5N Plus has announced financial results for the third quarter of fiscal 2010 ended February 28, 2010. The company reports that sales reached a record level of CAD$19,227,127 up by 0.4% over sales of CAD$19,150,195 for the third quarter of the previous fiscal year.
Net earnings were of CAD$4,075,513 (CAD$0.09 per share), which represents a 21.5% decrease over net earnings of CAD$5,189,673 (CAD$0.11 per share) for the third quarter of the previous fiscal year. EBITDA(1) decreased by 22.0% to CAD$6,253,513 down from CAD$8,012,408 during the third quarter of the previous fiscal year.
For the nine-month period ended February 28, 2010, sales decreased by 0.5% to CAD$51,033,792 and net earnings by 32.0% to CAD$10,307,869 (CAD$0.23 per share). This compares with sales of CAD$51,315,894 and net earnings of CAD$15,159,673 (CAD$0.33 per share) for the same period of the previous fiscal year. EBITDA also decreased during the nine-month period ended February 28, 2010 to CAD$16,444,458 down by 28.0% from CAD$22,833,752 for the corresponding period of the previous fiscal year.
As at February 28, 2010 the backlog of orders expected to translate into sales over the following twelve months stood at CAD$53,791,253 which represents a 3.4% increase over its level of CAD$52,024,064 one year earlier.
Jacques L’Ecuyer, president and CEO said, “We are pleased to report the results of our third quarter which was characterized by record sales and an improved profitability with respect to the previous two quarters. Demand for our solar grade products continued to be strong but it is the increase in sales of our non-solar products, which was largely responsible for the record quarter. These non-solar products include for the first time those produced by our subsidiary Firebird Technologies, the performance of which positively impacted both our sales and earnings in the quarter.”
The interim unaudited consolidated financial statements of 5N Plus, as well as the Management’s Report of the third quarter ended February 28, 2010 are available here.