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SSA.V - Spectra Inc. Q1 2018 Results (Financials

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JonnyRBuck12   Wednesday, 04/25/18 02:22:46 PM
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SSA.V - Spectra Inc. Q1 2018 Results (Financials + MD&A) Ending March 31st 2018.

Current Stock Price: $0.035
Common Shares: 60,509,971
Insider Holdings: 6,855,591 or 11.3%
Institutional Holdings: 18,133,000 or 30% - DVOF Debenture Holder

Financials

ASSETS
Cash: $166,650
Accounts Receivable: $318,559
Inventories: $194,230
Prepaid Expenses: $4,737
Total Assets: $684,176

LIABILITIES
Accounts Payable: $184,993
Royalty Debenture: $632,665 – Due In 2020
Preferred Shares: $562,775
Total Liabilities: $1,380,434

Q1 2018 Results
Revenue: $572,009
Gross Profit: $334,385
G&A Expense: $184,609
Net Income: $149,776

Prior Years
2014 – Total Sales: $1.44M – Net Income - $45K
2015 – Total Sales: $1.82M – Net Income - $189K
2016 – Total Sales: $1.55M – Net Income - $152K
2017 – Total Sales: $1.78M – Net Income - $223K
2018 – Total Sales: $572K – Net Income - $150K

Cost reductions and increased sales due to new contracts have made the first quarter of 2018 very strong and should continue. Over a dozen profitable quarters in a row means the cost structure is consistent and stable.

MD&A Highlights

Revenue for the three months ended March 31, 2018 increased by 30 percent to $572,009 compared to revenue of $438,733 for the three-month period ended March 31, 2017.

Brake Safe® had sales of $227,738 in 2018, compared to $165,635 in 2017; Brake Inspector® had sales of $5,565 in 2018, compared to $15,053 in 2017; Termin-8r® sales increased by $39,794 from $157,766 in the 2017 period to $197,560 in 2018; Zafety Lug Lock® had sales in 2018 of $51,355 compared to $50,327 in 2017 and Hub Alert® had 2018 sales of $25,200 compared to $10,755 in 2017.

Gross profit increased by 31% for the three months ended March 31, 2018 to $334,385 or 58 percent of revenue from a comparable $254,713 or 58 percent of revenue for the three months ended March 31, 2017.

For the quarter ended March 31, 2018, finance costs were $18,984, $11,584 higher than the comparable costs of $7,400 for the quarter ended March 31, 2017.

The net income for the three months ended March 31, 2018 was $149,776 or $0.00 per share basic and fully diluted compared to net income of $54,906 or $0.00 per share basic and fully diluted for the three months ended March 31, 2017.

Outlook
The Company continues to focus its efforts on expanding the present market for its products while introducing those products into new markets as well as seeking out new products to compliment our other offerings.

The Company’s Brake Safe® product is well established in the Canadian market and inroads are now being made into the lucrative American market. With the implementation of its new, aggressive, safety enforcement and monitoring program, CSA (Compliance, Safety, Accountability), the Federal Motor Carrier Safety Administration is bringing the focus onto unsafe Carriers and unsafe Drivers in the US transportation industry. A significant increase in roadside enforcement, citations and fines for all driver and vehicle violations will impact positively on the sales growth of Brake Safe® products. A program has been developed to educate companies of these enforcement changes and the resulting increased intervention by regulatory agencies in order to capitalize on sales opportunities for Brake Safe

The Company’s Termin-8R® product continues to receive strong industry acceptance with a corresponding growth in sales to the transportation segment. The second private label arrangement, introduced in 2010 and made for a major supplier to the commercial transport industry, is proving to be a strong performer with 2018 private label sales, by dollar amount, now being 83% of total Termin-8R® product sales and 29% more than that of the previous year. The company believes that developing new private label arrangements will be a key to the ongoing growth in the sales of this product.

The Company will continue to form strategic distribution alliances to accelerate its sales outside the Canadian marketplace. The Company may seek sufficient additional funds to provide working capital, inventory and capital equipment as needs arise, but at the moment, cash flow from operations is sufficient to support current needs.






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