Mercator Transport Announces its Financial Results for the Third Quarter 2013-2014
28 März 2014 - 11:19PM
Access Wire
Montreal, Quebec /
ACCESSWIERE / March 28, 2014 / Mercator
Transport Group Corporation ("Mercator Transport" or the
"Corporation") (TSX-V: GMT), announces its financial results for
the quarter ended January 31, 2014.
Financial
Highlights
Selected
Consolidated Results
Unaudited
------------------------------------------------------------------------------------
|(in thousands of Canadian dollars, amounts per share excepted)|Q3 |Q3 |
| |2013-2014|2012-2013|
| |$ |$ |
|----------------------------------------------------------------------------------|
|Logistics and distribution (Gross Revenues) |2,968 |7,561 |
|----------------------------------------------------------------------------------|
|Customs, duties and taxes |(47) |(733) |
|----------------------------------------------------------------------------------|
|Net revenues |2,921 |6,828 |
|----------------------------------------------------------------------------------|
|EBITDA1(EBITDA1loss) |(594) |(672) |
|----------------------------------------------------------------------------------|
|Net loss from continuing operations |(1,346) |(1,024) |
|----------------------------------------------------------------------------------|
|Net loss from discontinued operations |- -- |
|----------------------------------------------------------------------------------|
|Net loss attributable to owners of the Corporation |(1,230) |(1,021) |
|----------------------------------------------------------------------------------|
|Net loss from continuing operations | | |
|per share, basic and fully diluted |(0.036) |(0.028) |
|----------------------------------------------------------------------------------|
|Net loss per share, basic and fully diluted |(0.036) |(0.027) |
------------------------------------------------------------------------------------
1 See definition
of non-IFRS measure in Mercator Transport's MD&A.
For the
quarter ended
January 31, 2014,
Mercator Transport's net
revenues totaled $2.9
million, a decrease of $
3.9 million or
57% compared to the
same period last
year due to reduced
sales in France
and Canada, factor partially
offset by increased
revenues in
Argentina. The decrease
in revenue
is the result
of funding
constraints of the
Company.
The
Company generated an
EBITDA(1) loss
of $(594,000)
for the quarter ended January 31,
2014, compared to an
EBITDA(1) loss
of $(672,000) for the
corresponding period of the previous year.
The improvement is
attributable to
reduced selling
and administrative
expenses.
A net loss
from continuing
operations of
$1,346,000, or
$(0.036) per share, was
recorded in the third quarter of
2013-2014, compared to a net
loss of $1,024,000,
or
$(0.028) per share, for the
corresponding quarter of the
previous year due to
increased financing costs partially offset by the improved
EBITDA(1)
loss.
For further information,
please refer to Mercator Transport's management discussion and
analysis and quarterly unaudited consolidated financial statements,
available on SEDAR's website, at www.sedar.com.
About Mercator
Transport
Mercator
Transport specializes in air, ocean and ground transport brokerage,
international logistics and distribution.
Neither TSX
Venture Exchange nor its Regulatory 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.
For further information:
Mr. Robert Gagnon, Chief
Financial Officer
Investor relations
investisseur@corpgmt.com
(514) 738-6464
(TSXV:GMT)
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