Atlas Engineered Products' revenue and earnings reach record highs in first quarter
The first quarter of 2018 for wood product firm Atlas Engineered Products Ltd (CVE:AEP) saw record sales of C$2.74mln.
That was up 40% compared to the same period last year, where the figure was C$1.96mln, the company said, posting results for the three months to August 31.
The first quarter numbers reflect the firm’s financial performance during the quarter immediately before the reverse takeover with Archer Petroleum Corporation.
On November 9, the company announced it had started trading on the Toronto venture exchange, having completed that deal.
Income from operations came in at C$520,506 for the quarter, compared to income from operations of $439,413 in 2016 - an increase of 18.5%. First quarter gross margins were 27%.
“Our quarterly revenues have reached record highs and the company’s earnings strength reflect the kind of performance we expect will continue well into the future,” said Atlas president, Guy Champagne.
“With that said, we are just getting started with an aggressive acquisition program which in the coming years will result in significantly broadening our geographic reach and strengthening client relationships within the construction industry across Canada.
“The EBITDA percentage of revenue exhibited in these financial results provide a benchmark for the strong financial performance our management team will work hard to achieve in all of the operating units we bring into the Atlas fold with our acquisition activities.”
Atlas also noted that its previously announced closing of a $4.25 million placing had strengthened its balance sheet, will fund business development and allow it to pursue its acquisition and consolidation strategy.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/187240/atlas-engineered-products-revenue-and-earnings-reach-record-highs-in-first-quarter-187240.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).