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As of 8:10 PM 08/13/14 All times are local (Market data is delayed by at least 15 minutes).

cvtech group inc (CVTPF) Key Developments

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.

CVTech Group Inc. Approves Amendments to Articles of Corporation

CVTech Group Inc. at its annual and special meeting of shareholders held on July 23, 2014 approved a special resolution authorizing the board of directors of the corporation to file articles of amendment of the articles of the corporation in order to change the name of the Corporation to 'NAPEC Inc'.

CVTech Group Inc. Announces Management Changes, Effective from August 11, 2014

CVTech Group Inc. announced the appointment of Mr. Pierre L. Gauthier who will succeed to Mr. Andre Laramee as President and Chief Executive Officer. Mr. Gauthier will take office on August 11, 2014. Prior to this appointment, Mr. Gauthier has served as director and member of the Governance and Nominating Committee of the Corporation since December 2013. Mr. Gauthier currently holds the position of Chairman of the Board and Chief Executive Officer of Alstom Power &Transport Canada Inc. He is currently Chairman of the Board of the Centre de commercialization en innovation manufacturiere, a director of Alstom Grid Canada inc. and Alstom Sitca as well as a member of a number of Canadian and U.S. associations.

CVTech Group Inc. Announces Management Change

CVTech Group Inc. announced that Mr. André Laramée officially left his position as President and Chief Executive Officer of the Corporation and will not be standing for re-election as Director at the next annual shareholder meeting to be held on July 23, 2014. Over the next year, Mr. Laramée will continue to work for the Corporation as Principal Senior Advisor. The Corporation is actively working on selecting a new President and Chief Executive Officer. In the meantime, Mr. Jacques Joly, Chairman of the Board of Directors, supported by Mr. Mario Trahan, Chief Financial Officer, will assume the interim and maintain contact with investors.

CVTech Group Inc. Announces New Bank Financing Agreement

CVTech Group Inc. announced that it has closed an agreement with a banking syndicate led by BMO Bank of Montreal for a total of $65 million in bank financing. These financing sources have a three-year term and will replace the existing agreements, while providing the Corporation with greater financial flexibility in the execution of its action plan. The financing consists of a renewable credit facility of an authorized amount of $40 million in Canadian dollars, on which funds may also be drawn in U.S. dollars, and a long-term loan of an authorized amount of $25 million. Borrowing under the agreement is secured by the assets of the corporation and its subsidiaries, and is subject to certain restrictive clauses and financial ratios. The Corporation would have been in compliance with these clauses and ratios had they been applied as at March 31, 2014.

 

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