Press release from Marketwire
Nordex Announces Record Quarter 1 Revenue
Wednesday, April 30, 2014
Nordex Announces Record Quarter 1 Revenue07:00 EDT Wednesday, April 30, 2014
KIRKLAND LAKE, ONTARIO--(Marketwired - April 30, 2014) - NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce the filing of the quarterly financial statements and management discussion and analysis for the fiscal period ended March 31, 2014. This information is available on SEDAR and the Corporation's website.
Highlights for this three month period are as follows:
- Record revenue of $5,330,559, an increase of 51.1% from the previous years comparable three month period;
- Gross profit of $1,220,096, an increase of 67.6% from the previous years comparable three month period;
- Net income before tax of $428,393;
- Net income after tax of $317,919, an increase of 159.9% from the previous years comparable three month period;
- Increasing manufacturing of Buttbuster line of products from new facility;
- Increased demand for the line of Buttbuster perimeter control products;
- Recognition of revenue from new distribution locations located in Ontario;
- Signed letter of intent for new distribution location in Western Canada
President and CEO Jim Taylor states; "We are extremely pleased with the progress at our new distribution facilities now generating additional revenue for our line of explosives products. We continue to diversify our customer base, with specific focus on generating revenue from the construction business as well as the traditional mining business. With a modest recovery in the mining business, we are starting to see increasing demand from existing and new customers."
Nordex will be attending the CIM conference held in Vancouver, BC from May 11 to 14, 2014. It is expected that management will be meeting with a number of existing and new customers to continue the introduction and education for the Buttbuster line of products.
About Nordex Explosives
Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at www.nordexexplosives.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Capital Ideas IR
403 517 2270
Nordex Explosives Ltd.
President and CEO
705 642 3265 extension 203