KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 04/22/13 -- NORDEX EXPLOSIVES LTD. (TSX VENTURE: NXX) ("Nordex") has released its audited financial statements for the 2012 fiscal period and is pleased to announce its highest annual sales revenues in the 42 year history of the Company, with a net profit during fiscal 2012 of $475,350. Record sales revenues are attributed to securing new business in the construction and quarry industries and maintaining or increasing business with Nordex' existing customers.
Highlights from the 2012 audited financial statements include:
Total annual revenues for fiscal 2012 were $14,951,509, which represented an increase of $3,455,238, or 30%, over same period revenues during 2011 of $11,496,271.
Gross profit for fiscal 2012 increased by $506,477, or 23%, over same period gross profit of $2,249,288 realized during 2011.
Net income after tax for fiscal 2012 increased by $681,178 over same period annual net loss after tax during fiscal 2011 of ($205,828).
Earnings per share for the 2012 fiscal year increased to $0.05 per share compared to a loss per share in 2011 of ($0.03).
Fourth Quarter 2012 Results:
Total revenues for the 4th quarter of 2012 of $4,083,588 represented an increase of $1,307,913, or 47%, over same period revenues of $2,775,675 during the 4th quarter of 2011.
Jim Taylor, President & CEO, stated, "We are pleased with the increasing momentum Nordex has experienced in the last four quarters. The market reaction and wide acceptance of our proprietary line of bulk and packaged emulsion products has been instrumental in our growth. We are dedicated to increasing business in the construction markets and are making great progress in the Muskoka Region with our newly operational satellite site. We continue to work aggressively to maintain our reputation as a supplier of superior products while providing the highest levels of service in the explosives industry in Canada. We are very proud of the fact Nordex is truly a Canadian company manufacturing products in Canada for the benefit of Canadians. "
The financial information for the periods indicated as set out in this news release is presented on a basis consistent with the accounting principles used to prepare Nordex' most recently filed financial statements. The contents of this news release should be read in conjunction with the Company's annual financial statements and related management discussion and analysis ("MD&A") for fiscal 2012 which are available under the Company's profile available at www.SEDAR.com. Readers are advised that the Company faces various risk factors with respect to its business and operations: for further information please see the MD&A of Nordex available at www.SEDAR.com.
ABOUT NORDEX EXPLOSIVES: NORDEX EXPLOSIVES LTD. is a manufacturer and distributor of explosives for the mining, quarry and road construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the Econotrim and Ezicharge Johnex explosive products in Canada. Nordex trades on the TSX Venture Exchange under the symbol "NXX".
Additional Information relating to the Company is available on SEDAR at www.sedar.com.
Certain information included herein may contain "forward-looking statements" which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavor", "seek", "predict", "potential" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; compliance with environmental regulations; exchange rate fluctuations as well as the other risks identified in the "Risk Factors" contained in the Company's Management Discussion and Analysis for fiscal 2012 and other public filings (copies of which may be obtained at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and the reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and, other than as required by law, the Company does not intend, and does not assume any obligation, to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Nordex Explosives Ltd.
Jim Taylor, Chief Executive Officer
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