For the second quarter of 2014, Adjusted EBITDA (please refer to note 1 below) was
For the first six months of 2014, net income was
"One of the highlights of the second quarter is our acquisition of Peerless. The expansion of our product range and the broadening of our geographic presence in
"Our profitability for the second quarter of 2014 was also affected by the composition of our sales, which included a larger proportion of vans than for the same period last year", added
Without taking into account the backlog acquired as part of the Peerless acquisition, our backlog remained strong in the second quarter and totaled
About Manac Inc.
Manac is the largest manufacturer of trailers in
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Forward looking statements
The statements set forth in this press release, which describes Manac's objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "could", "should", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. Manac would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Manac's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in commodity prices, exchange rate variations, cost of material, competition in the transportation, trucking and trailer industries, and such other risks as described in detail from time to time in the reports filed by Manac with securities authorities in Canada. Unless otherwise required by applicable securities laws, Manac disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.
Adjusted EBITDA and Adjusted net income are non-IFRS measures that Manac uses to assess its operating performance. Adjusted EBITDA is defined as net income before net finance costs, income tax, depreciation and amortization expense and increase in fair value of class B retractable shares, then excluding items that are not in Manac's normal business. Adjusted net income is defined as net income before increase in fair value of class B retractable shares and items that are not in Manac's normal business, adjusted to reflect the tax effect on these items.
For a reconciliation of these "non-IFRS" measures, please refer to Manac's "Management Discussion and Analysis of Financial Condition and Results of Operations for the 25-week period ended
SOURCE Manac Inc.