Business
Exco Technologies Limited - Results for Third Quarter Ended June 30, 2015 and Quarterly Dividend Declared
Sales up 10% in the quarter Earnings up 19% in the quarter $25.5 million cash...
About this update from Exco Technologies Limited
[{"type":"text","content":"\n\n\nSales up 10% in the quarter \nEarnings up 19% in the quarter \n$25.5 million cash on hand \n$10.8 million cash, net of bank indebtedness \nEBITDA up 22% to $18.2 million in the quarter\n\n\n\nTORONTO, July 22, 2015 /CNW/ - Exco Technologies Limited (TSX-XTC) today announced results for its third quarter ended June 30, 2015. In addition, the Company announced the quarterly dividend of $0.06 per common share which will be paid on September 27, 2015 to shareholders of record on September 16, 2015. The dividend is an \"eligible dividend\" in accordance with the Income Tax Act of Canada.  \n\n\n\n\n\nThree Months EndedJune 30\n\n\nNine Months EndedJune 30\n\n\n\n(in $ thousands except per share amounts)\n\n\n\n\n\n\n\n\n2015\n\n\n2014\n\n\n2015\n\n\n2014\n\n\n\nSales\n\n\n$121,930\n\n\n$110,938\n\n\n$367,311\n\n\n$257,320\n\n\n\nNet income\n\n\n$9,956\n\n\n$8,340\n\n\n$30,466\n\n\n$22,533\n\n\n\nBasic earnings per share\n\n\n$0.24\n\n\n$0.20\n\n\n$0.72\n\n\n$0.54\n\n\n\nDiluted earnings per share\n\n\n$0.23\n\n\n$0.20\n\n\n$0.72\n\n\n$0.54\n\n\n\nCommon shares outstanding\n\n\n42,364\n\n\n41,986\n\n\n42,364\n\n\n41,986\n\n\nOverall, Exco's sales for the third quarter at $121.9 million continued its growth trend with an increase of $11.0 million or 10%. Year-to-date sales were $367.3 million - an increase over last year of $110.0 million or 43%.  The ALC acquisition closed March 1, 2014.  Accordingly, ALC sales are fully included in the current quarter, the prior year quarter and the current year-to-date.  Whereas,  last year-to-date has only four month's inclusion.  This has been a major contributor to the dramatic year-to-date sales growth over last year.  However, in the third quarter where ALC was fully included in the prior year quarter, it was our other businesses which accounted for most of the growth.\n\nThe Automotive Solutions segment reported significantly higher sales of $75.5 million in the third quarter – an increase of $9.2 million or 14% over last year. In the quarter ALC sales levelled off as the Mini launches are nearing completion and launch of the new Audi business does not begin until 2016.  ALC sales were also impacted in the quarter as the X1 program came to an end and BMW's take-rate in May was only three weeks rather than four.  The other busi...