imaflex inc (IFX) Snapshot

Imaflex Inc. announced unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported sales of CAD 12,797,000 compared with CAD 11,818,000 for the same period a year ago. Profit before income taxes was CAD 300,000 compared with loss before income taxes of CAD 57,000 for the same period a year ago. Net profit was CAD 230,000 or CAD 0.005 per basic and diluted share compared with net loss of CAD 104,000 or CAD 0.002 per basic and diluted share for the same period a year ago. EBITDA was CAD 693,000 compared with CAD 378,000 for the same period a year ago. The improvement in sales is in part attributable to better results from US operations, after a year of transition and preparation in 2012 following the business acquisition. The company's results improved from the first quarter of 2012 to the first quarter of 2013. This increase is attributable to the increase in gross profit, favourable foreign exchange movements and a lower finance expense. This was offset by the increase in selling and administrative expenses and the increase in the income tax expense.

Imaflex Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the period, the company reported sales of CAD 12,092,000 compared to CAD 10,601,000 for the same period a year ago. Income before income taxes was CAD 49,000 compared to loss before income taxes of CAD 340,000 for the same period a year ago. EBITDA was CAD 477,000 compared to CAD 98,000 for the same period a year ago. Net loss was CAD 146,000 or CAD 0.003 per basic and diluted share compared to CAD 195,000 or CAD 0.005 per basic and diluted share for the same period a year ago. Sales were increased due to the additional sales generated by the acquired assets as well as an increase in Imaflex's overall sales volume. The s results improved for the fourth quarter of 2012 compared to 2011 mainly due to the increase in gross profit due to higher sales and the positive variance on foreign exchange movements. The increases were offset by a significantly higher income tax expense and slightly higher selling and administrative expenses. For the full year, the company reported sales of CAD 47,269,000 compared to CAD 46,959,000 for the same period a year ago. Loss before income taxes was CAD 270,000 compared to income before income taxes of CAD 337,000 for the same period a year ago. EBITDA was CAD 1,462,000 compared to CAD 2,141,000 for the same period a year ago. Net loss was CAD 568,000 or CAD 0.013 per basic and diluted share compared to net income of CAD 74,000 or CAD 0.002 per basic and diluted share for the same period a year ago. The operating results for the year decreased mainly due to the increased expenses incurred following the business acquisition in the US, costs incurred in order to prepare for the growth in the US operations as well as unfavourable movements in foreign exchange and a higher income tax expense. The company also reported that having completed the integration of the business acquired last spring by way of an asset purchase carried-out by US entity, management believes the fourth quarter growth is a trend which will continue in 2013.

Imaflex Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company’s sales were CAD 11,157,000 compared to CAD 10,461,000 a year ago. Sales in the third quarter typically suffer in the Canadian operations. However, the three months ended September 30, 2012 showed operational improvements over the same period in 2011, due to a good performance late in the quarter for all divisions as well as improved sales and profitability in the US operations throughout the quarter. Loss before income taxes was CAD 497,000 compared to income before income taxes of CAD 157,000 a year ago. Net loss was CAD 467,000 compared to a net income of CAD 82,000 for the same period in 2011. Basic and diluted loss per share were CAD 0.011 compared to basic and diluted earnings per share of CAD 0.002 a year ago. LBITDA was CAD 86,000 compared to EBITDA of CAD 615,000 a year ago. For the nine months, the company’s sales were CAD 35,177,000 compared to CAD 36,358,000 a year ago. Income before loss taxes was CAD 319,000 compared to income before income taxes of CAD 677,000 a year ago. Net loss was CAD 422,000 compared to a net income of CAD 269,000 for the same period in 2011. Basic and diluted loss per share were CAD 0.010 compared to basic and diluted earnings per share of CAD 0.007 a year ago. EBITDA was CAD 985,000 compared to CAD 2,043,000 a year ago.