Symax Lift (Holding) Co., Ltd.: Three and Nine Months Ended September 30, 2010 Financial Results
November 29 2010 - 8:15AM
Marketwired
Symax Lift Holding Co. Ltd. ("Symax" or the "Company") (TSX
VENTURE: SYL), a China based developer and manufacturer of
elevators and escalators, today reported financial results for the
three and nine months ended September 30, 2010.
For the three and nine months ended September 30, 2010, sales
increased to $5.3 million and $13.5 million, respectively, from
$3.2 million and $8.5 million recorded in the same periods in 2009.
These increases were driven primarily by the continued benefits of
an elevator model which focuses specifically on housing projects
funded by China government for lower income families, and the
recovery of normal seasonal sales trends following the Chinese New
Year period, continuing to illustrate the growth opportunities in
the Chinese elevator market.
For the three and nine months ended September 30, 2010, gross
margin decreased to 30 and 28 percent of sales, respectively, from
32 and 34 percent in the same periods in 2009. The decreases in
gross margin were a result of a higher proportion of product sold
for housing projects funded by the Chinese government for lower
income families compared to customized product, and greater
domestic sales over international sales in 2010 compared to 2009,
which were partially offset by the contribution of bringing the
assembly and manufacturing of certain components in-house versus
third-party purchasing.
Symax recorded a net income for the three and nine months ended
September 30, 2010 of $104,000 and $247,000 ($0.00 and $0.01 per
share), respectively, a slight decrease from $199,000 and $648,000
($0.01 and $0.03 per share) for the same periods 2009. 2010 net
income includes $246,000 of non-recurring expenditures relating to
the Company's re-branding efforts, including the cost of a global
sales conference held to communicate the Company's expertise to
international sales agents.
Cashflow from operations for the three and nine months ended
September 30, 2010 provided funds of $1,138,000 and a use of funds
of $1,578,000, respectively, compared to funds provided of $102,000
and a use of funds of $9,000 in the same periods in 2009. This was
primarily as a result of increases to accounts receivable,
inventories and prepaid expenses and deposits, partially offset by
increases to accounts payable to service current and future sales
commitments and deferred revenues.
"We continue to deliver substantial increases in sales over last
year" noted Xiaoyan (Sabrina) Zhang, Chief Executive Officer. "We
look forward to recognizing further revenue growth
period-over-period and tightening our costs to deliver improved
bottom line results as we move forward."
About Symax Lift (Holding) Co. Ltd.
Symax is in the business of the development, manufacturing, and
sale of elevators, as well as the provision of after- sales
services in China and worldwide. Symax's products and services are
classified into two separate offerings; a main line of standardized
products which include passenger elevators, goods/freight
elevators, villa elevators, panorama elevators, hospital elevators,
residential and commercial escalators and moving walkways; and
customized elevator products.
Contacts: Symax Lift (Holding) Co., Ltd. Ming (Barry) Sheng
(604) 601-8224 barry.sheng@symax.ca
Symax Lift (Holding) Co. Ltd. (TSXV:SYL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Symax Lift (Holding) Co. Ltd. (TSXV:SYL)
Historical Stock Chart
From Jul 2023 to Jul 2024