MONTREAL, QUEBEC -- (Marketwire) -- 03/28/13 -- Perlite Canada inc. (the "Company") (TSX VENTURE: PCI) announces hereby the results for its first quarter 2013 ended on January 31, 2013 (the "1st Quarter 2013").
The Company's sales totals $1,302,650 for the 1st Quarter 2013 compared to $1,683,482 for the first quarter of the fiscal year 2012.
The Company posted earnings of $64,568 for the 1st Quarter 2013 compared to a net loss of $18,815 for the first quarter of the fiscal year 2012.
The sale decrease during the 1st Quarter 2013 compare with the sales realised during the same period last year is mainly explained by two causes. First, last year in order to face the shortage of peat moss, a significant peat moss producer located in Eastern Canada executed important peat moss harvests during the fall 2011 and ordered significant volumes of perlite to the Company in order to build an important peat moss mixes inventory for the spring 2012. This exceptional strategy was not repeated in 2012 following good summer peat moss harvests. Secondly, a significant client of the Company modified its production schedule for the year 2013 and decided to produce more peat moss mixes during the spring 2013 instead of fall 2012. This change in the production schedule decreased sales for November and December 2012.
Earnings before income taxes recorded by the Company during the quarter compared with the loss recorded during the same period last year is mainly explained by the decrease of the manufacturing cost, the efficiency of the perlite transformation system at both plants located in Lachine (Quebec) and Saint-Pacome (Quebec) and to production support services performed by the Company for a multinational. The earning posted by the Company is also explained by the decrease of administrative expenses following the restructuration of the Company performed during the last Fiscal Year.
Perlite Canada inc. has become a leading company in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.
The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.
This press release contains forward-looking statements to which are associated some risks and uncertainties. Any statement contained in this present press release that does not constitute an historical fact can be considered as a forward-looking statement. In this present press release, verbs such as "believe", "anticipate", "assess" and other similar expressions indicate generally forward-looking statements. Those statements do not warrant as for the future performance of Perlite Canada inc. and they suppose known and unknown risks as well as uncertainties in such a way that true future perspectives, returns or results of the Company may be notably different of future returns or results expressed or implied by these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Perlite Canada inc.
Richard Barabe or Martin Joyal
(514) 631-4254 (FAX)
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