5N Plus Inc. (TSX: VNP) today announced financial results for the fourth quarter and year ended May 31, 2008.
Highlights of the fourth quarter and year ended May 31, 2008
- Net earnings for the fourth quarter were $3,178,621 or $0.08 per share, representing a 160% increase over net earnings of $1,222,428 or $0.04 per share for the fourth quarter of the previous fiscal year. For the fiscal year, net earnings were $7,766,137 or $0.22 per share, representing an increase of 117.3% over net earnings of $3,574,082 or $0.12 per share for the previous fiscal year.
- EBITDA(1) for the fourth quarter was $4,646,476, representing an increase of 86.7% over EBITDA of $2,488,087 for the fourth quarter of the previous fiscal year. EBITDA reached $12,481,760 for the fiscal year, an increase of 73.3% over EBITDA of $7,202,310 for the previous fiscal year.
- Sales for the fourth quarter were $9,423,908, representing an increase of 43.9% over sales of $6,549,412 for the fourth quarter of the previous fiscal year. Sales for the fiscal year were $30,972,941, an increase of 41.4% compared to sales of $21,897,240 for the previous fiscal year.
- Operational performance was outstanding throughout the year as the Company increased production throughput at its Montreal facility, to meet the growing requirements of the Company's customers, while improving efficiency and reducing costs.
- Cash flow from operating activities, excluding changes in non-cash working capital items, increased to $3,552,457 for the quarter and $9,880,266 for the fiscal year. This compares to $1,553,438 and $4,738,467 for the corresponding periods of the previous fiscal year.
- Shareholders' equity significantly increased during the fourth quarter and the fiscal year, reaching $91,553,930 at year end, up from $7,546,467 at the end of the previous fiscal year. During the fourth quarter, the Company raised $46,200,000 through the issuance of 4 million common shares, which resulted in net proceeds of $44,147,461 (net of issue expenses). This followed the closing of the Company's initial public offering which occurred during the third quarter of the fiscal year, resulting in net proceeds to the Company of $31,417,006 (net of issue expenses).
- Cash and cash equivalents totalled $59,576,743 at year end, compared to $1,526,932 at the end of the previous fiscal year.
- During the fiscal year, the Company invested $14,383,791 to build and commission its Eisenhuttenstadt facility and $3,178,784 to upgrade and expand the capabilities of its Montreal facility, for a total investment in capital expenditures of $17,562,575.
"We are pleased to report our fourth quarter and year end results which were truly outstanding and exceeded our expectations both in terms of financial and operational performance. Earnings, EBITDA and sales all reached record levels during the fourth quarter and the year, in much the same way as they had in the previous reporting periods. Most noticeable are the increases in earnings, EBITDA and cash flow from operations which reflect our solid operational performance in both the quarter and throughout the year. We also experienced a continuing and increasing demand for our products in the photovoltaic market and to a lesser extent in the radiation detector market which positively contributed to improve our sales and margins." commented Mr. Jacques L'Ecuyer, President and Chief Executive Officer.
"Closing of our initial public offering this year was a decisive moment for 5N Plus providing us with the financial means for execution of our growth plan which calls for substantial investments aimed at positioning our firm as the leading electronic materials company. Proceeds raised have so far been used primarily to fund the construction of our new Eisenhuttenstadt facility, which is now operational, and upgrade and expand our Montreal facility. Planned further uses of the proceeds raised include investments to diversify product offerings and accretive acquisitions where we take advantage of our public company profile and visibility."
Mr. L'Ecuyer concluded, "We welcome the 42 new employees of our German subsidiary and the 25 that joined 5N Plus in Montreal during the year. Integration, cooperation and values are more than ever key to our success. On behalf of our employees and members of the Board of Directors, we would like to thank our shareholders for their confidence in our company and for their continuing support." -- www.cnxmarketlink.com
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