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Mosaic Capital Corporation Reports First Quarter 2013 Financial Results, Net Income of $4.6 million and Other Matters
Mosaic Capital Corporation Reports First Quarter 2013 Financial Results, Net Income of $4.6 mi...
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[{"type":"text","content":"\nMosaic Capital Corporation Reports First Quarter 2013 Financial Results, Net Income of $4.6 million and Other Matters\n\nMosaic Capital Corporation Reports First Quarter 2013 Financial Results, Net Income of $4.6 million and Other Matters\nCalgary, Alberta CANADA, May 17, 2013 /FSC/ - Mosaic Capital Corporation  (M - TSX Venture, M.PR.A - TSX Venture), (\"Mosaic\") has released its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2013. \n\"I am very pleased with our first quarter results showing the continued growth of our subsidiaries,\" commented John Mackay, Executive Chairman and CEO. Mr. Mackay added, \"We worked closely with our partners and operators of our subsidiaries in 2012, focusing on growth initiatives and cost savings. As these initiatives are put to work we believe that we will see long term benefits for Mosaic and our shareholders. Looking ahead we are reviewing many acquisition opportunities that may fit within our investment criteria and with a current cash position as of March 31, 2013 of approximately $34 million, Mosaic is well positioned for future acquisitions.\"\nFirst Quarter 2013 Financial and Operational Highlights\n* 2013 Q1 Revenue increased 29% from Q1 2012 to $21.1 million;\n* 2013 Q1 Income from Operations and Adjusted EBITDA1 increased 91% from Q1 2012 to $6.5 million;\n* 2013 Q1 Free Cash Flow2 increased 117% from Q1 2012 to $4.9 million;\n* 2013 Q1 Net Income and Comprehensive Income increased 92% from Q1 2012 to $4.6 million;\n* 2013 Q1 Preferred Security Payout Ratio3 was 38%; \n* 2013 Q1 Organic growth for the Industrial Segment gave rise to growth in revenue of 11.9% and growth in income from operations of 12.2%, each as compared with Q1 2012. This organic growth, does not take into account the acquisition of Kendall's Supply; and\n* Gain on sale of real estate of $2.2 million which contributed to a large portion of the percentage change in Income from Operations, Adjusted EBITDA and Free Cash Flow.\nSelected First Quarter 2013 Highlights\n-***-\n-------------------------------------------------------------------------\nAll amounts are in thousands except              2013    2012   % Change \n% and share data   &#x...