Canada NewsWire
TORONTO and MARSEILLE, France, May 3, 2016
Longer than usual projects launch processes delay 2016 ramp up
TORONTO and MARSEILLE, France, May 3, 2016 /CNW/ - Foraco International SA (TSX:FAR) (the "Company" or "Foraco"), a leading global provider of mineral drilling services, today reported unaudited financial results for its first quarter 2016. All figures are reported in US Dollars (US$), unless otherwise indicated.
"Our Q1 was quite weak as our customers took on average one month more than last year to launch their tenders and associated drilling campaigns: this has delayed considerably the 2016 ramp up. This recent trend to compress most of the drilling budget into the last 3 quarters of the year was detected a couple of years ago, and has been amplified this year by the further decrease of metal prices seen in the last quarter of 2015: our customers further revisited their 2016 budgets and had to wait longer the go ahead from headquarters. Since then most of metals prices have enjoyed a significant rebound during the quarter, and this has been welcomed throughout the industry even if the sustainability of these new prices has yet to be proven. As far as our current fiscal year is concerned, we are confident that we will be able to recover the majority of these delays by year-end." said Daniel Simoncini, Chairman and co-CEO of Foraco.
"During the quarter, we have once again seen the benefits of the ongoing cost saving plan which allowed the Company to more than offset the impact of the reduced activity compared to the same period last year. This quarter again, we were able to demonstrate our ability to deliver the expected performance on the majority of the contracts that went ahead. Our G&A costs also continue to significantly decrease." commented Jean-Pierre Charmensat, co-CEO and Chief Financial Officer. "Despite the slowdown of activities which impacted the generation of cash, the increase in net debt is primarily attributable to working capital requirements which are expected to reverse before year end."
Three months Q1 2016 Highlights
Revenue
Profitability
Cash flow and net debt
Selected financial data
(In thousands of US$) | | Three-month period ended | | Three-month period ended March 31, | |||||
| | 2016 | | 2015 | | 2016 | 2015 | ||
| | | | | | | | | |
Revenue | | | 24,128 | | 33,280 | | 24,128 | | 33,280 |
| | | | | | | | | |
| | | | | | | | | |
Gross profit / (loss) (1) | | | (2,792) | | (3,200) | | (2,792) | | (3,200) |
As a percentage of sales | | | -11.6% | | -9.6% | | -11.6% | | -9.6% |
| | | | | | | | | |
EBITDA | | | (1,620) | | (1,252) | | (1,620) | | (1,749) |
As a percentage of sales | | | -6.7% | | -3.8% | | -6.7% | | -5.3% |
| | | | | | | | | |
| | | | | | | | | |
Operating profit / (loss) | | | (8,010) | | (8,122) | | (7,110) | | (8,619) |
As a percentage of sales | | | -33.2% | | -24.4% | | -29.5% | | -25.9% |
| | | | | | | | | |
| | | | | | | | | |
Profit / (loss) for the period | | | (8,314) | | (7,891) | | (7,414) | | (8,224) |
| | | | | | | | | |
| | | | | | | | | |
Attributable to: | | | | | | | | | |
Equity holders of the Company | | | (7,977) | | (7,023) | | (7,077) | | (7,356) |
Non-controlling interests | | | (337) | | (869) | | (337) | | (869) |
| | | | | | | | | |
EPS (in US cents) | | | | | | | | | |
Basic | | | (8.92) | | (7.85) | | | | |
Diluted | | | (8.92) | | (7.85) | | | | |
(1) | includes amortization and depreciation expenses related to operations |
(2) | The three-month periods presented have been normalized in order to exclude (i) in 2015, a non-recurring non-cash gain of US$497 thousand resulting from the unused reversal of a provision for doubtful debt, and (ii) in 2016, an amount of US$ 900 thousand corresponding to the final settlement of an earn-out clause related to the 2012 acquisition in Australia. |
Financial results
Revenue
(In thousands of US$) - (unaudited) | Q1 2016 | % change | Q1 2015 |
Reporting segment | | | |
Mining............................................................................... | 19,784 | -31% | 28,747 |
Water................................................................................ | 4,343 | -4% | 4,533 |
Total revenue................................................................. | 24,128 | -28% | 33,280 Werbung Mehr Nachrichten zur FORACO International SA EO 15 Aktie kostenlos abonnieren
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