Business
Allen-Vanguard announces financial results for first quarter of fiscal 2009
- Strong quarterly revenue growth continues with Q1 revenue of $72.7 million, an increase of 57% ...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Strong quarterly revenue growth continues with Q1 revenue of\n $72.7 million, an increase of 57% over Q4 2008\n- EBITDA(1) of $15.0 million reflecting margin improvement over last\n quarter and savings due to restructuring since Q4 2008\n- Net loss of $34.0 million includes unrealized foreign exchange loss of\n $30.2 million\n\n\nOTTAWA, Feb. 13 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada reported today its financial\nresults for the first quarter of fiscal 2009 ("Q1 2009"), which ended December\n31, 2008. All figures are in Canadian dollars.\n\n\nSummary of Q1 results\n\n\nRevenue was $72.7 million in Q1 2009, compared to revenue of $140.2\nmillion in Q1 2008. EBITDA(1) was $15.0 million in Q1 2009, versus EBITDA of\n$44.3 million in Q1 2008. Net loss was $34.0 million or $(0.31) cents per\nshare compared to net earnings of $6.8 million or $0.06 cents per share in Q1\n2008.\n\n\nThe Company continued to generate strong cash flow in the quarter. Cash\nflow provided by operating activities was $8.8 million, all of which was\nretained to fund future operations. As at December 31, 2008, the Company's\nlong-term debt stood at $224.6 million and shareholders' equity was $66.7\nmillion.\n\n\nOrder backlog at the end of Q1 2009 stood at $97 million.\n\n\n"We are very pleased to report another quarter of strong sequential\ngrowth in revenues, as well as a turnaround in our operating profit\nperformance, thanks to a combination of robust demand for our products and a\nsignificant reduction in our cost base," said David E. Luxton, President and\nCEO of Allen-Vanguard. "It is especially gratifying to see increased momentum\nin revenue and cost management in a quarter where we were also working hard to\nsuccessfully stabilize our credit facilities and achieve agreement on the\npreviously announced transaction with Tailwind Financial Inc. to de-leverage\nand strengthen our balance sheet."\n\n\nThe Company noted that first quarter revenue was higher than plan due to\naccelerated shipments, and that it has not changed its overall revenue and\nEBITDA expectations for 2009, which are discussed in SEDAR filings and in the\nInvestor Presentation on its website at www.allenvanguard.com.\n\n\nEvents subsequent to Q1 2009\n\n\nT...