MONTREAL,
May 9, 2013 /CNW Telbec/ - Xebec
Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas
upgrading, natural gas, field gas and hydrogen purification
solutions for the clean energy and crude-derived fuels displacement
markets, announced today its 2013 first quarter operating
results.
- Revenues of $3.8 million for the
first quarter of 2013 compared to $1.5
million for the same quarter in 2012, a 150% increase
compared to the same period in 2012
- Net loss of $1.1 million or
$0.03/share for the three month
period in 2013 compared to a net income of $3.2 million for the same period in 2012.
- $250,000 provision for cost
overruns on two biogas projects in Asia.
Financial Highlights:
|
|
|
|
|
Three months
ended
March 31, |
% of
Change |
|
2013 |
2012 |
|
(In dollars) |
(unaudited) |
(unaudited) |
|
Revenues |
3,824,939 |
1,529,658 |
150.1% |
Gross margin |
379,811 |
(279,466) |
-235.9% |
Gross margin as a percentage of revenues |
9.9% |
-18.3% |
|
EBITDA* |
(975,849) |
4,166,987 |
|
Net income (loss) |
(1,081,238) |
3,166,118 |
|
Net income (loss) per share - basic
($/share) |
(0.03) |
0.08 |
|
Net income (loss) per share - diluted
($/share) |
(0.03) |
0.08 |
|
Weighted average number of shares |
39,363,867 |
39,363,867 |
|
As at: |
March 31,
2013 |
December 31,
2012 |
|
Total assets |
9,252,143 |
9,734,306 |
|
Total Long term Liabilities |
1,257,782 |
1,274,935 |
|
Equity |
607,352 |
1,737,339 |
|
As at: |
May 9,
2013 |
May 10,
2012 |
|
Back log |
6,518,868 |
11,206,829 |
|
* EBITDA is a non-IFRS financial measure and the Company defines
it as earnings from operations excluding financial charges, taxes,
foreign exchange loss (gain) and amortization.
Financial Results
Revenues
Xebec posted revenues of $3.8 million for the first quarter of 2013, a
153.3% increase compared to $1.5
million in the first quarter of 2012. This growth is due
mainly to the $1.1 million or 220.0%
increase in sales of gas purification units. The Company recognized
revenue for two major projects this quarter for gas purification
compared to only one last year. All product lines showed an
increased in revenues this quarter compared to the last fiscal
year.
Order Backlog
As of May 9, 2013,
total order backlog stood at $6.5
million, compared to $11.2
million as at May 10, 2012.
Part of the decrease in the backlog is explained by a quicker
turnaround of the projects and product mix.
Gross Margin
Xebec's gross margin for the first quarter of
2013 amounted to $0.4 million
compared to $(0.3) million for the
same 2012 period resulting mainly of the increase in volume for
sale. The margins were affected negatively by a $250,000 provision taken for cost overruns on two
biogas projects in Asia.
EBITDA and Net loss
The EBITDA for the first quarter of 2013
amounted to $(1.0) million compared
to $4.2 million in the first quarter
of 2012. The decreased is mainly explained by the one-time gain on
the disposition of the IP portfolio to Air Products of $5.4 million in the first quarter of 2012.
The net loss for the first quarter of 2013
totaled $1.1 million, or $0.03 per share, compared to a net income of
$3.2 million, or $0.08 per share for the same 2012 period,
reflecting a one-time gain on the disposition of the IP portfolio
to Air Products of $5.4 million in
the first quarter of 2012, a decrease in financial net expense of
$0.7 million compared to same period
last year and an positive gross margin in the first quarter of
2013.
Selling and administrative expenses were
$1.4 million in the first quarter of
2013, compared to $1.2 million for
the same period last year. During the first quarter of 2012,
employees were working on a reduced hours schedule until the IP
transaction that occurred March 22,
2012.
As of March 31,
2013, the Company had $1.2
million of cash on hand and $1.3
million of long-term debt outstanding, of which $0.7 million is due within one year.
2013 First Quarter Financial Statements and
Management's Discussion and Analysis
The complete financial statements, notes to
financial statements and Management's Discussion and Analysis for
the three-month period ended March 31,
2013, are available on the Company's Website at
www.xebecinc.com or on the SEDAR Website at www.sedar.com.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy
solutions to corporations and governments looking to reduce their
carbon footprints. With more than 1,300 customers worldwide, Xebec
designs, engineers and manufactures innovative products that
transform raw gases into marketable sources of clean energy mainly
used as transportation fuel. Xebec's strategy is focused on
establishing leadership positions in markets where demand for
biogas upgrading, natural gas dehydration, liquefaction and
hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with
two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution
network in North America and
Asia. Xebec trades on the TSX
under the symbol XBC. For additional information on the company and
its products and services, please visit the Xebec web site at
www.xebecinc.com.
Caution Concerning Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking" statements within the meaning of applicable
securities laws. This forward looking information includes, but is
not limited to, the expectations and/or claims of management of
Xebec with respect to information regarding the business,
operations and financial condition of Xebec. Forward-looking
information contained in this press release involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Xebec or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. This list is not exhaustive of the
factors that may affect forward-looking information contained in
this press release. When used in this press release, such
statements use such words as "anticipate", "believe", "plan",
"estimate", "expect", "intend", "may", "will" and other similar
terminology. These statements reflect current expectations
regarding future events and operating performance and speak only as
of the date of this presentation. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements.
SOURCE XEBEC ADSORPTION INC.