Mercator Transport Announces Its Financial Results For The Second Quarter 2013-2014
December 30 2013 - 3:00PM
Access Wire
Montreal, Quebec, December 30, 2013 -
Mercator Transport Group Corporation ("Mercator Transport" or the
"Corporation") (TSX-V: GMT), announces its financial results for
the quarter ended October 31, 2013.
Financial
Highlights
Selected
Consolidated Results
Unaudited
----------------------------------------------------------------
|(in thousands of Canadian dollars, amounts per|Q2 201|Q2 201|
|share excepted) |3-2014 |2-2013 |
| |$ |$ |
|--------------------------------------------------------------|
|Logist ics and distribution (Gross Revenues) |5,204 |7,251 |
|--------------------------------------------------------------|
|Customs, duties and t axes |(124) |(944) |
|--------------------------------------------------------------|
|Net r evenues |5,080 |6,307 |
|--------------------------------------------------------------|
|EBITDA 1 (EBITDA 1 loss) |149 |(475) |
|--------------------------------------------------------------|
|Net l oss from continuing operations |(179) |(818) |
|--------------------------------------------------------------|
|Net l oss from discontinued operations |- |(830) |
|--------------------------------------------------------------|
|Net loss attributable to owners of the |(156) |(1,642)|
|Corporation | | |
|--------------------------------------------------------------|
|Net l oss from continuing operations per | (0. | |
|share, basic and fully diluted |005) |(0.022)|
|--------------------------------------------------------------|
|Net l oss per share, basic and fully diluted |(0. |(0.044)|
| |005) | |
----------------------------------------------------------------
1 See definition of non-IFRS measure in Mercator Transport's
MD&A.
For
the quarter ended October 31,
2013, Mercator Transport's net revenues totaled $ 5.1
million, a decrease of
$ 1.3
million or
19% compared to the same period last year due
to reduced
sales in
France and Canada,
factor partially offset
by increased
revenues in
Argentina. The decrease in revenue is the
result of
funding constraints
of the Company,
constraints it currently
seeks to
solve in order to
return to growth mode
and profitability.
The
Company generated an
EBITDA(1)
of $149,000 for the quarter ended October 31,
2013, compared to an EBITDA(1) loss of $(475,000)
for the corresponding period of the
previous year. The
improvement is attributable to a
36% reduction in selling and
administrative expenses as well as to
improved gross margins, factors partially offset by lower sales.
A net
loss from
continuing operations of $179,000, or $(0.005) per share, was
recorded in the second quarter of
2013-2014, compared to
a net loss of
$818,000, or $(0.022) per share, for the
corresponding quarter of the previous year due to
the improved EBITDA(1).
"The
results for the second quarter of
2013-2014 were
significantly higher
than last year
despite a
revenue decline.
Cost reduction
and margin improvement efforts undertaken last
year are bearing
fruit, allowing us
to generate
positive results at
a level
lower of
revenue. Energies should now be focused on the financial
restructuring of the
Company, namely the quest
for new
funding and
the stabilization of the
balance sheet," said Mr. Jean-Pierre
Apelian, President and CEO.
For further
information, please refer to Mercator Transport's management discussion and analysis and quarterly
unaudited consolidated financial statements, available on SEDAR's
website, at www.sedar.com.
About Mercator
Transport
Mercator Transport specializes in air,
ocean and ground transport brokerage, international logistics and
distribution. Based in Montreal (Canada), with offices in Lyon
(France) and Buenos Aires (Argentina), Mercator Transport offers
value-added services in global supply chain management, and designs
customized solutions. Customer intimacy and commitment
differentiates Mercator Transport in its ability to implement
customers' requirements.
Neither TSX
Venture Exchange nor its Regulatory 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.
For further information:
Mr. Robert Gagnon,
Chief Financial Officer
Investor relations
investisseur@corpgmt.com
(514) 738-6464
(TSXV:GMT)
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