Het enige winstgevende bedrijf in de REE-sector:
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<< - Revenues of US$91.3 million - EBITDA of US$22.0 million - Net Income of US$14.3 million or US$0.12 per share - Net cash position of US$56.4 million >>
TORONTO, Nov. 10 /CNW/ - Neo Material Technologies Inc. (TSX: NEM - News; the "Company") today reported its financial results for the three-month and nine-month periods ended September 30, 2010. Unless otherwise specified, all currency amounts are expressed in U.S. dollars.
Revenues continued to increase for the sixth consecutive quarter amounting to $91.3 million compared to $79.2 million in the previous quarter, and $54.1 million in the corresponding period in 2009. The Company also reported net income of $14.3 million, operating income plus depreciation and amortization ("EBITDA") of $22.0 million and earnings per share ("EPS") of $0.12 (on a basic and fully diluted basis). This compares to third quarter 2009 net income of $9.3 million, EBITDA of $14.0 million and EPS of $0.08 (on a basic and fully diluted basis). Operating income increased by 68 percent to $19.2 million compared to $11.4 million in the corresponding period in 2009. Cash provided by operating activities during the third quarter of 2010 was $7.1 million.
During the three-month period ended September 30, 2010 the Company incurred a $3.7 million charge associated with stock based compensation. Excluding the impact of stock-based compensation expense), on a non-GAAP basis, net income, EBITDA and EPS, would be $17.6 million, $25.7 million and $0.15 (on a basic and fully diluted basis), respectively.
For the nine-month period ended September 30, 2010, net income, EBITDA and EPS were $43.1 million, $63.5 million, and $0.36 (on a basic and fully diluted basis). This compares to net income, EBITDA and EPS for the nine-month period ended September 30, 2009 of $11.0 million, $20.6 million, and $0.10 and $0.09 on a basic and fully diluted basis, respectively. Revenues for the nine months ended September 30, 2010 were $235.6 million compared to revenues of $124.7 million in the corresponding period in 2009. Excluding the impact of stock-based compensation expense, on a non-GAAP basis, net income, EBITDA and EPS would be $46.3 million, $67.1 million and $0.39 (on a basic and fully diluted basis), respectively.
At September 30, 2010, the Company had a net cash balance of $56.4 million.
"The remarkable performance during the quarter was achieved against the strong headwinds of increasing raw material costs and unprecedented uncertainty in the markets caused by the unexpected, deep reductions in rare earth export quotas from China," noted Constantine Karayannopoulos, President and CEO. "The third quarter was another record quarter for our company and we remain optimistic in the face of continuing uncertainty in the Chinese regulatory environment."