MATRRIX Announces First Quarter 2013 Results

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[{"type":"text","content":"\n\n\nCALGARY, May 24, 2013 /CNW/ - MATRRIX Energy Technologies Inc.\n (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) announces financial\n results for the first quarter 2013.\n\n\nHIGHLIGHTS OF MATRRIX FIRST QUARTER 2013 (COMPARED WITH FIRST QUARTER\n 2012)\n\n\n\nRevenue of $6,137,570 up 13% from $5,428,770\n\n\nGross margin of $2,037,158 (33%) up 30% from $1,565,122 (29%) primarily\n as a result of increased utilization of MATRRIX owned equipment and\n fewer rentals.\n\n\nEBITDA of $691,761 down 19% from $850,420 primarily resulting from USA\n startup costs.\n\n\nThe Corporation maintained a strong balance sheet with $5,740,887 of\n cash and cash equivalents at March 31, 2013 and working capital of\n $9,900,987.\n\n\nThe Corporation's concurrent job capacity was 23 directional and\n horizontal drilling systems at the end of Q1 2013, with the addition of\n 3 systems completed during the period.\n\n\nMATRRIX commenced expansion of its directional and horizontal drilling\n business into the USA to complement its current USA performance motor\n business with the hiring of local operational and sales staff and the\n transfer of 4 systems to date.  Deployment of the first directional and\n horizontal drilling system to the field in the US occurred in late\n April 2013.\n\n\nMATRRIX expects capital expenditures of approximately $4,300,000 during\n 2013 for additional horizontal and directional drilling related\n equipment with approximately $1,500,000 having been spent in Q1 2013.\n\n\n\nFINANCIAL SUMMARY HIGHLIGHTS\n\n\n\n\n \n\n\n \n\n\nThree Months Ended\n\n\n \n\n\n\n\n \n\n\n \n\n\nMarch 31, 2013\n\n\n \n\n\nMarch 31, 2012\n\n\n% Change\n\n\n\n\nRevenue\n\n\n \n\n\n$6,137,570\n\n\n \n\n\n$5,428,770\n\n\n13%\n\n\n\n\nEBITDA \n\n\n(i)\n\n\n$691,761\n\n\n \n\n\n$850,420\n\n\n-19%\n\n\n\n\nEBITDA per share\n\n \n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nBasic\n\n\n \n\n\n$0.02\n\n\n \n\n\n$0.03\n\n\nnm\n\n\n\n\n \n\n\nDiluted\n\n\n \n\n\n$0.02\n\n\n \n\n\n$0.03\n\n\nnm\n\n\n\n\nNet income\n\n\n \n\n\n$323,633\n\n\n \n\n\n598,764\n\n\n-46%\n\n\n\n\nNet income per share\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nBasic\n\n\n \n\n\n$0.01\n\n\n \n\n\n$0.02\n\n\nnm\n\n\n...

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