Business
Mosaic Capital Corporation Reports Third Quarter 2013 Financial Results and Net Income of $2.9 Million
Mosaic Capital Corporation Reports Third Quarter 2013 Financial Results and Net Income of $2.9 M...
About this update from Myriad Uranium Corp
[{"type":"text","content":"Mosaic Capital Corporation Reports Third Quarter 2013 Financial Results and Net Income of $2.9 MillionMosaic Capital Corporation Reports Third Quarter 2013 Financial Results and Net Income of $2.9 Million\n\nCalgary, Alberta CANADA, November 25, 2013 /FSC/ - Mosaic Capital Corporation  (M - TSX Venture, M.PR.A - TSX Venture), has released its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2013.\n\n\"We are pleased to announce our third quarter results for the period ended September 30, 2013. Our comparative quarter in 2012 is a particularly high benchmark due to the inclusion of an assignment fee of $1.3 million received by First West Properties in connection with a disposition of an interest in land,\" commented John Mackay, Executive Chairman and CEO. Mr. Mackay added, \"Ambassador Mechanical's backlog increased from approximately $45 million to $60 million, however the completion of a number of lower margin projects impacted Adjusted EBITDA.  In addition, Allied Cathodic's business was affected by wet weather conditions and reduced exploration activity in southern Saskatchewan.  However, we saw organic growth in 4 of our 6 industrial segment subsidiaries and identified many expansion opportunities. We also acquired 67.5% of Industrial Scaffold during the quarter for an acquisition cost of $15.8 million. Industrial Scaffold is a leading provider of worksite surface and access scaffolding solutions to industrial and commercial customers in the energy & utilities, pulp & paper and marine sectors in western Canada. With a strong deal flow pipeline and a current cash position as of September 30, 2013 of approximately $24 million dollars we are well positioned for future growth.\"\n\n\nThird Quarter 2013 Financial and Operational Highlights\n* 2013 Q3 Revenue increased 14% from Q3 2012 to $25.3 million;\n* 2013 Q3 Income from Operations and Adjusted EBITDA1 decreased 27% from Q3 2012 to $5 million;\n* 2013 Q3 Free Cash Flow2 decreased 13% from Q3 2012 to $3.2 million;\n* 2013 Q3 Net Income and Comprehensive Income decreased 31% from Q3 2012 to $2.9 million;\n* 2013 Q3 Preferred Security Payout Ratio3 was 58% for the three months and 57% for the nine months ended September 30, 2013;\n* 2013 Q3 Organic growth for the Industrial Segment gave...