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napec inc (CVTPF) Key Developments

NAPEC Inc. Announces Resignation of Mr. Jacques Joly as Director and as Chairman of the Board of Directors

NAPEC Inc. announced the resignation of Mr. Jacques Joly as Director and as Chairman of the Board of Directors of the corporation for personal reasons. His resignation takes effect immediately. Mr. Joly had been a Director and the Chairman of the Board of the Corporation since April 2005. Previously, he had been a director of Investissements CVTech inc. from February 1996 to April 2005.

NAPEC Inc. Appoints Denis Tremblay as Director

NAPEC Inc. announced the appointment of Mr. Denis Tremblay as Director of the corporation. The appointment takes effect immediately and brings the number of directors to seven, as it was before the annual and special meeting of shareholders of NAPEC held on July 23, 2014. Since 2010, Denis Tremblay has been Senior Vice-President, Strategic Development and Vice-President, Energy of Tetra Tech Canada. Mr. Tremblay has long been active in the Association de l'Industrie Électrique du Québec (AIEQ), serving as its president in 2013-14. He is vice-chairman of the board of directors of the École Polytechnique de Montréal foundation.

NAPEC Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Impairment Charges for the Third Quarter Ended September 30, 2014

NAPEC Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's revenues were CAD 69,958,000 compared to CAD 57,324,000 a year ago. The increase was due mainly to higher revenues derived from contracts related to the construction, maintenance and repair of underground lines and substations, as well as from contracts associated with electrical energy projects for industrial, commercial and institutional customers. In addition, the conversion effect resulting from fluctuations in the value of the Canadian dollar increased the value of U.S. dollar-denominated revenues for the quarter ended September 30, 2014 by approximately CAD 2.3 million relative to the same period in 2013. However, revenues from contracts related to the construction, maintenance and repair of electricity distribution lines were lower. EBITDA was CAD 1,184,000 compared to CAD 1,475,000 a year ago. The decrease, both in dollars and as a percentage of revenues, is attributable mainly to an unprofitable contract in a new market segment in Ontario and to the unfavorable effect of a decrease in business volume in Quebec. Net loss was CAD 2,965,000 or CAD 0.04 per basic and diluted share compared to CAD 504,000 or CAD 0.01 per basic and diluted share a year ago. For the nine months, the company's revenues were CAD 219,066,000 compared to CAD 168,997,000 a year ago. The currency-conversion effect increased the value of U.S.-dollar-denominated revenues for the nine months ended September 30, 2014 by approximately CAD 9.3 million relative to the same period a year earlier. EBITDA was CAD 7,558,000 compared to CAD 3,746,000 a year ago. Net loss was CAD 2,239,000 or CAD 0.03 per basic and diluted share compared to CAD 2,282,000 or CAD 0.03 per basic and diluted share a year ago. During the quarter ended September 30, 2014, as part of the implementation of its new organizational structure, the corporation recognized an impairment of CAD 2.2 million on a building located in the United States.

CVTech Group Inc. will Change its Name to NAPEC Inc

Effective September 11, 2014, CVTech Group Inc. will change its name to NAPEC Inc.

CVTech Group Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

CVTech Group Inc. announced earnings results for the second quarter and six months ended June 30, 2014. The company's revenues were CAD 77.9 million, up 40.9% from the second quarter of 2013. The increase was due mainly to growth in revenues from contracts for the construction, maintenance and repair of underground lines, from contracts related to mechanical work and from contracts associated with electrical energy projects for industrial, commercial and institutional customers. In addition, the conversion effect resulting from fluctuations in the value of the Canadian dollar increased the value of U.S.-dollar-denominated revenues for the quarter ended June 30, 2014 by CAD 3.2 million compared to the same period in 2013. However, revenues from contracts for the construction, maintenance and repair of electricity distribution lines were lower. Earnings before interest, taxes, depreciation and amortization (EBITDA) were CAD 1.8 million, or 2.3% of revenues, compared to negative EBITDA of CAD 16,000, or 0.0% of revenues, in the second quarter of 2013. The improvement, both in dollars and as a percentage of revenues, reflects growth in sales volume, offset in part by greater recourse to subcontracting in Ontario. EBITDA in the second quarter of 2013 had been affected by an unprofitable contract in the U.S. and by the start-up of projects in new market segments. For the second quarter of 2014, the Corporation recorded a net loss of CAD 691,000, or CAD 0.01 per basic and diluted share, compared to a net loss of CAD 1.8 million, or CAD 0.02 per basic and diluted share, in the second quarter of 2013. The company's revenues for the six months ended June 30, 2014 were CAD 149.1 million, up 33.5% from CAD 111.7 million in the six months ended June 30, 2013. The conversion effect increased the value of U.S.-dollar-denominated revenues for the six months ended June 30, 2014 by approximately CAD 7.0 million compared to the same period a year earlier. EBITDA for the first six months of 2014 was CAD 6.4 million, or 4.3% of revenues, up from CAD 2.3 million, or 2.0% of revenues, a year earlier. Net earnings were CAD 726,000, or CAD 0.01 per basic and diluted share, versus a net loss of CAD 1.8 million, or CAD 0.02 per basic and diluted share, in the same period a year earlier.

 

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