Tickers: XTSX:PCI
Tags: Agriculture, Mining
MONTREAL, QUEBEC / TheNewswire / September 17, 2018 - Perlite Canada Inc. (the <<Corporation>>) announces hereby its results for the third quarter 2018 ending on July 31, 2018.
The Corporation generated revenues of $1,927,222 during the third quarter ended July 31, 2018 (the "3rd Quarter 2018") compared to $ 1,743,224 as at July 31, 2017, being an increase of approximately 10.5 %. For the nine month period ending on July 31, 2018, total sales were $6,787,627 compared to $6,280,859 for the same period in 2017, being an increase of approximately 8 %.
The Corporation recorded earnings before income taxes of $156,704 during the 3rd Quarter 2018 compared to earnings before income taxes of $295,735 for the 3rd quarter of 2017, being a decreased of approximately 47 %. For the nine month period ending on July 31, 2018, the Corporation registered earnings before taxes of $946,303 compared to earnings of $998,939 for the nine month period ended July 31, 2017, being a decreased of approximately 5 %. The decrease of earnings before income taxes is mainly explained by the recording of a compensation cost to earnings of $101,752 for the 3rd Quarter 2018 and of $301,938 for the nine month period ending on July 31, 2018 due to the recording of options granted to directors and management during the 3rd quarter 2017 calculated over the vesting period of the options granted, compared with an aggregate compensation cost of $5,165 for these periods in 2017.
The Corporation generated net earnings of $85,238 for the 3rd Quarter 2018 compared to net earnings of $295,735 for the same period in 2017, being a decrease of approximately 71 %. For the nine month period ending on July 31, 2018, the Corporation generated net earnings of $610,528 compared to net earnings of $998,939 during the same period in 2017 being a decrease of approximately 39 %. This decrease of net earnings for these periods is mainly explained by the compensation cost to earnings mentioned above following the recording of share purchase options granted in 2017 and by the payable income taxes in 2018 while the Corporation had differed losses during the fiscal year of 2017 and did not have income taxes to pay.
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.
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FOR FURTHER INFORMATION, CONTACT:
Perlite Canada inc.
Richard Barabe or Martin Joyal : (514) 631-4251, (fax) (514) 631-4254 (Fax)
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