ENP Newswire -
Release date- 01052014 -
With the delivery and completion of most the installation of two major brine plants completed by the third quarter of 2013, FSI focused on contract negotiation for a major brine plant. As a result, no revenue was generated from the foreign segment during this period of pre-contract activity and revenue from the quarter of
The limited revenue generating activity resulted in an operating loss of
Although the low activity generated a loss for the quarter, revenue for the year of
The Company's liquidity remains firm as:
Current assets of
The Company is in compliance with its financial covenants and has
Although cash used in operations was
Further detail may be found in the Company's Management Discussion and Analysis, which is available on SEDAR.
Through its wholly owned subsidiary
Non-GAAP Financial Measures
EBITDA does not have a standard definition prescribed by GAAP and therefore may not be comparable to similar measures disclosed by other companies. The Company utilizes these measures in making operating decisions and assessing the Company's financial performance and as an indicator of its ability to service its liabilities. This non-GAAP measure has not been presented as an alternative to net income (loss) or any other measure of performance or liquidity prescribed by GAAP.
Forward-looking Information Cautionary Statement
Certain information contained in this press release, including information and statements which may contain words such as 'could', 'plans', 'should', 'anticipates', 'expect', 'believe', 'will', and similar expressions and statements relating to matters that are not historical facts are forward-looking information. In particular, this press release contains forward-looking information about the completion of the Brine Plant export contracts and the revenues associated therewith.
Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to, the risk factors discussed in FSI's MD&A and other continuous disclosure documents. All of the forward- looking information contained in this press release is qualified by this cautionary statement.
There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
President and CEO
Tel: (403) 571-4230
Fax: (403) 230-3106
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