LAVAL, QC, Aug. 10 /CNW Telbec/ - Mercator Transport Group Corporation ("Mercator Transport") (TSX VENTURE: GMT), announces its financial results for the year ended April 30, 2009.
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Financial Highlights
Selected Consolidated Results (audited)
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(in thousands of April 30, 2009 April 30, 2008
Canadian dollars)
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Revenue 28,185 16,549
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Gross Profit 3,711 1,900
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EBITDA(1) 558 (436)
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Net Profit (Net Loss) 224 (407)
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Net Profit (Net Loss) basic
per share 0.008 (0.015)
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For a third consecutive year, Mercator Transport revenue significantly increased, reaching $28,185,000 in 2009, a growth of $11,635,000 (70 %) compared to 2008. This strong development is essentially the result of organic growth in sales in the logistics sector of Mercator Transport, mainly achieved through Mercator Industrial Projects, its new subsidiary providing air chartering services.
Gross margin significantly increased to reach 13.2% for the year, compared to 11.5 % in 2008. This increase mainly results from the implementation of a new operational strategy designed to optimize purchasing. This increase was also affected by the appreciation of the US dollar and Euro, as well as by decreasing transport and oil costs.
Mercator Transport generated an EBITDA(1) (earnings before interest, taxes on benefits and amortization) of $558,000 in 2009, compared to $(436,000) in 2008, a hike of nearly $1,000,000. This increase is mainly the result of the increase in sales reported above, however offset by an increase in operating expenses, an outgrowth of Mercator Transport's ongoing investment in strengthening its team.
Free cashflow(1) (cash flow from operations excluding net capital asset acquisitions and intangibles assets) progressed by $625,000, reaching $551,000 compared to $(74,000) in 2008.
Shareholders' equity reached $1,230,000 as at April 30, 2009, compared to $887,000 as at April 30, 2008. This 38.7% increase is mainly attributable to net profit, but also to stock option grants as well as the issuance of shares.
"Our performance is the outgrowth of the smoothness with which Mercator Transport's traditional activities are evolving. It is also the result of healthy organic growth and of the increase in our offer of services, notably materializing through our recent chartering of six 747 cargo planes to Africa under the auspices of our new subsidiary, Mercator Industrial Projects." said Jean-Pierre Apélian, President and CEO of Mercator.
For further information, please refer to the MD&A and annual audited financial statements available on SEDAR at www.sedar.com.
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(1) Non-GAAP measure, as defined in our MD&A.
About Mercator Transport
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Mercator Transport specializes in transport brokerage, international logistics and distribution. With offices in Montreal (Canada) and Las Vegas (USA), Mercator Transport offers value-added services in global supply chain management, and designs tailor-made solutions. Customer intimacy and commitment differentiates Mercator Transport in its ability to implement customers' requirements.
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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.
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%SEDAR: 00020866EF
For further information: Mr. Patrick Bazinet, Director, Investor relations, (450) 667-8886, investisseur@corpgmt.com
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