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CEO & President Letter to Shareholders - Atlas Engineered Products Reports 14% Revenue Growth and a Solid Cash Position in Q1 2020 Financial and Operating Results
CEO & President Letter to Shareholders - Atlas Engineered Products Reports 14% Revenue...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"\n\n\n\nCEO & President Letter to Shareholders - Atlas Engineered Products Reports 14% Revenue Growth and a Solid Cash Position in Q1 2020 Financial and Operating Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCEO & President Letter to Shareholders - Atlas Engineered Products Reports 14% Revenue Growth and a Solid Cash Position in Q1 2020 Financial and Operating Results\nCanada NewsWire\nNANAIMO, BC, June 30, 2020\n\n\n\nNANAIMO, BC, June 30, 2020 /CNW/ -\nDear AEP Shareholders, \nDuring these unprecedented times, we at AEP trust that you and yours STAY SAFE and STAY HEALTHY. \nAEP has ended the first quarter of 2020 with 14% revenue growth over Q1 2019. Throughout COVID-19, all of AEP's family of companies were deemed essential businesses and all of our locations across Canada were busy working to supply our customers. During this time, not all locations were impacted evenly. Our BC operations were minimally impacted and throughout Q1, and into Q2 2020 continued to experience record level growth. During this same time, Eastern Canada saw restrictions on construction permit approvals that contributed to revenues decreasing at one of our Ontario locations. We continue to closely monitor developments with this pandemic, and will continue to respond to provincial and federal updates with the urgency they deserve. We have developed and implemented a proactive company-wide approach and response to how we navigate potential impacts to AEP, maintain our social responsibilities, as well as minimize the spread of the Coronavirus (COVID-19). We continue to have a solid business continuity and interruption plan, which we are diligently executing. \nBUSINESS OUTLOOKThe Company's revenue objective for 2020 is to reach an annualized revenue run rate of $40 - $45 million with a normalized EBITDA margin of 10-15%, excluding targeted acquisitive activity. The Company will continue to assess these 2020 targets for achievability due to the economic conditions associated with the COVID-19 pandemic. As reported in our Q1 2020 financial and operating results (see press releas...