Business
Orbite Announces First Quarter 2016 Results
Orbite Announces First Quarter 2016 Results.
About this update from Orbite Technologies Inc
[{"type":"text","content":"\n \n \n Orbite Announces First Quarter 2016 Results\n \n \nOrbite Announces First Quarter 2016 Results\n \n MONTREAL, QUEBEC--(Marketwired - May 13, 2016) - Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) (\"Orbite\", or the \"Company\") filed yesterday its financial statements for the first quarter ended March 31, 2016. The Company reported a loss before net finance expense (income) and taxes of $2.6 million for the quarter, up from $2.4 million for the comparable period in the prior year. \n As at March 31, 2016, the Company had an aggregate cash and short-term investments balance of $2.6 million, and positive working capital (current assets less current liabilities) of $0.9 million. Subsequent to quarter's end, the Company raised capital and secured a short term loan, strengthening its working capital position. Following the April 27, May 5 and May 6, 2016 announcements, the Company has, on a pro-forma basis, a cash and short-term investments balance of $18.5 million and pro-forma working capital of $11.9 million. \n All dollar amounts are in Canadian dollars unless stated otherwise. \n First Quarter and Subsequent Highlights \n Operational\n \n \n During the quarter, the Company continued with its commissioning activities on the various equipment systems of its high purity alumina (\"HPA\") facility in Cap-Chat. \n \n On March 7, 2016, the Company confirmed the installation of critical calcination system components, which had been withheld by a supplier in breach of the contract between the two companies. The Company also confirmed successful commissioning and operation of several equipment systems, including the feed system for delivering aluminum chloride hexahydrate crystals, and completion of the cold start-up of the decomposer and calciner and associated air and steam supply system. \n \n On March 15, 2016, the Company announced that due to the complexity of the piping to be installed at its HPA plant, piping installation advanced at one third of the budgeted installation rate. A comprehensive review of installation costs incurred to that date and still required to complete installation of specialty piping, led to an increase of the capital budget by approximately 9.9M$. To preserve working capital, pending the completion of additional financing, the Company reduced the number of external contractors on site. \n \n On ...