Xebec Announces Net Income of $1.9 Million on 7% increased Revenues for Fiscal 2012
-- Xebec Announces Net Income of $1.9 Million on 7% increased Revenues for Fiscal 2012
Xebec Fiscal 2012 Fourth Quarter and Year-end Financial Results
MONTREAL, April 1, 2013 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas upgrading, natural gas, field gas and hydrogen purification solutions for the clean energy and crude-derived fuels displacement markets, announced today its 2012 fourth quarter operating results.
Revenues of $15.2 million in fiscal 2012 compared to $14.2 million for the same period in 2011, a 7% increase in the year.
Net income of $1.9 million in fiscal 2012 compared to a net loss of $1.5 million for fiscal 2011.
Revenues of $5.8 million in the fourth quarter compared to $2.7 million for the same period in 2011, a 113% increase in the period.
Positive EBITDA of $0.1 million in the fourth quarter compared to ($1.6) million for the same period in 2011.
Financial Highlights:
Financial Results
Revenues
Xebec posted revenues of $5.8 million for the fourth quarter of 2012, a 113.2% increase compared to $2.7 million in the fourth quarter of 2011. For the twelve-month period ended December 31, 2012, the total revenues amounted to $15.2 million, a 6.9% increase compared to $14.2 million for the same period last year. The improvement versus the same period last year is mostly explained by the significant progress on gas purification projects.
Order Backlog
As of April 1, 2013, total order backlog stood at $8.5 million, compared to $11.1 million as of March 30, 2012.
Gross Margin
Xebec's gross margin for the fourth quarter of 2012 amounted to $1.2 million, compared to $0.1 million for the same 2011 period. For the twelve-month period ended December 31, 2012, the total gross margin amounted to $3.2 million, compared to $4.2 million for the same period last year. Despite increasing margins from product sales, the non recurring engineering contracts and license revenues prior to the IP transaction of March 22, 2012 inflated the margins positively in 2011.
EBITDA and Net Income (Loss)
The EBITDA for the fourth quarter of 2012 amounted to $0.2 million compared to $(1.6) million in the fourth quarter of 2011. For the twelve-month period ended December 31, 2012, the EBITDA amounted to $3.4 million, compared to $0.1 million for the same period last year. The improved EBITDA is the result of our continuous efforts to improve gross margin and control costs and the gain resulting from the IP transaction.
The net loss for the fourth quarter of 2012 totaled $0.1 million, or nil per share, compared to a net loss of $2.0 million, or $0.02 per share for the same 2011 period. For the twelve-month period ended December 31, 2012, net income was $1.9 million or $0.04 per share, compared to net loss of $1.5 million or $0.04 per share for the same period last year, reflecting primarily a $4.2 million increase in gain on disposition of assets and a $0.3 million decrease in selling and administrative costs and $0.4 million decrease in research and development.
Selling and administrative expenses were $2.0 million in the fourth quarter of 2012 compared to $2.0 million for the same period last year. For the twelve-month period ended December 31, 2012, selling and administrative were $6.5 million, compared to $6.8 million for the same period last year. The decrease in expenses is the results of the cost control measures.
As of December 31, 2012, the Company's cash on hand before restricted cash totaled $1.3 million, compared to $0.4 million as at December 31, 2011.
Xebec 2012 year-end Financial Statements and Management's Discussion and Analysis include further information on the Company.
2012 Fourth Quarter Financial Statements and Management's Discussion and Analysis
The complete financial statements, notes to financial statements and Management's Discussion and Analysis for the fiscal year ended December 31, 2012, are available on the Company's Website at www.xebecinc.com or on the SEDAR Website at www.sedar.com.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. With more than 1,300 customers worldwide, Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy mainly used as transportation fuel. Xebec's strategy is focused on establishing leadership positions in markets where demand for biogas upgrading, natural gas dehydration, liquefaction and hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America and Asia. Xebec trades on the TSX under the symbol XBC. For additional information on the company and its products and services, please visit the Xebec web site at www.xebecinc.com
