Tecnoglass Announces 2014 First Quarter Financial Results
Increases 2014 Adjusted Ebitda Forecast
Conference Call Scheduled for
First Quarter 2014 Overview
-
Consolidated revenues rose 20.7% to
$47.8 million from$39.6 million in Q1 2013 primarily due to strong growth in U.S. sales. -
Operating income increased 60% to
$7.9 million from$4.9 million in Q1 2013. -
Net income (excluding non-cash, non-operating loss) was
$4.2 million , or$0.17 per diluted share, compared to net income of$2.5 million , or$0.12 per diluted share, in Q1 2013. -
Adjusted EBITDA of
$11.1 million , a 49% increase from$7.4 million in Q1 2013. -
At
March 31, 2014 :-
Cash and cash equivalents of
$20.3 million , excluding restricted cash of$3.6 million -
Working capital of
$53.0 million -
Backlog of
$140 million
-
Cash and cash equivalents of
José
"We have realized a number of benefits since becoming public in
First Quarter 2014 Results
Consolidated revenues for Q1 2014 rose 20.7% to
Gross profit rose to
Selling and administrative expenses in Q1 2014 declined to
Operating income rose 60% to
Net loss for Q1 2014 was
Excluding the
Adjusted EBITDA was
Backlog
Consolidated backlog stood at
2014 Forecast
Based on current business conditions, including forecasted growth in key
markets, particularly
Conference Call
Management will host a conference call on
- (877) 423-9820 (Domestic)
- (201) 493-6749 (International)
The conference call will also be broadcast live via the Investor Information sector of Tecnoglass's website at www.tecnoglass.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the website for approximately 90 days.
About
Forward Looking Statements
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding future financial performance, future
growth and future acquisitions. These statements are based on
Tecnoglass's current expectations or beliefs and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements herein due
to changes in economic, business, competitive and/or regulatory factors,
and other risks and uncertainties affecting the operation of Tecnoglass'
business. These risks, uncertainties and contingencies are indicated
from time to time in Tecnoglass's filings with the
Condensed Statements of Operations and Comprehensive Income (in thousands, except share and per share amounts) (Unaudited) |
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Three Months Ended |
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2014 | 2013 | |||||
Operating revenues | $ | 47,841 | $ | 39,631 | ||
Cost of sales | 33,245 | 27,718 | ||||
Gross profit | 14,596 | 11,913 | ||||
Operating expenses: | ||||||
Operating expenses, net | 6,739 | 6,991 | ||||
Operating income | 7,857 | 4,922 | ||||
Loss on change in fair value of warrant liability | (8,880) | - | ||||
Non-operating revenues | 1,286 | 879 | ||||
Interest expense | 1,973 | 1,669 | ||||
Income/ (loss) before taxes | (1,710) | 4,132 | ||||
Income tax provision | 2,971 | 1,631 | ||||
Net income (loss) | (4,681) | 2,501 | ||||
Comprehensive income: | ||||||
Net income (loss) | (4,681) | 2,501 | ||||
Foreign currency translation adjustments | (176) | 1,978 | ||||
Total comprehensive income (loss) | (4,857) | 4,479 | ||||
Basic income (loss) per share |
( |
|
||||
Diluted income (loss) per share |
( |
|
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Basic weighted average common shares outstanding | 24,242,315 | 20,567,141 | ||||
Diluted weighted average common shares outstanding | 24,242,315 | 20,567,141 | ||||
|
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Condensed Consolidated Balance Sheets
(In thousands, except share and per share data) (Unaudited) |
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|
|
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2014 | 2013 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 20,268 | $ | 2,866 | ||
Restricted cash | 3,564 | 3,633 | ||||
Due from transfer agent | - | 15,908 | ||||
Subscription receivable | - | 6,611 | ||||
Trade accounts receivable, net | 69,927 | 59,010 | ||||
Due from related parties | 18,993 | 19,058 | ||||
Inventories | 23,696 | 24,181 | ||||
Other current assets | 38,761 | 29,303 | ||||
Total current assets | 175,209 | 160,570 | ||||
Long term assets: | ||||||
Property, plant and equipment, net | 84,937 | 87,382 | ||||
Other long term assets | 257 | 262 | ||||
Total long term assets | 85,194 | 87,644 | ||||
Total assets | $ | 260,403 | $ | 248,214 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt and current portion of long term debt | $ | 38,579 | $ | 29,720 | ||
Note payable to shareholder | 80 | 80 | ||||
Accounts payable and accrued expenses | 34,014 | 37,682 | ||||
Current portion of customer advances on uncompleted contracts | 33,068 | 28,470 | ||||
Other current liabilities | 16,504 | 12,545 | ||||
Total current liabilities | 122,245 | 108,497 | ||||
Long term liabilities: | ||||||
Warrant liability | 27,160 | 18,280 | ||||
Customer advances on uncompleted contracts | 5,140 | 8,220 | ||||
Long term debt | 44,595 | 48,097 | ||||
Total liabilities | 199,140 | 183,094 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||
Shareholders' equity |
||||||
Preferred shares, |
||||||
0 shares issued and outstanding at |
- | - | ||||
Ordinary shares, |
2 |
2 |
||||
24,310,363 and 24,214,670 shares issued and outstanding at
|
||||||
Legal Reserves | 1,367 | 1,367 | ||||
Additional paid-in capital | 41,693 | 40,693 | ||||
Retained earnings | 13,807 | 18,488 | ||||
Cumulative Translation Adjustment | 4,394 | 4,570 | ||||
Total shareholders' equity | 61,263 | 65,120 | ||||
Total liabilities and shareholders' equity | $ | 260,403 | $ | 248,214 | ||
Adjusted EBITDA Reconciliation
Adjusted EBITDA is not a measure of financial performance under
generally accepted accounting principles ("GAAP"). Management believes
Adjusted EBITDA, in addition to operating profit, net income and other
GAAP measures, is useful to investors to evaluate the Company's results
because it excludes certain items that are not directly related to the
Company's core operating performance. Investors should recognize that
Adjusted EBITDA might not be comparable to similarly-titled measures of
other companies. This measure should be considered in addition to, and
not as a substitute for or superior to, any measure of performance
prepared in accordance with GAAP. A reconciliation of Adjusted EBITDA to
the most directly comparable GAAP measure in accordance with
Adjusted |
Depreciation |
Adjusted |
Warrants Liability |
Interest |
Tax |
Net |
Net |
|||||||||||||||||
Q1 2013 | 7,436 | 1,635 | 5,801 | -0- | 1,669 | 1,631 | 2,501 | 2,501 | ||||||||||||||||
Q1 2014 | 11,095 | 1,952 | 9,143 | (8,880) | 1,973 | 2,971 | (4,681) | 4,199 | ||||||||||||||||
2014 F | 46,000 | 9,300 | 36,700 | (8,900) | 9,000 | 10,800 | 8,000 | 16,800 | ||||||||||||||||
Senior Vice
President
dsullivan@equityny.com
or
Associate
tmei@equityny.com
Source:
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