Business
Asia Bio-Chem Group Corp. Announces 2013 Fourth Quarter and Fiscal Year End Financial Results
TORONTO , March 31, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem" o...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\nTORONTO, March 31, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC)\n (\"Asia Bio-Chem\" or the \"Company\") announces its financial results for\n the three-month and fiscal year ending December 31, 2013.\n\n\nHighlights\n\n\n\nThe Company continues to manage its capacity utilization in reaction to\n market conditions.  During the fourth quarter, the Company's Changtu\n and Daqing plants operated at approximately 12% capacity while the\n newly acquired Tieling facility remained closed.  Consequently,\n revenues were $18.0 million during the fourth quarter representing a\n 12.3% decline from the same period of 2012.\n\n\n\n\nDuring the fourth quarter, lower starch prices caused a negative gross\n margin of 13.4% compared with a negative gross margin of 13.0% during\n the same period in 2012.\n\n\n\n\nThe Company took a $30.0 million non-cash charge during the quarter to\n reflect impairment of the assets employed in the business.\n \n\n\n\nAs a result of the impairment charge, the Company 's EBITDA decreased\n during the fourth quarter to negative $34.3 million compared with\n negative $8.1 million during the fourth quarter of 2012.\n\n\n\n\nNet loss for the fourth quarter was $41.0 million (-$0.48 per share)\n compared with a net loss of $14.4 million (-$0.17 per share) during the\n fourth quarter of 2012\n\n\n\n\nThe Company continues to enjoy the strong support of its banking group\n and successfully renewed all loans due in the fourth quarter and\n obtained additional $4.7 million in loans in the quarter.\n\n\n\n\nThe Company maintains unrestricted cash balance of $1.6 million at\n December 31, 2013.\n\n\n\n\nOn March 7, 2014 the Company announced that its controlling shareholders\n have entered into a letter of intent to sell of their shares of Asia\n Bio-Chem to a subsidiary of the Chinese state-owned Beidahuang State\n Farm Group General Corp.  This transaction is expected to close during\n the second quarter of the current fiscal year.\n\n\n\n\nOn February 28, 2014 the Company announced that it was put on notice by\n the Toronto Stock Exchange that its common shares will be delisted on\n March 28, 2014.  In order to provide continuous trading in its shares,\n the Company obtained approval for listing on the Canadian Securities\n Exchange which commenced on March 27, 2014.\n\n\n\n\"During 20...