Gemini earns $3.37-million in 2005
2006-03-23 11:03 ET - News Release
Mr. Carl Johnson reports
GEMINI CORPORATION REPORTS FISCAL 2005 RESULTS
Gemini Corp. has released its financial results for the year ended Dec. 31, 2005.
Revenue for the year totalled $72,779,000, an 83-per-cent increase over the $39,718,000 generated in 2004. Gemini has been successful in securing projects in new markets with new clients throughout 2005. In addition, approximately one-third of the revenue increase is attributable to the two acquisitions completed earlier in 2005. The project diversification, coupled with the acquisitions, provides a greater degree of stability and offers a broader array of new opportunities to the organization. Targeted service offerings within the energy, environmental and industrial markets are being well received and should provide sustainable growth well into the future.
The 2005 year-end gross profit increased 85 per cent to $17,577,000 from $9,504,000 in 2004. Earnings before interest and taxes (EBIT) improved $4.06-million, or 216 per cent, to $5,944,000 from $1,884,000 last year. The improved EBIT results are a direct reflection of the corporation's strategy to grow revenues and leverage its existing fixed cost structure.
Net earnings for the year increased 193 per cent to $3,372,000 (10.2 cents per share), compared with the $1.15-million (3.5 cents per share) achieved last year. The increased revenues coupled with improving cost controls have provided the foundation for this earnings growth and further efficiency gains in 2006 are expected to continue this trend.
"We are very pleased with the growth in revenue and profitability for 2005," said Carl Johnson, Gemini's president and chief executive officer. "Our strategy to profitably grow the organization in a strong and steady manner is working well and the economic fundamentals in the markets we serve look solid for the future. With our continued focus on business process improvements, we are confident additional cost efficiencies can be gained over the course of 2006."
Gemini's outlook for 2006 is optimistic as the market and client diversification efforts continue to secure new project opportunities. Offering both stand-alone and integrated full-service solutions is providing valuable differentiation in the markets served. Couple this with the alternative energy and new technology initiatives, Gemini has a winning formula for continued success.
Gemini's 2005 annual report will be filed with SEDAR by April 30, 2006.
OPERATING HIGHLIGHTS
Three months ended Dec. 31
(in thousands of dollars,
except per share amounts)
2005 2004
Revenue $21,106 $11,098
Gross profit 4,422 1,124
Earnings before
interest and taxes 986 (1,353)
------ -------
Net earnings 587 (886)
====== =======
Earnings
per share,
basic 0.017 (0.029)
Earnings
per share,
diluted 0.016 (0.028)
Operating
cash flow (i)
(excludes
working
capital
changes) 757 (1,076)
Operating
cash flow
per share 0.023 (0.035)
OPERATING HIGHLIGHTS
Year ended Dec. 31
(in thousands of dollars,
except per share amounts)
2005 2004
Revenue $72,779 $39,718
Gross profit 17,577 9,504
Earnings before
interest and taxes 5,944 1,884
Net earnings 3,372 1,150
===== =====
Earnings per share,
basic 0.102 0.035
Earnings per share,
diluted 0.097 0.033
Operating
cash flow (i)
(excludes
working
capital
changes) 4,511 2,372
Operating
cash flow
per share 0.139 0.077
BALANCE SHEET HIGHLIGHTS
As at Dec. 31
(in thousands of dollars)
2005 2004
Working capital,
adjusted for long-term
portion of demand loans $7,322 $3,433
Total assets 30,843 16,649
Shareholders' equity 10,848 6,498
(i) Operating cash flow is a non-GAAP financial measure which does not have a standard meaning and therefore may not be comparable to similar measures presented by other companies.
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