|
|
|
|
|
|
| |
Three months ended
December 31, |
% of
Change |
Twelve months
ended
December 31, |
% of
Change |
| (In dollars) |
2012 |
2011 |
|
2012 |
2011 |
|
| (In dollars) |
(unaudited) |
(unaudited) |
|
|
|
|
| Revenues |
5,753,220 |
2,698,612 |
113.2% |
15,179,121 |
14,203,463 |
6.9% |
| Gross margin |
1,178,498 |
100,307 |
1074.9% |
3,146,347 |
4,204,003 |
-25.2% |
| Gross margin as a percentage of
revenues |
20.5% |
3.7% |
|
20.7% |
29.6% |
|
| EBITDA* |
189,709 |
(1,622,861) |
|
3,447,247 |
114,050 |
|
| Net income (loss) |
(92,199) |
(1,996,211) |
|
1,938,853 |
(1,456,950) |
|
| Net income (loss) per share -
basic ($/share) |
(0.00) |
(0.02) |
|
0.04 |
(0.04) |
|
| Net income (loss) per share -
diluted ($/share) |
(0.00) |
(0.02) |
|
0.04 |
(0.04) |
|
| Weighted
average number of shares |
39,363,867 |
39,363,867 |
|
39,363,867 |
39,363,867 |
|
| As at: |
|
|
|
December 31,
2012 |
December 31,
2011 |
|
| Total assets |
|
|
|
9,734,306 |
10,283,088 |
|
| Total Long term Liabilities |
|
|
|
1,274,935 |
402,077 |
|
|
Equity |
|
|
|
1,737,339 |
(307,121) |
|
| As at: |
|
|
|
April 1,
2013 |
March 30,
2012 |
|
| Back log |
|
|
|
8,487,778 |
11,050,333 |
|
| * EBITDA is a non-IFRS
financial measure and the Company defines it as earnings from
operations excluding financial charges, taxes, foreign exchange
loss (gain) and amortization. |
Financial Results
Revenues
Xebec posted revenues of $5.8 million for the fourth quarter of 2012, a
113.2% increase compared to $2.7
million in the fourth quarter of 2011. For the twelve-month
period ended December 31, 2012, the
total revenues amounted to $15.2
million, a 6.9% increase compared to $14.2 million for the same period last year. The
improvement versus the same period last year is mostly explained by
the significant progress on gas purification projects.
Order Backlog
As of April 1,
2013, total order backlog stood at $8.5 million, compared to $11.1 million as of March
30, 2012.
Gross Margin
Xebec's gross margin for the fourth quarter of
2012 amounted to $1.2 million,
compared to $0.1 million for the same
2011 period. For the twelve-month period ended December 31, 2012, the total gross margin
amounted to $3.2 million, compared to
$4.2 million for the same period last
year. Despite increasing margins from product sales, the non
recurring engineering contracts and license revenues prior to the
IP transaction of March 22, 2012
inflated the margins positively in 2011.
EBITDA and Net Income (Loss)
The EBITDA for the fourth quarter of 2012
amounted to $0.2 million compared to
$(1.6) million in the fourth quarter
of 2011. For the twelve-month period ended December 31, 2012, the EBITDA amounted to
$3.4 million, compared to
$0.1 million for the same period last
year. The improved EBITDA is the result of our continuous efforts
to improve gross margin and control costs and the gain resulting
from the IP transaction.
The net loss for the fourth quarter of 2012
totaled $0.1 million, or nil per
share, compared to a net loss of $2.0
million, or $0.02 per share
for the same 2011 period. For the twelve-month period ended
December 31, 2012, net income was
$1.9 million or $0.04 per share, compared to net loss of
$1.5 million or $0.04 per share for the same period last year,
reflecting primarily a $4.2 million
increase in gain on disposition of assets and a $0.3 million decrease in selling and
administrative costs and $0.4 million
decrease in research and development.
Selling and administrative expenses were
$2.0 million in the fourth quarter of
2012 compared to $2.0 million for the
same period last year. For the twelve-month period ended
December 31, 2012, selling and
administrative were $6.5 million,
compared to $6.8 million for the same
period last year. The decrease in expenses is the results of the
cost control measures.
As of December 31,
2012, the Company's cash on hand before restricted cash
totaled $1.3 million, compared to
$0.4 million as at December 31, 2011.
Xebec 2012 year-end Financial Statements and
Management's Discussion and Analysis include further information on
the Company.
2012 Fourth Quarter Financial Statements and Management's
Discussion and Analysis
The complete financial statements, notes to
financial statements and Management's Discussion and Analysis for
the fiscal year ended December 31,
2012, are available on the Company's Website at
www.xebecinc.com or on the SEDAR Website at www.sedar.com.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy
solutions to corporations and governments looking to reduce their
carbon footprints. With more than 1,300 customers worldwide, Xebec
designs, engineers and manufactures innovative products that
transform raw gases into marketable sources of clean energy mainly
used as transportation fuel. Xebec's strategy is focused on
establishing leadership positions in markets where demand for
biogas upgrading, natural gas dehydration, liquefaction and
hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with
two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution
network in North America and
Asia. Xebec trades on the TSX
under the symbol XBC. For additional information on the company and
its products and services, please visit the Xebec web site at
www.xebecinc.com.
Caution Concerning Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking" statements within the meaning of applicable
securities laws. This forward looking information includes, but is
not limited to, the expectations and/or claims of management of
Xebec with respect to information regarding the business,
operations and financial condition of Xebec. Forward-looking
information contained in this press release involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Xebec or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. This list is not exhaustive of the
factors that may affect forward-looking information contained in
this press release. When used in this press release, such
statements use such words as "anticipate", "believe", "plan",
"estimate", "expect", "intend", "may", "will" and other similar
terminology. These statements reflect current expectations
regarding future events and operating performance and speak only as
of the date of this presentation. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements.
SOURCE XEBEC ADSORPTION INC.