Business
5N Plus Inc. Reports $10.1 Million EBITDA, $5.5 Million Net Earnings and Debt Reduction for the First Quarter Ended March 31, 2013
MONTREAL, May 13, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of specia...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, May 13, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the\n leading producer of specialty metal and chemical products, today\n reported financial results for the first quarter ended March 31, 2013.\n\n\n\nEBITDA1 for the first quarter 2013 reached the highest level in four quarters\n lying at $10.1 million.  This compares with an EBITDA of $16.9 million\n for the first quarter of 2012.\n\n\n\n\nNet debt1 decreased to $125.8 million down from $136.5 million on December 31,\n 2012 and $232.1 million on March 31, 2012.  Total debt also decreased\n to $140.3 million down from $148.4 million on December 31, 2012 and\n $278.1 million on March 31, 2012.\n\n\n\n\nNet earnings for the first quarter 2013 reached $5.5 million or $0.07\n per share and adjusted net earnings1 $6.3 million or $0.08 per share.  Comparative figures for the first\n quarter 2012 were $4.9 million or $0.07 per share and $5.3 million or\n $0.07 per share.\n\n\n\n\nRevenues for the first quarter 2013 and the first quarter 2012 were\n $118.4 million and $162.2 million respectively following a trend of\n decreasing underlying commodity pricing.\n\n\n\n\nSimilarly the backlog1 of orders expected to translate into sales over the following twelve\n months decreased to $166.3 million as at March 31, 2013 compared to\n $215.6 million one year earlier but remained approximately constant on\n a quarter-over-quarter basis at $165.8 million.\n\n\n\n\n\n\nJacques L'Ecuyer, President and Chief Executive Officer, said \"Earnings\n and EBITDA recovered during the quarter despite the fact that the\n Company still holds a significant proportion of inventories which are\n fully valued and the costs incurred in the restructuring of a portion\n of the business which is the subject of the dispute with former\n shareholders and directors of MCP Group.\"\n\n\nMr. L'Ecuyer continued, \"The quarter was generally characterized by\n healthy demand for most products which is expected in the first quarter\n of the year as customers replenish stock levels following year-end. \n Backlog and revenues were negatively impacted in the quarter by the\n decrease in the underlying commodity pricing but were otherwise very\n much in line with sales volumes for the previous fiscal year.\"\n\n\nMr. L'Ecuyer concluded, \"We continue to focus on improving efficiency\n ...