VANCOUVER, British Columbia, Nov. 30, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (“Luxor” or the “Company”) (TSX.V:LRL) (OTC:LXRRF) is pleased to provide third quarter results. Sales for the 9 month period ending September 30, 2016 were $19,902,837 compared to $2,645,607 for the same period in 2015. The net loss from operations, before stock based compensation, interest and depreciation for the 9 month period ending September 30, 2016 was $110,837 compared to a net profit of $185,260 for the same period in 2015. The net loss from operations after stock based compensation, interest and depreciation for the 9 month period ending September 30, 2016 was $856,837 compared to a net profit of $373,436 for the same period in 2015.
Sales for the 3 month period ending September 30, 2016 were $7,811,014 compared to $956,985 for the same period in 2015. The net loss from operations, before stock based compensation, interest and depreciation for the 3 month period ending September 30, 2016 was $845,267 compared to a net profit of $162,021 for the same period in 2015. The net loss from operations after stock based compensation, interest and depreciation for the 3 month period ending September 30, 2016 was $1,683,037 compared to a net profit of $161,267 for the same period in 2015.
2016 is a material year for the start-up of the Company’s new turnkey framing business. Luxor’s sales budget for 2016 is $23 million. Through the first 9 months almost $20 million in sales have been achieved. The objective was to have all infrastructure in place to facilitate a successful 2017.
The Gross Margin on the turnkey framing business was approximately 10%. This is the result of an aggressive approach in entering a new geographic market, the Western United States. As expected in a new business, there were inefficiencies in material procurement, prefabricated product manufacturing and procurement of labor, which have been addressed. There has been important improvement in these areas and the Company is focused on significantly growing the Gross Margin in 2017.
The Company’s budget for 2017 turnkey framing sales is $40 million of which over $20 million has been contracted.
ABOUT LUXOR
Luxor’s operations are focused around a turnkey framing solution for multi-family complexes. With its manufacturing facility in Chilliwack, British Columbia, Luxor’s operations are focused on offering a complete service, including estimating, design, manufacturing and constructing, to General Contractors in the Western United States. For additional information, please visit www.millframe.com.
In addition, Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor’s website at www.luxorcorp.com.
This news release contains forward looking statements. Although Management believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact Murray Lonseth, President and Chief Operating Officer at (403) 932-7427 or visit Luxor's website at www.luxorcorp.com.