Luxor Reports Sales of $19,902,837 for the 9 Months Ending September 2016
30 November 2016 - 2:00PM
Luxor Industrial Corporation (“Luxor” or the “Company”) (TSX.V:LRL)
(OTC:LXRRF) is pleased to provide third quarter results. Sales for
the 9 month period ending September 30, 2016 were $19,902,837
compared to $2,645,607 for the same period in 2015. The net loss
from operations, before stock based compensation, interest and
depreciation for the 9 month period ending September 30, 2016 was
$110,837 compared to a net profit of $185,260 for the same period
in 2015. The net loss from operations after stock based
compensation, interest and depreciation for the 9 month period
ending September 30, 2016 was $856,837 compared to a net profit of
$373,436 for the same period in 2015.
Sales for the 3 month period ending September 30,
2016 were $7,811,014 compared to $956,985 for the same period in
2015. The net loss from operations, before stock based
compensation, interest and depreciation for the 3 month period
ending September 30, 2016 was $845,267 compared to a net profit of
$162,021 for the same period in 2015. The net loss from operations
after stock based compensation, interest and depreciation for the 3
month period ending September 30, 2016 was $1,683,037 compared to a
net profit of $161,267 for the same period in 2015.
2016 is a material year for the start-up of the
Company’s new turnkey framing business. Luxor’s sales budget for
2016 is $23 million. Through the first 9 months almost $20 million
in sales have been achieved. The objective was to have all
infrastructure in place to facilitate a successful 2017.
The Gross Margin on the turnkey framing business
was approximately 10%. This is the result of an aggressive approach
in entering a new geographic market, the Western United States. As
expected in a new business, there were inefficiencies in material
procurement, prefabricated product manufacturing and procurement of
labor, which have been addressed. There has been important
improvement in these areas and the Company is focused on
significantly growing the Gross Margin in 2017.
The Company’s budget for 2017 turnkey framing sales
is $40 million of which over $20 million has been contracted.
ABOUT LUXOR
Luxor’s operations are focused around a turnkey
framing solution for multi-family complexes. With its manufacturing
facility in Chilliwack, British Columbia, Luxor’s operations are
focused on offering a complete service, including estimating,
design, manufacturing and constructing, to General Contractors in
the Western United States. For additional information, please visit
www.millframe.com.
In addition, Luxor is involved in the development,
engineering, manufacturing and marketing of engineered wood
products. In the industrial sector, it manufacturers wood mat
products. In the residential sector it manufactures its
patented IBS 2000® engineered floor bridging, fire protected
architectural wood products, and FastFrame™ wall components. For
further information, visit Luxor’s website at
www.luxorcorp.com.
This news release contains forward looking
statements. Although Management believes that the expectations
reflected in these forward looking statements are reasonable, undue
reliance should not be placed on them because Luxor can give no
assurance that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Additional
information may be accessed through the Sedar website:
www.sedar.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information contact Murray Lonseth,
President and Chief Operating Officer at (403) 932-7427 or visit
Luxor's website at www.luxorcorp.com.
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