CALGARY, ALBERTA -- (Marketwired) -- 04/29/13 -- Pro-Trans Ventures Inc. ("Pro-Trans" or the "Corporation") (TSX VENTURE: PVI) is pleased to announce the Corporation's financial results for the year ending 2012.
The Corporation's revenue for the year was $63.6 million, as compared to $15.6 million for the previous year reflecting the first full year of revenue after the Corporation's acquisition of Maple Leaf Loading Ltd. ("Maple Leaf"). This revenue resulted in EBITDA of $5.2 million and comprehensive income of approximately $645,000 or $.03 per share. This compares with EBITDA of $1.6 million and a comprehensive loss of $(322,000) or $(.02) per share in 2011.
For the 4th quarter, revenue was $10.3 million compared to $15.3 million generated in the 4th quarter of 2011. EBITDA was $(1.2 million) compared to $1.6 million in Q4 of 2011. A comprehensive loss of $(1.8 million) compares to income of $473,274 in the 4th quarter of 2011. The resulting loss per share was $(.07) compared to income of $.02.
Brian Murray, the President and Chief Executive Officer of Pro-Trans stated, "We faced a trying situation in the 4th quarter at Maple Leaf as lower coal prices severely impacted volumes to be transported. In addition, difficult winter conditions and a one time maintenance issue with our core fleet, put significant pressure on operating expenses resulting in a loss for the quarter for the Corporation."
"We continue to believe that the long term fundamentals remain strong for Canadian coal and other mining sectors. However, in the short term, there remain challenges within our customer base with regard to worldwide demand and pricing for commodities along with a risk of further volatility. We anticipate that the modest rebound in commodity pricing in Q1 will translate to a return to more normal circumstances throughout 2013", he added.
Audited Consolidated Financial Statements of the Corporation for the financial years ended December 31, 2012 and 2011 have been filed on SEDAR at www.sedar.com along with the associated Management's Discussion and Analysis.
Pro-Trans is a Calgary based public company listed on the TSX Venture Exchange. The Company is actively involved in specialized transportation and logistics services within Western Canada, primarily through its' wholly owned subsidiary, Maple Leaf, based in Prince George, B.C. Maple Leaf, a mining support company, offers specialized transportation services related to the management, handling and transportation of coal and ore concentrates for customers involved in the mining industry in B.C., Alberta, and the Yukon.
Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") is a measurement intended to provide useful insight into Results of Operations before financing costs, taxes, depreciation and amortization. EBITDA is not an earnings measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Readers are cautioned that EBITDA should not be construed as an alternative to net income as determined in accordance with IFRS.
EBITDA is determined by beginning with earnings from operations as determined in accordance with GAAP then adding back any long term interest expense, provisions for taxes, depreciation and amortization included in earnings from operations. A reconciliation of net income to EBITDA is provided in the Management's Discussion and Analysis referenced above.
This press release contains certain statements or disclosures relating to Pro-Trans that are based on the expectations of Pro-Trans as well as assumptions made by and information currently available to Pro-Trans which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the future financial performance of the Corporation and the outlook for the Canadian mining industry in general. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Pro-Trans' control. Many factors could cause the performance or achievement by Pro-Trans to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking information. Pro-Trans' Annual Information Form, Management's Discussion and Analysis and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Pro-Trans disclaims any intention or obligation to publicly update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
Neither the 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.
Pro-Trans Ventures Inc.
President and Chief Executive Officer
Pro-Trans Ventures Inc.
Chief Financial Officer
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