TORONTO,
Aug. 28, 2013 /CNW/ - McVicar
Industries Inc. ("McVicar" or the "Company") today announces that
the Company has filed its unaudited interim consolidated financial
results for for the three months and six months ended June 30, 2013. All figures are in Canadian
dollars unless otherwise stated. The unaudited interim consolidated
financial statements and Management Discussion and Analysis may be
downloaded from www.sedar.com.
Sales for the second quarter were $7.2 million, up 1% from $7.1 million for the same period of 2012. Sales
for the first half were $12.9
million, down 13% from $14.9
million as compared to the same period of 2012;
Gross profit for the second quarter was
$2.9 million, up 18% from
$2.5 million for the same period of
2012. Gross profit for the first half was $4.9 million, up 10% from $4.4 million compared to the same period of 2012.
Gross margin for the second quarter increased to 41% from 35%
compared to the same period of 2012. Gross margin for the first
half increased to 38% compared to 30% for the first half of
2012;
Net income for the second quarter was
$1.4 million or $0.038 per share compared to $0.9 million or $0.030 per share for the same period of 2012. Net
income for the first half increased to $2.0
million or $0.055 per share
from $1.5 million or $0.043 per share for the same period of 2012.
Financial Condition
As of June 30,
2013, the Company had $7.9
million in cash and cash equivalents and restricted cash,
and a working capital balance of $16.2
million. The Company decreased its short-term borrowings
under its credit facilities by $0.7
million to $1.4 million as of
June 30, 2013.
About McVicar
McVicar Industries Inc., headquartered in
Toronto, Canada, is focused on
investments and acquisitions of businesses in China. At present, McVicar has operations in
both electronic components and specialty chemicals in four
operations in China. McVicar
is traded on the TSX Venture Exchange under the trading symbol
"MCV".
Forward-Looking Statements
Information set forth in this news release may
involve forward-looking statements under applicable securities
laws. The forward-looking statements contained herein are expressly
qualified in their entirety by this cautionary statement. The
forward-looking statements included in this document are made as of
the date of this document and the Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities legislation.
Although Management believes that the expectations represented in
such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. This
news release does not constitute an offer to sell or solicitation
of an offer to buy any of the securities described herein and
accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE McVicar Industries Inc.