Gemini Corporation Reports 2013 Third Quarter Results
Record quarterly performance achieved across the organization
CALGARY, ALBERTA--(Marketwired - Nov 14, 2013) - Gemini Corporation (TSX VENTURE:GKX) announces its third quarter financial results for the period ended September 30, 2013.
Revenue in the third quarter of 2013 totalled $35.7 million, which was a 58% increase over the $22.6 million achieved in the third quarter of 2012. Year to date revenue totals $78.8 million compared to $67.3 million for the same period last year. The increase in third quarter revenue is a reflection of the strong backlog of work that has been established with the Corporation's key clients. The alliance agreements that have been entered into over the past 18 months are generating new levels of activity and presenting solid growth opportunities for all operations. The backlog for the remainder of 2013 and early 2014 is not as substantial as it was entering into the third quarter, due to the recent softening of activity and normal seasonality across the energy services market.
Third quarter gross profit for 2013 was $7.3 million compared to $3.8 million in the same period of 2012, resulting in year to date gross profit of $14.8 million versus $11.3 million last year. Gross profit as a percent of revenue remained consistent with the second quarter at 20%, driven by strong staff utilization and controlled infrastructure spending as revenue increased.
The Corporation's 2013 third quarter net income was $1.8 million (3.4¢ per share) compared to the 2012 third quarter net income of $0.4 million (1.1¢ per share). Net income for the nine months ended September 30, 2013 total $2.6 million (4.8¢ per share) compared to $1.0 million (2.9¢ per share) for the same period of 2012.
"The impressive third quarter results are a testament to the hard work and dedication of our people as we continue to grow the organization," remarked Doug Lautermilch, Gemini's President and CEO. "We have a strong team of professionals across the entire company that are dedicated to doing what is right for our clients and that is winning us repeat work like we have never experienced before. We stated in our 2012 Annual Report that we are 'Ready for Growth' and the results of the third quarter demonstrate the truth in that statement."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and maintains energy and industrial facilities. Founded in 1982, Gemini combines its engineering and field service capabilities to increase project efficiency and provide a single point of accountability. The Corporation's principal target markets are conventional and unconventional oil and gas, in-situ heavy oil, and heavy industrial facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
Gemini's 2013 third-quarter report will be filed with SEDAR at www.sedar.com by November 15, 2013.
CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||
Three Months Ended | Nine Months Ended | |||||||
Operating Highlights ($'000) | Sept 30, | Sept 30, | Sept 30, | Sept 30, | ||||
2013 | 2012 | 2013 | 2012 | |||||
Revenue | $ | 35,682 | $ | 22,635 | $ | 78,815 | $ | 67,291 |
Gross profit | 7,251 | 3,843 | 14,767 | 11,264 | ||||
Income before interest & taxes | 2,312 | 612 | 3,427 | 1,564 | ||||
Net income | $ | 1,839 | $ | 388 | $ | 2,626 | $ | 1,009 |
Earnings per share (basic) | $ | 0.034 | $ | 0.011 | $ | 0.048 | $ | 0.029 |
Earnings per share (diluted) | $ | 0.030 | $ | 0.011 | $ | 0.046 | $ | 0.029 |
Financial Position Highlights ($'000) | Sept 30, | December 31, | ||
Working capital | $ | 13,456 | $ | 12,089 |
Total assets | 43,778 | 26,088 | ||
Shareholders' equity | 20,395 | 17,689 | ||
Disclaimer
This news release may contain forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
