Record sales for Novik for a second consecutive year
March 02 2012 - 7:00AM
PR Newswire (Canada)
2011 FISCAL YEAR HIGHLIGHTS -- Record annual sales at $25,937,000;
9% sales growth compared with 2010 -- 23% sales growth in Q4 2011
to $5,431,000 versus $4,392,000 in Q4 2010 -- 40% gross margin in
2011 versus 39% in 2010 -- 15% growth in 2011 adjusted EBITDA to
$3,390,000 versus $2,960,000 in 2010 -- Adjusted EBITDA margin of
13% versus 12% in 2010 -- $431,000 in net earnings compared with
$411,000 in 2010 -- 100% elimination of the bank loan from
$1,622,000 QUEBEC CITY, March 2, 2012 /CNW Telbec/ - Novik inc.
releases today its 2011 annual results. All amounts are expressed
in Canadian dollars. NOVIK inc. for the fiscal years ended December
31, 2011 12 months 12 months and 2010 (in thousands dollars, except
for amounts per period period share) 2011 2010 $ $ Operating
results Revenues 25,937 23,776 Earnings before depreciation,
amortization, financial expenses, stock-based compensation costs
and income taxes 3,390 2,960 Net earnings 431 411 Basic and diluted
net earnings per share 0.009 0.008 Financial position Total assets
25,316 24,372 Working capital 3,363 (5,678) Total long term
financial liabilities 9,092 8,960 Total liabilities 13,270 13,072
Shareholder's' equity 12,046 11,301 Shareholder's equity per share
0.25 0.23 Number of shares outstanding 48,470,858 48,470,858 Mr.
Michel Gaudreau, Chairman of the Board, is proud to announce a new
annual sales record for Novik in 2011. Mr. Gaudreau stated
"Novik has succeeded in achieving record sales over the past two
years, and continues to enjoy positive sales momentum in early
2012. The efforts in innovation we have made in recent years
to develop new, sophisticated and unique products have allowed
Novik to better position itself in the industry and to stand out
further from its competitors. At the same time, efforts to
improve margins through better use of raw materials, equipment, and
value-added production methods have allowed Novik to increase its
profitability despite the constant pressure of raw material price
levels." REVENUES During fiscal year 2011, the company generated
$25,937,000 in revenues compared with $23,776,000 in 2010. Mr.
Gaudreau explains "this 9% increase in sales was achieved despite
the current challenging environment within the construction and
exterior covering market in North America. Interest from
current and potential customers is still being felt, allowing Novik
to continue its growth in the industry. Sales growth was
primarily realized in the North American market while international
sales remained stable." Sales in the final quarter of 2011
increased 23% to $5,431,000 compared with $4,392,000 in the same
period of the previous year. This increase was realized
mainly in the North American market through the addition of new
customers and increased buying volume of certain existing
customers. Our sales team is continuing their discussions
with a number of different retailers and distributors in order to
take advantage of business opportunities existing on the North
American market. EARNINGS BEFORE DEPRECIATION, AMORTIZATION,
FINANCIAL EXPENSES, STOCK-BASED COMPENSATION COSTS AND TAXES
("Adjusted EBITDA") Adjusted EBITDA is a measure that has no
standardized meaning prescribed by international financial
reporting standards (IFRS). It is therefore considered to be a
non-IFRS measure in Canada. Accordingly, this measure may not be
comparable to similar measures presented by other issuers. This
measure is presented in order to provide shareholders and potential
investors with additional information regarding the company's
liquidity and ability to generate funds to finance its activities.
For the fiscal year ended December 31, 2011, Adjusted EBITDA
amounted to $3,390,000 compared with $2,960,000 for the previous
fiscal year, representing year-over-year growth of 15%. Adjusted
EBITDA margin increased to 13% in 2011 versus 12% in 2012 as a
result of Novik's continued focus on improvement in manufacturing
and operating efficiencies. NET EARNINGS The net earnings for
fiscal year 2011 were $431,000 compared with $411,000 for the
previous fiscal year. Novik generated an operating profit of
$1,466,000 in 2011 compared with $1,256,000 in 2010.
Management's initiatives to mitigate an increase in the cost of raw
materials made it possible to improve profitability while allowing
the organization to maintain its market development efforts.
OUTLOOK Mr. Gaudreau concludes "after a strong fourth quarter of
2011 with sales growth of 23% compared with the same period in
2010, Novik is on track to maintain the same trend for first
quarter 2012. This positive sales momentum is expected
to continue, supported by the planned launch of two innovative
exterior covering products which offer new finishes and improved
aesthetics. Orders for these new products have already been
received, and we expect to start their delivery in spring 2012. Our
sales team is continuing to focus on increasing revenues from
existing clients while also penetrating new distributors and large
retailers. These efforts are supported by Novik's growing presence
and brand recognition in the marketplace and our unique and
innovative product lines. Additionally, we are continuing to make
efforts to increase the visibility of our products to end-consumers
through our Novexpert network and our participation at trade shows
specializing in housing and renovation. For 2012, management will
continue to focus on sales growth objectives while ensuring greater
profitability from higher sales volume and increased manufacturing
and operating efficiencies." About NOVIK Novik (NVK) is a leader in
the design, manufacturer and distribution of innovative polymer
exterior siding, roofing coverings and accessories that replace
traditional materials such as stone, brick or wood shingles.
These products target the world-wide residential and commercial
construction industry. Forward-looking statements contained in this
press release involve known and unknown risks, uncertainties or
other factors that may cause actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Novik Inc. CONTACT: Source : Novik
inc.For further information:Michel GaudreauChairman of the Board
and Chief Executive OfficerTel. : (418) 878-6161E-mail :
micgau@novik.comPascal Bouthot, CAVice President and Chief
Financial OfficerTel. : (418) 878-6161E-mail : pasbou@novik.com
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