MONTREAL, QUEBEC--(Marketwired - Sept. 29, 2015) - Perlite Canada inc. (TSX VENTURE:PCI) (the «Corporation») announces hereby its results for its third quarter 2015 ended on July 31, 2015.
The Corporation generated revenues of $1,355,475 during the third quarter ended July 31, 2015 (the "3rd Quarter 2015") compared to $ 1,327,087 as at July 31, 2014, which represents an increase of sales of approximately 2%. For the nine month period ended July 31, 2015, total sales were $4,638,593 compared to $4,435,694 for the same period in 2014, being an increase of approximately % 4.5.
The Corporation recorded a loss before income taxes of $180,595 during the 3rd Quarter 2015 compared to earnings before taxes of $24,454 for the third quarter of 2015 and a net loss of $180,595 for the 3rd Quarter 2015 compared to net earnings of $24 454 for the same period in 2014. For the nine month period ended July 31, 2015, the Corporation registered a loss before taxes of $96,376 compared to earnings before taxes of $170,327 for the nine month period ended July 31, 2014 and a net loss of $96,376 compared to net earnings of $170,327 in 2014.
The significant decrease of the earnings before taxes during this period is mainly explained by the decrease of the Canadian dollar compare with the US currency during the Quarter. Indeed, the decline of the Canadian dollar in relation to the American currency has the effect of lowering the Corporation's profit margins since the Corporation purchases in American dollars the raw perlite and raw vermiculite that it uses within the framework of its activities. Moreover, the increase of the value of the American currency relative to the Canadian Dollar generated an exchange loss of $209 848 for the 3rd Quarter 2015 compared to gain on change of $1,906 for fiscal year 2014. For the nine month period ended on July 31, 2015, the loss on change totalled 244 544 $ compare to a loss on change of 77 965 $ for the same period in 2014.
Perlite Canada inc. has become a leading Corporation in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.
The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.
This press release contains forward-looking statements to which are associated some risks and uncertainties. Any statement contained in this present press release that does not constitute an historical fact can be considered as a forward-looking statement. In this present press release, verbs such as "believe", "anticipate", "assess" and other similar expressions indicate generally forward-looking statements. Those statements do not warrant as for the future performance of Perlite Canada inc. and they suppose known and unknown risks as well as uncertainties in such a way that true future perspectives, returns or results of the Corporation may be notably different of future returns or results expressed or implied by these forward-looking statements.
The TSX Venture Exchange is not responsible for the truth or accuracy of this press release.
Contact Information:
Richard Barabe or Martin Joyal
(514) 631-4251
(514) 631-4254 (FAX)