MONTREAL, QUEBEC–(Marketwired – June 29, 2017) – Perlite Canada inc. (the «Corporation») (TSX VENTURE:PCI) announces hereby the results for its second quarter 2017 ended on April 30, 2017.
The Corporation generated revenues of $2,354,013 during the second quarter ended April 30, 2017 (the “2nd Quarter 2017″) compared to $2,007,035 during the second quarter ended April 30, 2016 being an increase of approximately 17 %.
The Corporation recorded earnings before income taxes en net earnings of $409,961 for the 2nd Quarter 2017 compared with earnings before income taxes and net earnings of $314,916 for the same period in 2016, which represents an approximate increase of 30 %. For the six months period ended April 30, 2017, the Corporation recorded earnings before income taxes and net earnings of $703,204 compared to earnings before income taxes and net earnings of $239,035 for the same period in 2016.
This increase of earnings before income taxes recorded during the 2nd Quarter 2017 compared to earnings before income taxes recorded during the same period in 2016 is mainly explained by the increase of sales of the Corporation and the price adjustments executed during the precedent quarters. The increase of sales of the Corporation was mainly due to the increase of vermiculite products
The Company also announces the adoption by the shareholders of the Company of a rights plan adopted by the Directors in December, 2006. The purpose of the rights plan is to ensure adequate time for shareholders of the Company to assess the merits of a takeover bid without undue pressure. The rights plan would be terminated if the rights agreement is not approved by the shareholders every two-year thereafter and so on. The rights plan has been approved by the shareholders in April 2009, in April 2011, in April 2013, in April 2015 and in April 2017.
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.
Richard Barabe or Martin Joyal
(514) 631-4251
(514) 631-4254 (FAX)
