Tree Island Steel Announces Third Quarter 2014 Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/06/14 -- Tree Island Steel Ltd. (TSX: TSL) -
Tree Island Steel Announces Third Quarter 2014 Results Q3 2014 Financial Highlights(1):
Tree Island Steel Ltd. ("Tree Island" or the "Company") (TSX: TSL) announced today its financial results for the three and nine month periods ended September 30, 2014(1).
For the three-month period ended September 30, 2014, revenues increased by 23.0 percent to $48.0 million versus $39.0 million for the same period last year. Volumes also increased by 24.4 percent to 36,491 tons, primarily due to expanding, and new customer relationships while increasing the Company''s geographic reach into new markets. Revenue and volume growth during the quarter was driven by all five of Tree Island''s key market segments making a balanced contribution to results. As a result, gross profit amounted to $5.2 million on a gross profit margin of 10.9 percent compared to a gross profit of $3.9 million and a margin of 10.0 percent during the same period last year. As a result, EBITDA increased by 52.7 percent to $2.4 million during the quarter.
For the nine month period ended September 30, 2014, revenues amounted to $141.7 million on 108,025 tons, compared to $117.7 million on 86,106 tons during the same period in 2013. The higher revenues and volumes in 2014 reflect the Company''s focus on growth in all of its key end markets with existing and new customers. Gross profit increased by $1.6 million to $15.2 million, or 10.7 percent of revenues. As a result, EBITDA for the nine-month period amounted to $6.4 million compared to $6.2 million during the corresponding period in 2013.
"I am pleased with the outcome of the investments we made in our direct cost structure during the second quarter this year," said Dale R. MacLean, President and CEO of Tree Island Steel. "Our third quarter results are demonstrative of how efficiently we can ramp up production and sales with the ability to pick which strategic markets and geographies make optimal sense to maximize profitability and shareholder value."
Amar S. Doman, Chairman of Tree Island Steel noted, "We are very encouraged with the growth in revenues and profitability during the third quarter, which speaks to the Company''s ability to identify, build and serve customers in a variety of key end markets with profitable growth as an ongoing priority."
About Tree Island Steel
Tree Island Steel, headquartered in Richmond, British Columbia, since 1964, 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 galvanized wire, 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 brand names. The Company also owns and operates a China-based company that assists the international sourcing of products to Tree Island and its customers.
Forward-Looking Statements
This press release includes forward-looking information with respect to Tree Island 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 Tree Island''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 to management. 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 Company''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.
Ali Mahdavi
Investor Relations
(416) 962-3300 or +1(866) 430-6247
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Datum: 06.11.2014 - 12:30 Uhr
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