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Mercator Transport Announces Its Financial Results For The Second Quarter 2013-2014 - Live5News.com | Charleston, SC | News, Weather, Sports

Mercator Transport Announces Its Financial Results For The Second Quarter 2013-2014

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Montreal, Quebec, December 30, 2013 – Mercator Transport Group Corporation (“Mercator Transport” or the “Corporation”) (TSX-V: GMT), announces its financial results for the quarter ended October 31, 2013.

Financial Highlights

Selected Consolidated Results

Unaudited


 ----------------------------------------------------------------
 |(in thousands of Canadian dollars, amounts per|Q2  201|Q2  201|
 |share excepted)                               |3-2014 |2-2013 |
 |                                              |$      |$      |
 |--------------------------------------------------------------|
 |Logist ics and distribution (Gross Revenues)  |5,204  |7,251  |
 |--------------------------------------------------------------|
 |Customs, duties and t axes                    |(124)  |(944)  |
 |--------------------------------------------------------------|
 |Net r evenues                                 |5,080  |6,307  |
 |--------------------------------------------------------------|
 |EBITDA 1 (EBITDA 1 loss)                      |149    |(475)  |
 |--------------------------------------------------------------|
 |Net l oss from continuing operations          |(179)  |(818)  |
 |--------------------------------------------------------------|
 |Net l oss from discontinued operations        |-      |(830)  |
 |--------------------------------------------------------------|
 |Net  loss attributable to owners of the       |(156)  |(1,642)|
 |Corporation                                   |       |       |
 |--------------------------------------------------------------|
 |Net l oss from continuing operations per      |   (0. |       |
 |share, basic and fully diluted                |005)   |(0.022)|
 |--------------------------------------------------------------|
 |Net l oss per share, basic and fully diluted  |(0.    |(0.044)|
 |                                              |005)   |       |
 ----------------------------------------------------------------

1 See definition of non-IFRS measure in Mercator Transport’s MD&A.

For the quarter ended October 31, 2013, Mercator Transport’s net revenues totaled $ 5.1 million, a decrease of $1.3 million or 19% compared to the same period last year due to reduced sales in France and Canada, factor partially offset by increased revenues in Argentina. The decrease in revenue is the result of funding constraints of the Company, constraints it currently seeks to solve in order to return to growth mode and profitability.

The Company generated an EBITDA (1) of $149,000 for the quarter ended October 31, 2013, compared to an EBITDA (1)loss of $(475,000) for the corresponding period of the previous year. The improvement is attributable to a 36% reduction in selling and administrative expenses as well as to improved gross margins, factors partially offset by lower sales.

A net loss from continuing operations of $179,000, or $(0.005) per share, was recorded in the second quarter of 2013-2014, compared to a net loss of $818,000, or $(0.022) per share, for the corresponding quarter of the previous year due to the improved EBITDA(1).

The results for the second quarter of 2013-2014 were significantly higher than last year despite a revenue decline. Cost reduction and margin improvement efforts undertaken last year are bearing fruit, allowing us to generate positive results at a level lower of revenue. Energies should now be focused on the financial restructuring of the Company, namely the quest for new funding and the stabilization of the balance sheet,” said Mr. Jean-Pierre Apelian, President and CEO.

For further information, please refer to Mercator Transport’s management discussion and analysis and quarterly unaudited consolidated financial statements, available on SEDAR’s website, at www.sedar.com.

About Mercator Transport


Mercator Transport specializes in air, ocean and ground transport brokerage, international logistics and distribution. Based in Montreal (Canada), with offices in Lyon (France) and Buenos Aires (Argentina), Mercator Transport offers value-added services in global supply chain management, and designs customized solutions. Customer intimacy and commitment differentiates Mercator Transport in its ability to implement customers’ requirements.

Neither TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Mr. Robert Gagnon, Chief Financial Officer

Investor relations

investisseur@corpgmt.com

(514) 738-6464

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Source: http://www.accesswire.com/viewarticle.aspx?id=410673

ReleaseID: 29668

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