TORONTO, April 9, 2014 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia Bio-Chem" as the "Company") announces corrections to its Management Discussion and Analysis for the 12 month period ending December 31, 2013 (MD&A) filed on SEDAR on March 31, 2014. These corrections are typographical in nature and do not involve changes to the audited financial statements.
The corrections to the MD&A and press release dated March 31, 2014 are as follows:
- On page 4 of MD&A, the second line of the fourth bullet point under highlights was changed from "fourth quarter to negative $35.8 million compared with negative $8.1 million" to "fourth quarter to negative $34.3 million compared with negative $8.1 million".
- On page 4 of MD&A, the second line of the third bullet point under highlights was changed from "obtained additional $97.5 million in loans in the quarter" to "obtained additional $4.7 million in net new loans in the quarter".
- On page 6 of MD&A, Q4 2013 Net Income was changed from (35, 809) to (40,957).
- On page 6 of the MD&A, Q4 EBITDA was changed from (35,806) to (34,317)
- On page 7 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
- On page 7 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
- On page 14 of MD&A, Q4 2013 amortization was changed from 2,134 to 3,627.
- On page 14 of MD&A, Q4 2013 EBITDA was change from (35,806) to (34,317) and the percentage change in EBITDA was changed from -341.0% to -322.7%.
- On page 14 of MD&A, Q4 2013 EBITDA before stock based compensation was changed from (35,806) to (32,313) and the change in EBITDA before stock based compensation was changed from -342.5% to -299.4%.
- On page 14 of MD&A, 2013 annual EBITDA was changed from (49,201) to (43,384) and the change in EBITDA was changed from -106.2% to -81.9%.
- On page 14 of MD&A, 2013 annual EBITDA before stock based compensation was changed from (49,190) to (43,373) and the change in EBITDA before stock based compensation was changed from -109.3% to -84.6%.
- On page 15 of MD&A, decrease in cash and restricted cash was changed from $3.4 million to $1.8 million.
- On page 16 of MD&A, the total contract price in Changtu is changed from $20.6 million to $22.6 million.
- The amended Summary Financial Statements from the press release dated March 31, 2014 is provided below (to view the markup version please refer to the version of the Press Release filed today on SEDAR);
SUMMARY FINANCIAL STATEMENTS
| in thousands of Canadian dollars except per share and percentage data | Three Months Ended | Twelve Months Ended December 31 | ||||||||||
| 31/12/13 | 31/12/12 | % Change | 2013 | 2012 | % Change | |||||||
| Sales | 18,027 | 20,565 | -12.3% | 109,261 | 130,440 | 16.2% | ||||||
| Gross profit | (2,419) | (2,680) | 9.7% | (5,812) | (8,203) | 29.1% | ||||||
| Gross margin (% of Sales) | -13.4% | -13.0% | -5.3% | -6.3% | ||||||||
| Operating expenses | 5,519 | 7,908 | -30.2% | 23,014 | 24,247 | -5.1% | ||||||
| Income (loss) from operations | (7,938) | (10,588) | 25.0% | (28,826) | (32,450) | 11.2% | ||||||
| Other income (expense) | (33,378) | (1,331) | -2407.7% | (42,876) | (6,306) | -579.9% | ||||||
| Income (recovery) taxes | (358) | 2,446 | n/a | 809 | 523 | 54.7% | ||||||
| Net income | (40,957) | (14,385) | 184.7% | (72,512) | (39,279) | -84.6% | ||||||
| EBITDA | (34,317) | (8,119) | -322.7% | (43,384) | (23,854) | -81.9% | ||||||
| EBITDA before stock-based compensation | (34,313) | (8,091) | -299.4% | (43,373) | (23,497) | -84.6% | ||||||
| Earnings per share | ||||||||||||
| Basic | (0.48) | (0.17) | (0.85) | (0.46) | ||||||||
| Diluted | (0.48) | (0.17) | (0.85) | (0.46) | ||||||||
| Weighted average number of shares | ||||||||||||
The revised MD&A together with the Form 52-109F1 certifications have been filed on SEDAR together with a cover letter explaining the corrections.
About Asia Bio-Chem Group Corp.
Asia Bio-Chem Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of processing corn into cornstarch, germ and gluten for sale to the domestic Chinese market. From its plants in Liaoning and Heilongjiang Province, the Company has a total processing capacity of 1.5 million tones of corn per year.
This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Asia Bio-Chem Group Corp.
