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MONTREAL, May 6, 2014 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of specialty metal and chemical products, today reported financial results for the first quarter ended March 31, 2014.
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Revenues for the first quarter 2014 reached $142.4 million, their
highest level since Q1 2012, which corresponds to an increase of $24
million or 20% compared to $118.4 million for the first quarter of
2013.
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EBITDA1 for the first quarter 2014 also reached its highest level since Q1
2012, attaining $10.5 million up from $10.1 million for the first
quarter of 2013.
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Net earnings for the first quarter 2014 reached $4.5 million or $0.05
per share compared to $5.5 million or $0.07 per share for the first
quarter of 2013.
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Net debt1 was in line with year-end 2013 and stood at $60.6 million as at March 31st, 2014 down from $125.8 million as at March 31st, 2013.
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Bookings reached $159.6 million in the quarter leading to an increase in
backlog which now stands at $187.3 million, its highest level since Q2
2012. This represents a 34% increase in bookings and a 13% increase in
backlog over the corresponding figures of the first quarter of 2013
which were $118.9 million and $166.3 million respectively.
- Richard Perron was appointed Chief Financial Officer effective March 17, 2014 and subsequently Bertrand Lessard was appointed Chief Operating Officer effective April 28, 2014.
Jacques L'Ecuyer, President and Chief Executive Officer, said "We reported strong revenues and bookings in the first quarter and an improvement in profitability following increasing demand, especially for our bismuth based products, and a more favorable underlying commodity pricing trend. We also reported strong bookings and an increase in backlog reflecting the expected beginning of the year increase in demand as well as a more bullish outlook from many customers on their overall requirements. "
Mr. L'Ecuyer continued, "Debt levels remained roughly constant when compared to the previous quarter despite some increases in underlying commodity prices. This is in line with our efforts aimed at improving efficiency and reducing costs and working capital throughout the group."
Mr. L'Ecuyer concluded, "We made further strides in the quarter towards executing on our growth plan by significantly strengthening our senior management team. Both Richard and Bertrand bring very relevant experience in closely related industries which will help us meet our short and long term objectives. We also made important changes to our board of directors following the retirement of our chairman Dennis Wood and of John Davis and expect our three new board members, Jennie Hwang, Jim Fahey and Nathalie Le Prohon, to greatly contribute to our future success."
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical
products. Fully integrated with closed-loop recycling facilities, the
Company is headquartered in Montreal, Québec, Canada and operates
manufacturing facilities and sales offices in several locations in
Europe, the Americas and Asia. 5N Plus deploys a range of proprietary
and proven technologies to produce products which are used in a number
of advanced pharmaceutical, electronic and industrial applications.
Typical products include purified metals such as bismuth, gallium,
germanium, indium, selenium and tellurium, inorganic chemicals based on
such metals and compound semiconductor wafers. Many of these are
critical precursors and key enablers in markets such as solar,
light-emitting diodes and eco-friendly materials.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the
meaning of applicable securities laws. All information and statements
other than statements of historical facts contained in this press
release are forward-looking information. Such statements and
information may be identified by words such as "about",
"approximately", "may", "believes", "expects", "will", "intends",
"should", "plans", "predicts", "potential", "projects", "anticipates",
"estimates", "continues" or similar words or the negative thereof or
other comparable terminology. Forward-looking statements are based on
the best estimates available to 5N Plus at this time and involve known
and unknown risks, uncertainties and other factors that may cause
5N Plus' actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. A description
of the risks affecting 5N Plus' business and activities appears under
the heading "Risk and Uncertainties" of 5N Plus' 2013 MD&A dated
February 25, 2014 and note 11 of the unaudited interim condensed
consolidated financial statements for the three-month periods ended
March 31, 2014 and 2013 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the
forward-looking information in this press release will transpire or
occur, or if any of them do so, what benefits that 5N Plus will derive
therefrom. In particular, no assurance can be given as to the future
financial performance of 5N Plus. The forward-looking information
contained in this press release is made as of the date hereof and
5N Plus undertakes no obligation to publicly update such
forward-looking information to reflect new information, subsequent or
otherwise, unless required by applicable securities laws. The reader
is warned against placing undue reliance on these forward-looking
statements.
5N PLUS INC.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Figures in thousands of United States dollars)
|
As at March 31, 2014 |
As at December 31, 2013 |
|||
| $ | $ | |||
| ASSETS | ||||
| Current | ||||
| Cash and cash equivalents | 16,886 | 22,427 | ||
| Temporary investments (restricted) | 2,548 | 2,490 | ||
| Accounts receivable | 83,144 | 60,616 | ||
| Inventories | 176,353 | 174,374 | ||
| Income tax receivable | 6,563 | 8,455 | ||
| Derivative financial assets | 283 | 955 | ||
| Other current assets | 4,441 | 2,290 | ||
| Total current assets | 290,218 | 271,607 | ||
| Property, plant and equipment | 57,988 | 59,614 | ||
| Intangible assets | 12,273 | 13,143 | ||
| Deferred tax asset | 12,707 | 13,387 | ||
| Investments accounted for using the equity method | 467 | 444 | ||
| Other assets | 6,248 | 7,045 | ||
| Total non-current assets | 89,683 | 93,633 | ||
| Total assets | 379,901 | 365,240 | ||
| LIABILITIES AND EQUITY | ||||
| Current | ||||
| Bank indebtedness and short-term debt | 10,336 | 10,462 | ||
| Trade and accrued liabilities | 76,189 | 65,016 | ||
| Income tax payable | 6,577 | 3,660 | ||
| Derivative financial liabilities | 3,595 | 3,284 | ||
| Long-term debt due within one year | 4,184 | 4,439 | ||
| Total current liabilities | 100,881 | 86,861 | ||
| Long-term debt | 65,544 | 68,346 | ||
| Deferred tax liability | 1,030 | 1,600 | ||
| Retirement benefit obligation | 15,765 | 15,887 | ||
| Derivative financial liabilities | 572 | 953 | ||
| Other liabilities | 884 | 1,064 | ||
| Total non-current liabilities | 83,795 | 87,850 | ||
| Total liabilities | 184,676 | 174,711 | ||
| Shareholders' equity | 194,884 | 190,052 | ||
| Non-controlling interest | 341 | 477 | ||
| Total equity | 195,225 | 190,529 | ||
| Total liabilities and equity | 379,901 | 365,240 |
5N PLUS INC.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
For the three-month periods ended March 31, 2014 and 2013
(Figures in thousands of United States dollars, except per share
information)
| March 31, 2014 | March 31, 2013 | |||
| $ | $ | |||
| Revenues | 142,379 | 118,389 | ||
| Cost of sales | 122,743 | 99,388 | ||
| Selling, general and administrative expenses | 9,762 | 9,627 | ||
| Other expenses | 2,754 | 2,978 | ||
| Share of (earnings) loss from joint ventures | (23) | 136 | ||
| 135,236 | 112,129 | |||
| Operating income | 7,143 | 6,260 | ||
| Gain on disposal of property, plant and equipment | 1,312 | - | ||
| Financial expense (income) | ||||
| Interest on long-term debt | 1,140 | 1,842 | ||
| Other interest expense | 276 | 1,470 | ||
| Foreign exchange and derivative loss (gain) | 16 | (3,017) | ||
| 1,432 | 295 | |||
| Earnings before income taxes | 7,023 | 5,965 | ||
| Income tax expense | 2,504 | 427 | ||
| Net earnings for the period | 4,519 | 5,538 | ||
| Attributable to: | ||||
| Equity holders of 5N Plus Inc. | 4,655 | 5,371 | ||
| Non-controlling interest | (136) | 167 | ||
| 4,519 | 5,538 | |||
| Earnings per share attributable to equity holders of 5N Plus Inc. | 0.06 | 0.06 | ||
| Basic earnings per share | 0.05 | 0.07 | ||
| Diluted earnings per share | 0.05 | 0.07 |
5N PLUS INC.
(Figures in thousands of United States dollars)
| Cash Flows | ||||||||||||
| Q1 2014 | Q1 2013 | % Change | ||||||||||
| $ | $ | |||||||||||
| Funds from operations1 | 6,806 | 4,608 | 48% | |||||||||
| Net changes in non-cash working capital items | (9,553) | 6,244 | -253% | |||||||||
| Operating activities | (2,747) | 10,852 | -125% | |||||||||
| Investing activities | (332) | (2,586) | -87% | |||||||||
| Financing activities | (2,436) | (6,040) | -60% | |||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents related to operations | (26) | 460 | -106% | |||||||||
| Net (decrease) increase in cash and cash equivalents | (5,541) | 2,686 | -306% | |||||||||
| Revenues by Segment | ||||||||||||
| Q1 2014 | Q1 2013 | % Change | ||||||||||
| $ | $ | |||||||||||
| Electronic Materials Segment | 48,141 | 48,356 | 0.% | |||||||||
| Eco-Friendly Materials Segment | 94,238 | 70,033 | 35% | |||||||||
| Total Revenues | 142,379 | 118,389 | 20% | |||||||||
| EBITDA and Adjusted EBITDA | ||||||||||||
| Q1 2014 | Q1 2013 | % Change | ||||||||||
| $ | $ | |||||||||||
| Electronic Materials | 6,948 | 7,078 | 2% | |||||||||
| Eco-Friendly Materials | 6,405 | 5,067 | 26% | |||||||||
| Corporate | (2,852) | (2,030) | 40% | |||||||||
| EBITDA1 | 10,501 | 10,115 | 4% | |||||||||
| Impairment of inventory | - | - | ||||||||||
| Adjusted EBITDA1 | 10,501 | 10,115 | 4% | |||||||||
| Backlog and Bookings | ||||||||||||
| BACKLOG1 | BOOKINGS1 | |||||||||||
| Q1 2014 | Q4 2013 | Q1 2013 | Q1 2014 | Q4 2013 | Q1 2013 | |||||||
| $ | $ | $ | $ | $ | $ | |||||||
| Electronic Materials | 79,362 | 80,382 | 92,797 | 47,121 | 54,337 | 40,435 | ||||||
| Eco-Friendly Materials | 107,968 | 89,691 | 73,493 | 112,516 | 101,800 | 78,455 | ||||||
| Total | 187,330 | 170,073 | 166,290 | 159,637 | 156,137 | 118,890 | ||||||
____________________________
1 See Non-IFRS Measures
SOURCE 5N Plus Inc.
Jean Mayer
Vice President, Legal Affairs and Corporate Secretary
5N Plus Inc.
(514) 856-0644 x6178
invest@5nplus.com