VELAN INC. REPORTS ITS THIRD QUARTER 2018/19 FINANCIAL RESULTS
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1 Velan Inc Côte de Liesse, Mntreal, QC H4T 1G2 Canada Tel: (514) Fax: (514) PRESS RELEASE FOR IMMEDIATE RELEASE Fr further infrmatin please cntact: Yves Leduc, President and Chief Executive Officer r Jhn D. Ball, Chief Financial Officer Tel: (514) Fax: (514) Web: January 10, 2019 VELAN INC. REPORTS ITS THIRD QUARTER 2018/19 FINANCIAL RESULTS MONTREAL, QUEBEC Velan Inc. (TSX: VLN) (the Cmpany ), a wrld-leading manufacturer f industrial valves, annunced tday its financial results fr its third quarter ended Nvember 30, Highlights Sales f US$92.3 millin fr the quarter Net lss 1 f US$0.2 millin fr the quarter EBITDA 2 f US$3.4 millin fr the quarter Net new rders ( Bkings ) f US$100.8 millin fr the quarter Order backlg f US$471.5 millin at the end f the quarter, f which US$172.9 millin is scheduled fr delivery beynd the next 12 mnths Net cash f US$50.0 millin at the end f the quarter (millins f U.S. dllars, excluding per share amunts) Three-mnth perids ended Nvember 30 Nine-mnth perids ended Nvember Sales $92.3 $87.7 $261.5 $235.4 Grss Prfit Grss prfit 3 % 24.5% 26.5% 22.8% 22.4% EBITDA (3.3) EBITDA 2 per share basic and diluted (0.15) Net earnings (lss) 1 (0.2) 0.3 (6.4) (9.6) Net earnings (lss) 1 per share basic and diluted (0.01) 0.02 (0.30) (0.44) Third Quarter Fiscal 2019 (unless therwise nted, all amunts are in U.S. dllars and all cmparisns are t the third quarter f fiscal 2018): Sales amunted t $92.3 millin, an increase f $4.6 millin r 5.2% frm the prir year. Sales were psitively impacted by an increase in shipments f large prject rders and in imprved MRO business fr the Cmpany s Nrth American peratins. This increase was partially ffset by decreased shipments in the Cmpany s French and Italian peratins wh had shipped large prject rders in the prir fiscal year. The decrease in sales fr bth subsidiaries is primarily attributable t the timing f the shipments f these large prject rders.
2 Net lss 1 amunted t $0.2 millin r $0.01 per share cmpared t net earnings 1 f $0.3 millin r $0.02 per share last year. The slight decrease is primarily due t a lwer prfitability f the Cmpany s French and Italian peratins. The grss prfit percentage decreased despite the verall higher vlume f shipments that ccurred in the quarter cmpared t last year. Nnetheless, the Cmpany was almst able t reach a break even prfitability despite the fierce cmpetitin that cntinues t apply pressure n the Cmpany s verall results. The Cmpany is still pursuing its glbal cst reductin and transfrmatin initiatives. EBITDA 2 amunted t $3.4 millin r $0.16 per share cmpared t $3.4 millin r $0.16 per share last year. The current quarter EBITDA 2, which is identical t the EBITDA 2 btained during the prir fiscal year, was btained primarily due t a higher sales vlume and stable administratin csts despite a lwer grss prfit percentage. Grss prfit percentage decreased by 200 basis pints frm 26.5% t 24.5%. The decrease in grss prfit percentage is mainly attributable t the lwer sales vlume f the Cmpany s Italian and French peratins in relatin t their current prductin verheads. In additin, the French peratins f the Cmpany als shipped a prduct mix with a greater prprtin f lwer margin prduct sales during the current quarter. This decrease was partially ffset by imprved margins by 660 basis pints in the Cmpany s Nrth American peratins attributable t a significantly higher sales vlume. Administratin csts amunted t $22.5 millin, a decrease f $0.6 millin r 2.6% cmpared t last year. The Cmpany was able t decrease its administratin csts in the quarter despite an increase in sales cmmissins and freight csts fr certain verseas prject custmers due t the increased sales vlume in the Cmpany s Nrth American peratins as well as the need t incur air freight csts n a large delayed exprt rder. The Cmpany has als invested $0.5 millin in its current transfrmatin initiative, Velcity The csts recgnized related t the Cmpany s nging asbests litigatin has als increased by 10% in the current quarter. The fluctuatin in asbests csts fr the perid is due mre t the timing f settlements in these tw perids rather than t changes in lng-term trends. Net new rders received ( bkings ) amunted t $100.8 millin, an increase f $17.5 millin r 21.0% cmpared t last year. This increase is due primarily t new rders bked by the Cmpany s Italian peratins, which cntinued t recrd significant prject rders relating t the upstream il and gas industry during the quarter. The Cmpany ended the quarter with net cash f $50.0 millin, a decrease f $1.3 millin r 2.5% since the beginning f the quarter. The decrease in net cash is due primarily t cash used in perating activities, investments in prperty, plant and equipment, lng-term debt repayments, as well as distributins t sharehlders via dividends, partially ffset by an increase in lng-term debt. First Nine Mnths Fiscal 2019 (unless therwise nted, all amunts are in U.S. dllars and all cmparisns are t the first nine mnths f fiscal 2018): Sales amunted t $261.5 millin, an increase f $26.1 millin r 11.1% frm the prir year. Sales were psitively impacted by an increase in shipments frm the Cmpany s Nrth American peratins, which were partially ffset by decreased shipments frm the Cmpany s Italian and German peratins. Sales were psitively impacted by an increase in shipments f large prject rders and in imprved MRO business fr the Cmpany s Nrth American peratins, althugh they were negatively impacted by delays in the shipments f certain large prject rders in bth the Italian and German peratins f the Cmpany due t varius custmer-related and timing issues. Net lss 1 amunted t $6.4 millin r $0.30 per share cmpared t $9.6 millin r $0.44 per share last year. The $3.2 millin imprvement is primarily attributable t a higher grss prfit percentage, partially ffset by an increase f administratin csts. At the current sales level, the Cmpany was nt able t generate a grss margin sufficient t cver its current administratin and ther csts.
3 Grss prfit percentage increased by 40 basis pints frm 22.4% t 22.8%. This slight steady imprvement fr the fiscal year is mainly due t a significantly higher sales vlume in the Cmpany s Nrth American peratins, which was partially ffset by a lwer grss prfit percentage due t a lwer sales vlume in the Cmpany s Italian peratins. The Cmpany s Nrth American Operatins was able t maintain the strnger margins frm its MRO business while cntinuing t search fr margin imprvements in the mre challenging prject business. EBITDA 2 amunted t $3.3 millin r $0.15 per share cmpared t a negative $3.3 millin r $0.15 per share last year. The $6.6 millin imprvement in EBITDA 2 is primarily attributable t a higher sales vlume with slightly imprved margins, partially ffset by an increase in administratin csts. Bkings amunted t $290.4 millin, an increase f $42.4 millin r 17.1% cmpared t last year. This increase is due primarily t higher rders bked by the Cmpany s Italian and Nrth American subsidiaries, particularly in the il and gas sectr. Furthermre, the Cmpany nted a significant increase f its nn-prject valve rder bkings in its Nrth American peratins fr the current year. Even with the psitive bkings figure, the Cmpany is cntinuing its glbal cst reductin and efficiency transfrmatin initiative with the gal f reducing supply chain, prductin and verhead csts. As a result f bkings utpacing sales in the perid, the Cmpany ended the perid with a backlg f $471.5 millin, an increase f $7.0 millin r 1.5% since the beginning f the current fiscal year. The psitive bk-t-bill rati was in part negatively impacted by the weakening f the eur spt rate against the U.S. dllar at quarter end. Administratin csts amunted t $66.2 millin, an increase f $1.9 millin r 3.0% cmpared t last year. The increase is primarily attributable t an increase in sales cmmissins and freight csts fr certain verseas prject custmers due t the increased sales vlume in the Cmpany s Nrth American peratins as well as the need t incur air freight csts n a large delayed exprt rder. The Cmpany has als invested $1.0 millin in its current transfrmatin initiative, Velcity This increase in administratin csts was partially ffset by the reductin f the csts recgnized related t the Cmpany s nging asbests litigatin. The fluctuatin in asbests csts fr the perid is due mre t the timing f settlements in these tw perids rather than t changes in lng-term trends. The Cmpany ended the perid with net cash f $50.0 millin, a decrease f $14.5 millin r 22.5% since the beginning f the year. This decrease, mst f which ccurred in the first quarter as cash remained almst flat ever since, is primarily attributable t cash used in perating activities, investments in prperty, plant and equipment, lng-term debt repayments, as well as distributins t sharehlders via dividends, partially ffset by an increase in lng-term debt. Net cash was als negatively impacted by the weakening f the eur spt rate against the U.S. dllar ver the curse f the current year. The increase in bkings and the imprved sales perfrmance was achieved thanks t the recvery bserved in the il and gas markets benefitting mainly MRO and upstream valve bkings, and als in part by the realignment in the prir year f the glbal sales frce alng vertical market lines rather than gegraphic lines. Meanwhile in markets ther than il and gas, like pwer, the pricing pressure n margins remains extremely challenging. Freign currency impacts: Despite the drp f the eur spt rate at quarter end, the average exchange rates f the eur strengthened 3.4% against the U.S. dllar when cmpared t the same perid last year. This strengthening resulted in the Cmpany s net prfits and bkings frm its Eurpean subsidiaries being reprted as higher U.S. dllar amunts in the current perid. Based n average exchange rates, the Canadian dllar weakened 0.3% against the U.S. dllar when cmpared t the same perid last year. This weakening resulted in the Cmpany s Canadian dllar expenses being reprted as lwer U.S. dllar amunts in the current perid. The net impact f the abve currency swings was generally favurable n the Cmpany s results.
4 Althugh ur third quarter was essentially break-even, we nted that the trend f higher rder bkings and sales cntinued. Our SG&A csts decreased fr the quarter bth in abslute terms and as a percentage f sales, in spite f sme heavy freight charges fr a large exprt rder as well as cntinued investment in ur transfrmatin initiative, said Jhn Ball, CFO f Velan Inc. Our balance sheet remains slid, and we reduced ur investment in receivables and inventry even with an increase in sales and backlg. The backlg increase was achieved despite being negatively impacted by the weakening f the eur spt rate against the U.S. dllar since the beginning f the year. Our quarter end net bk value per share was US$14.25 per share, which includes cash f US$2.31 per share. Yves Leduc, President and CEO f Velan Inc., said, Once again, we nted imprvements n several frnts this quarter. Our sales and bkings were significantly higher than last year, and ur backlg has als imprved since the beginning f the fiscal year. We recently rerganized int strategic business units t better serve ur custmers. We are als undertaking several transfrmative initiatives t return t prfitability, including the very imprtant decisin t cnslidate the Cmpany s valve manufacturing facilities in Quebec (Canada) frm three plants int tw as disclsed in a separate press release issued tday Dividend The Bard declared an eligible quarterly dividend f CDN$0.03 per share, payable n March 29, 2019, t all sharehlders f recrd as at March 15, Cnference call Financial analysts, sharehlders, and ther interested individuals are invited t attend the third quarter cnference call t be held n Friday, January 12, 2019, at 10:00 a.m. (EDT). The tll free call-in number is , access cde A recrding f this cnference call will be available fr seven days at r , access cde Abut Velan Funded in Mntreal in 1950, Velan Inc. ( is ne f the wrld s leading manufacturers f industrial valves, with sales f US$338 millin in its last reprted fiscal year. The Cmpany emplys ver 1,800 peple and has manufacturing plants in 9 cuntries. Velan Inc. is a public cmpany with its shares listed n the Trnt Stck Exchange under the symbl VLN. Safe harbur statement This news release may include frward-lking statements, which generally cntain wrds like shuld, believe, anticipate, plan, may, will, expect, intend, cntinue r estimate r the negatives f these terms r variatins f them r similar expressins, all f which are subject t risks and uncertainties, which are disclsed in the Cmpany s filings with the apprpriate securities cmmissins. While these statements are based n management s assumptins regarding histrical trends, current cnditins and expected future develpments, as well as ther factrs that it believes are reasnable and apprpriate in the circumstances, n frward-lking statement can be guaranteed and actual future results may differ materially frm thse expressed herein. The Cmpany disclaims any intentin r bligatin t update r revise any frward-lking statements cntained herein whether as a result f new infrmatin, future events r therwise, except as required by the applicable securities laws. The frward-lking statements cntained in this news release are expressly qualified by this cautinary statement.
5 Nn-IFRS measures In this press release, the Cmpany presented measures f perfrmance and financial cnditin that are nt defined under Internatinal Financial Reprting Standards ( nn-ifrs measures ) and are therefre unlikely t be cmparable t similar measures presented by ther cmpanies. These measures are used by management in assessing the perating results and financial cnditin f the Cmpany. In additin, they prvide readers f the Cmpany s cnslidated financial statements with enhanced understanding f its results and financial cnditin, and increase transparency and clarity int the perating results f its cre business. The term EBITDA is defined as net incme r lss attributable t Subrdinate and Multiple Vting Shares plus depreciatin f prperty, plant & equipment, plus amrtizatin f intangible assets, plus net finance csts plus incme tax prvisin. Refer t the Recnciliatins f Nn-IFRS Measures sectin in the Cmpany s Management Discussin and Analysis included in its Interim Reprt fr the quarter ended Nvember 30, 2018 fr a detailed calculatin f this measure. The frward-lking statements cntained in this news release are expressly qualified by this cautinary statement. 1 Net earnings r lss refers t net incme r lss attributable t Subrdinate and Multiple Vting Shares. 2 Nn-IFRS measures see explanatin abve. 3 In accrdance with the current fiscal year's presentatin, the cmparative figures were adjusted t reflect a mre accurate allcatin f cst f sales and administratin csts.
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