Neo Material Technologies reports record first quarter 2011 financial results
- Revenues of US$132.8 million
- EBITDA of US$43.4 million
- Net income attributable to equity holders of NEM of US$31.9 million
or US$0.27 per share
- Net cash position of US$55.0 million
TORONTO, May 12 /CNW/ - Neo Material Technologies Inc. (TSX: NEM) (the "Company") today reported its financial results for the three-month period ended March 31, 2011. Unless otherwise specified, all currency amounts are expressed in U.S. dollars. The Company notes that its financial results are reported under International Financial Reporting Standards ("IFRS") for the first time this quarter. While the conversion did not have a significant impact on the Company's results, certain components, as well as first quarter 2010 comparatives, have been reclassified and adjusted within the financial statements to reflect the conversion. These reclassifications and adjustments are described in the notes to the 1Q11 financial statements.
For the three-month period ended March 31, 2011, revenues were $132.8 million compared to $101.9 million in the previous quarter, and $65.1 million in the corresponding period in 2010. The Company reported net income attributable to equity holders of NEM of $31.9 million, operating income plus depreciation and amortization ("EBITDA") of $43.4 million and earnings per share ("EPS") of $0.27, and $0.26 on a basic and fully diluted basis, respectively. This compares to first quarter 2010 net income attributable to equity holders of NEM of $12.4 million, EBITDA of $18.9 million and EPS of $0.10 (on a basic and fully diluted basis). Operating income was $40.7 million compared to $16.0 million in the corresponding period in 2010. Due to higher inventory costs and working capital requirements, cash used in operating activities during the first quarter of 2011 totaled $17.5 million.
During the three-month period ended March 31, 2011, the Company incurred a $4.6 million charge associated with stock based compensation. This charge was the result of a 19 percent increase in the Company's common shares price from Cdn$7.84 to Cdn$9.33, between December 31, 2010 and March 31, 2011. As such, the Company's market capitalization during the same period increased by approximately $193.2 million to $1.2 billion. Excluding the impact of this non-operating expense, net income attributable to equity holders of NEM, EBITDA and EPS were $36.0 million, $48.0 million and $0.30 (on a basic and fully diluted basis), respectively.
As at March 31, 2011, the Company had a net cash balance of $55.0 million.
"I am extremely pleased with the Company's overall performance during a traditionally slow first quarter. We continue to see robust demand and growth during the quarter, resulting in record results at both divisions," noted Constantine Karayannopoulos, President & CEO. "Based on what our customers are telling us and our current visibility, we maintain a positive view and outlook for our business."
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