Gemini Corporation Reports 2012 Third Quarter Results
November 20 2012 - 3:20PM
Marketwired Canada
Gemini Corporation (TSX VENTURE:GKX) announces its third quarter financial
results for the period ended September 30, 2012.
Revenue in the third quarter of 2012 totalled $22,635,000, which was a 20%
increase from the $18,845,000 achieved in the third quarter of 2011. This brings
the 2012 year to date total revenue to $67,291,000 and represents a 48%
improvement over the $45,429,000 achieved for the same period last year. Demand
for services from heavy oil and natural gas liquid producers has remained steady
throughout 2012 and is expected to continue solid for the foreseeable future.
Client relationship development work focused upon diversifying Gemini's client
base has been successfully establishing an extended backlog of work with new and
existing clients.
Third quarter gross profit for 2012 was $3,843,000 compared to $3,295,000 for
the same period last year, and brings year to date gross profit to $11,264,000
compared to the $8,622,000 achieved last year. The increased proportion of lower
margin field service revenue combined with certain cost increases have resulted
in the year to date gross profit margin decreasing to 17% from 19%. Management
is continuing to identify operational changes that should help to improve these
margins.
The third quarter net income of $388,000 (1.1 cents per share) adds to the
improved earnings performance for the first half of the year and results in year
to date net income of $1,009,000 (2.9 cents per share). These results are in
sharp contrast to the net loss figures posted in 2011 and are evidence of
Gemini's return to profitability.
"The positive momentum we have been able to achieve this year has been a welcome
change for all Gemini stakeholders", remarked Doug Lautermilch, Gemini's
President and CEO. "A great deal of effort has gone into turning things around
and we are looking forward to building upon this profitability in 2013. The
recently completed private placement provides us with additional capital to grow
the business and improve our operating capacity."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and
maintains energy and industrial facilities. Founded in 1982, Gemini provides
services on either a standalone basis or by combining engineering and field
service capabilities to increase project efficiency and provide a single point
of accountability. The Corporation's principal target markets are conventional
and unconventional oil and gas, in-situ heavy oil, and heavy industrial
facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For
more information about the Corporation and its services, go to
www.geminicorp.ca.
Gemini's 2012 third-quarter financial report will be filed with SEDAR at
http://www.sedar.com by November 21, 2012.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Operating Highlights
($'000) Three Months Ended Nine Months Ended
Sept 30, Sept 30, Sept 30, Sept 30,
2012 2011 2012 2011
Revenue $ 22,635 $ 18,845 $ 67,291 $ 45,429
Gross profit 3,843 3,295 11,264 8,622
Income before interest
& taxes 612 (99) 1,564 (1,572)
Net income (loss) $ 388 $ (122) $ 1,009 $ (1,269)
Earnings per share
(basic) $ 0.011 $ (0.003) $ 0.029 $ (0.036)
Earnings per share
(diluted) $ 0.011 $ (0.003) $ 0.029 $ (0.036)
Balance Sheet Highlights ($'000) Sept 30, December 31,
2012 2011
Working capital $ 8,494 $ 7,119
Total assets 32,244 28,585
Shareholders' equity 14,187 13,069
Disclaimer
This news release contains forward looking information that represents Gemini's
internal projections, expectations, estimates or beliefs concerning, among other
things, future operating results and various components thereof or Gemini's
future economic performance. All statements other than the statements of
historical fact may be forward - looking statements. In some cases,
forward-looking statements can be identified by terminology such as "may",
"will", "should", "expects", "projects", "plans", "anticipates", and similar
expressions. The projections, estimates and beliefs contained in such
forward-looking statements are based on management's assumptions relating to
Gemini's performance and competition within the sectors in which it competes,
the continuation of the current regulatory and tax regimes in the jurisdictions
in which Gemini operates, and necessarily involve known and unknown risks and
uncertainties, including risks and assumptions relating to client service
demand, field service costs, labour rates, and other factors that may cause
actual performance and financial results in future periods to differ materially
from any projections of future performance or results expressed or implied by
such forward-looking statements. Accordingly, readers are cautioned that events
or circumstances could cause results to differ materially from those predicted
or suggested. The Corporation does not undertake to update any forward-looking
information in this document whether as to new information, future events or
otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gemini Corporation
Doug Lautermilch
President & CEO
(403) 259-0311
dlautermilch@geminicorp.ca
Gemini Corporation
Robert Brookwell
Executive VP & CFO
(403) 258-5401
rbrookwell@geminicorp.ca
www.geminicorp.ca
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