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Press release from CNW Group

McVicar Announces Second Quarter Financial Results

Thursday, October 25, 2012

McVicar Announces Second Quarter Financial Results16:57 EDT Thursday, October 25, 2012Trading Symbol: MCVTORONTO, Oct. 25, 2012 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") today announces its financial results and management's discussion and analysis (MD&A) for the second quarter ended June 30, 2012. The detailed financial statements and MD&A can be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.Second Quarter of 2012 Financial Highlights Sales: sales for the second quarter of 2012 were $7.1 million, down 14.7% from $8.3 million from the second quarter of 2011. Sales for the first half of 2012 were $14.9 million, 3.5% lower than $15.4 million in the first half of 2011.Gross profit: $2.4 million for the second quarter of 2012, being 9.5% higher than $2.25 million in the second quarter of 2011. Gross profit for the first half of 2012 was $4.4 million, a 7.9% increase from $4.12 million of the first half of 2011.Operating income: $1.12 million for the second quarter of 2012, an increase of 44.1% compared to $0.76 million in the second quarter of 2011. Operating income for the first half of 2012 was $1.78 million, 35.0% higher from $1.32 million of the first half of 2011.Net income and earnings per share: the net loss was $3.1 million for the second quarter of 2012, compared to net income of $0.36 million in the second quarter of 2011. The net loss attributable to shareholders of the Company was $2.9 million in the second quarter of 2012, compared to income of $0.35 million in the second quarter of 2011. The loss per share for the second quarter of 2012 was $0.082 compared to earnings per share of $0.01 in the second quarter of 2011. The net loss was $2.48 million for the first half of 2012, compared to net income of $1.08 million in the first half of 2011. The net loss attributable to shareholders of the Company for the first half of 2012 was $2.43 million compared to net income of $0.86 million a year ago. The loss per share for the first half of 2012 was $0.068 compared to earnings per share of $0.02 in the first half of 2011.Cash flows generated by operation activities: a positive $4.12 million of cash flows from operating activities in the first half of 2012, compared to a positive $1.02 million cash for operating activities for the first half 2011.Business Developments Increase of interest in Jite Technologies Inc. ("Jite"): McVicar now owns a 100% interest in Jite.This press release contains forward-looking statements which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.SOURCE: McVicar Industries Inc.For further information: Please contact Ms. eXavier Peterson or Gang Chai, CEO at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.mcvicar.ca