Gemini Corporation Reports Fiscal 2013 Results
March 04 2014 - 4:29PM
Marketwired
Gemini Corporation Reports Fiscal 2013 Results
Record Revenue and Profitability Achieved
CALGARY, ALBERTA--(Marketwired - Mar 4, 2014) - Gemini
Corporation (TSX-VENTURE:GKX) today announced its financial results
for the fiscal year ended December 31, 2013 and the grant of
options and units to officers and directors.
Revenue for 2013
increased 29% to $112 million from $87 million in 2012. Fourth
quarter revenue increased 65% to $33 million compared to $20
million in the same period last year. The activity level realized
in the last half of 2013 significantly outpaced the first half of
the year, generating the revenue growth previously forecast. The
backlog of work in both the Field Solutions and Engineered
Solutions segments softened somewhat entering 2014, but industry
projections and client forecasted capital expenditures indicate a
strengthening of activity as the year unfolds. Market opportunities
are anticipated to improve sufficiently for the Corporation to
remain on a growth path for 2014 and beyond.
Gross profit for
2013 totalled $21 million, which was a 45% increase over the $14
million earned in the prior year. In addition, gross profit as a
percent of revenue increased to 18.4% from 16.3% as a result of
higher staff utilization and better project execution efficiencies
driven by the increased volumes. Opportunities to enhance margins
through continuous improvement initiatives are continuing to be
identified and implemented.
Net earnings for
2013 improved substantially to $3.4 million (6.1¢ per share)
compared to the net earnings of $0.8 million (2.1¢ per share)
earned in 2012. Fourth quarter earnings were $0.7 million (1.3¢ per
share) compared to a net loss of $0.2 million (0.5¢ per share) in
2012.
"Gemini achieved
record revenue and profitability in 2013," stated Gemini's
President and CEO, Doug Lautermilch. "We have successfully embarked
on a growth path that is expected to continue for a number of years
based upon current client forecasts and industry projections. We
are investing in expanded capacity and increasing our capability to
meet client service demand. In addition, we are working diligently
on enhancing our execution to optimize profitability as we continue
to grow."
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
Three Months Ended |
Year Ended |
|
(Unaudited) |
(Audited) |
Operating Highlights ($'000) |
Dec 31, |
Dec 31, |
Dec 31, |
Dec 31, |
|
2013 |
2012 |
2013 |
2012 |
Revenue |
$
33,326 |
$
19,896 |
$
112,141 |
$
87,187 |
Gross profit |
5,830 |
2,958 |
20,597 |
14,222 |
Income (loss) before interest & taxes |
1,540 |
(154) |
4,968 |
1,411 |
Net Income (loss) |
$
724 |
$
(224) |
$
3,350 |
$
785 |
|
Earnings per share (basic) |
$
0.013 |
$
(0.005) |
$
0.061 |
$
0.021 |
Earnings per share (diluted) |
$
0.011 |
$
(0.005) |
$
0.052 |
$
0.021 |
Balance Sheet Highlights ($'000) |
December 31, |
December 31, |
|
2013 |
2012 |
Working capital |
$
14,489 |
$ 12,089 |
Total assets |
41,823 |
26,087 |
Shareholders' equity |
21,602 |
17,689 |
In addition to the
financial results, the Corporation wishes to announce that an
aggregate of 338,000 options were granted at an exercise price of
$0.84 per share, which was the closing market price on March 4,
2014. Under the terms of Gemini's option plan, the options are
valid for four years from the date of grant and vest one-third
immediately and the remainder at one-third on each of the next two
grant date anniversaries. These grants bring the total number of
options outstanding to 2,874,000 or 5.2% of the 55,501,940 issued
and outstanding common shares of the Corporation. A total of
574,000 performance share units were granted with a vesting date of
January 1, 2017. The unit plan is structured to settle the
performance share units by the issuance of shares on the vesting
date. The units granted thereunder are subject to the approval of
the TSX Venture Exchange and Gemini's shareholders at the company's
next Annual General Meeting.
About Gemini
Corporation
Gemini Corporation
is a professional services firm that provides engineering,
regulatory, fabrication, installation and maintenance solutions for
clients through stand-alone or integrated service delivery models.
For more than 30 years, Gemini has been harnessing the energy of
its staff and clients to power innovation in conventional and
unconventional oil and gas, in-situ heavy oil and industrial
facilities across western Canada. Our integrated design-build
project delivery model differentiates Gemini and provides
tremendous value-added benefits for clients, such as
constructability advice at the design phase, schedule compression
and one point of accountability.
Shares of Gemini
trade on the TSX Venture Exchange under the symbol "GKX". For more
information about the Corporation and its services, go to
www.geminicorp.ca. Gemini's 2013 annual financial report will be
filed with SEDAR at http://www.sedar.com on or before March 5,
2014.
Disclaimer
This news
release may contain forward-looking information that represents
Gemini's internal projections, expectations, estimates or beliefs
concerning, among other things, future operating results and
various components thereof or Gemini's future economic performance.
All statements other than the statements of historical fact may be
forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may", "will",
"should", "expects", "projects", "plans", "anticipates", and
similar expressions. The projections, estimates and beliefs
contained in such forward-looking statements are based on
management's assumptions relating to Gemini's performance and
competition within the sectors in which it competes, the
continuation of the current regulatory and tax regimes in the
jurisdictions in which Gemini operates, and necessarily involve
known and unknown risks and uncertainties, including risks and
assumptions relating to client service demand, field service costs,
labour rates, and other factors that may cause actual performance
and financial results in future periods to differ materially from
any projections of future performance or results expressed or
implied by such forward-looking statements. Accordingly, readers
are cautioned that events or circumstances could cause results to
differ materially from those predicted or suggested. The
Corporation does not undertake to update any forward-looking
information in this document whether as to new information, future
events or otherwise.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Gemini CorporationDoug LautermilchPresident & CEO(403)
259-0311dlautermilch@geminicorp.caGemini CorporationRobert
BrookwellExecutive VP & CFO(403)
258-5401rbrookwell@geminicorp.cawww.geminicorp.ca
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