Sign up Australia
Proactive Investors - Run By Investors For Investors

Atlas Engineered Products' revenue and earnings reach record highs in first quarter

Sales were up 40% compared to the same period last year, the wood product firm told investors.
Atlas Engineered Products' revenue and earnings reach record highs in first quarter
Atlas, formed almost 20 years ago, is one of British Columbia’s leading suppliers of trusses and engineered wood products

The first quarter of 2018 for wood product firm Atlas Engineered Products Ltd (CVE:AEP) saw record sales of  C$2.74mln.

That was up 40% compared to the same period last year, where the figure was C$1.96mln, the company said, posting results for the three months to August 31.

The first quarter numbers reflect the firm's financial performance during the quarter immediately before the reverse takeover with Archer Petroleum Corporation.

On November 9, the company announced it had started trading on the Toronto venture exchange, having completed that deal.

Income from operations came in at C$520,506 for the quarter, compared to income from operations of $439,413 in 2016 -  an increase of 18.5%. First quarter gross margins were 27%.

"Our quarterly revenues have reached record highs and the company's earnings strength reflect the kind of performance we expect will continue well into the future," said Atlas president, Guy Champagne.

"With that said, we are just getting started with an aggressive acquisition program which in the coming years will result in significantly broadening our geographic reach and strengthening client relationships within the construction industry across Canada.

"The EBITDA percentage of revenue exhibited in these financial results provide a benchmark for the strong financial performance our management team will work hard to achieve in all of the operating units we bring into the Atlas fold with our acquisition activities."

Atlas also noted that its previously announced closing of a $4.25 million placing had  strengthened its balance sheet, will fund business development and allow it to pursue its acquisition and consolidation strategy.

Shares in Toronto were unchanged at C$0.70.

View full AEP profile View Profile

Atlas Engineered Products Timeline

Related Articles

October 04 2018
This month (October) Atlas said it had completed the acquisition of Coastal Windows Ltd
broken cell phones
October 03 2018
Mineworx Technologies offers a cost-effective, environmentally friendly alternative in extracting precious metals for the mining and E-waste sectors

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use