Tree Island Steel Announces First Quarter 2013 Results
Q1 2013 Financial Highlights: - Gross Profit of $4.2 million or 11.1% of revenues as compared to $4.0 million or 9.1% of revenues in Q1 2012 - EBITDA(3) (before foreign exchange) at $1.8 million as compared to $1.7 million in 2012
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- Tree Island Steel Ltd. ("Tree Island Steel" or the "Company") (TSX: TSL)(TSX: TSL.DB) announced today its financial results for the three month period ended March 31, 2013(1).
For the three-month period ended March 31, 2013, Tree Island Steel's focus on profitability resulted in gross profit increasing to $4.2 million from $4.0 million, and gross profit per ton also improving to $153 per ton from $130 per ton in the same period in 2012, despite the lower revenues and sales volume. As a result of the Company's ongoing efforts and focus on cost management and operational efficiencies, EBITDA and EBITDA per ton increased to $1.8 million and $66, respectively compared to $1.7 million and $56 during the corresponding period in 2012. Revenues during the first quarter of 2013 decreased to $38.1 million versus $44.0 million and sales volumes decreased 9.9% resulting from our continued focus on profitable growth in the marketplace and a 4.0% reduction in revenue per ton from lower cost of steel.
"While revenues and sales volumes were lower in the quarter, I am pleased to see our focus on profitable growth demonstrate steady improvement in gross profit and EBITDA on a year-over-year basis," said Dale R. MacLean, President and CEO of Tree Island Steel. "While we continue to see price volatility in raw materials and selling prices, we are committed to maximize efficiencies and mitigate these factors by leveraging our brand, service and product quality while selling into end markets where we can achieve optimal returns now and in the future for the Company and our shareholders."
Amar S. Doman, Chairman of Tree Island Steel noted, "The first quarter results are a testament to the Company's ongoing focus on profitability. It is encouraging to see the Company generate improved profitability metrics on a consistent basis, which leads us to believe that our efforts are paying off in strengthening Tree Island Steel's foundation and growth platform."
About Tree Island Steel
Headquartered in Richmond, British Columbia, since 1964, Tree Island Steel, through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand and Select Brand names. Tree Island Steel also owns and operates a China-based company that assists the international sourcing of products.
Forward-Looking Statements
This press release includes forward-looking information with respect to Tree Island Steel including its business, operations and strategies, as well as financial performance and conditions. The use of forward-looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading "Risk Factors" in the Company's most recent annual information form and management discussion and analysis.
The forward looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Fund's most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company's liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, significant exposure to the Western United States due to lack of geographic diversity, dependence on the construction industry, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, reliance on key customers, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.
This press release has been reviewed by the Company's Board of Directors and its Audit Committee, and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
Contacts:
Tree Island Steel Ltd.
Nancy Davies
Chief Financial Officer
(604) 523-4587
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Datum: 10.05.2013 - 13:15 Uhr
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