Home > Press > Raymor Releases 2006 Audited Financial Statements
Raymor Industries Inc. (TSX VENTURE: RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, today released its annual audited financial statements, along the company's Management Discussion and Analysis (MD&A) for the fiscal year 2006. Raymor, recognized as one of the NANOTECH 100, posted annual revenues of $1,588,950, a 52% increase over the previous 12-month period. The majority of its revenues were related to sales resulting from the production of metallic powders and thermal spray coating services. Raymor generated a net loss of $4,258,131, or $0.047 per share in 2006, a significant improvement over the net loss of $5,561,592, or $0.095 per share in 2005. For the first time, AP&C, Raymor's wholly-owned industrial subsidiary, is showing a gross profit of $263,943 in 2006 representing 17% of its total revenues as compared to nil for 2005. The Company is proud of these results, especially given the reduction in its operating activities over the course of its third and fourth quarters of 2006 due to move of the company's operation and major expansion activities to its new Boisbriand facility. The Company doubled its equipment and production capacity and has been fully operating since the beginning of the year. Also, the number of employees increased by 307% to a total of 61 employees by the end of 2006 compared to 15 employees at the end of 2005.
Raymor Releases 2006 Audited Financial Statements
BOISBRIAND, QUEBEC, CANADA | Posted on May 1st, 2007
On December 31, 2006, Raymor had cash and cash equivalents of $4,113,089, as compared to $1,063,026 on December 31, 2005. The Company's total assets amounted to $15,136,107 on December 31 2006, as compared to $3,918,413 on December 31 2005. The share capital totalled $28,674,871 of December 31 2006 as compared to $15,424,131 on December 31 2005. This increase is the result of the financing that occurred in April 2006 for a total cash consideration of $10,000,000. In addition, warrants and options have been exercised for a cash consideration of $3,220,748 and a charge of $46,208 representing the fair value of share options exercised in 2006 less the cost for share issuance of $16,217. Fixed assets amounted to $4,633,339 on December 31, 2006 as compared to $249,905 on December 31, 2005. This increase is related to the purchase of the remaining joint-venture share held by a former co-venturer in AP&C and related fees for closing this transaction, the purchase of new production equipment for its new facility in order to increase the Company's production capacity and leasehold improvements to its new facility. Deferred development costs amounted to $4,185,832 as of December 31, 2006, compared to $718,229 at the end of December 31, 2005.
Other highlights from the 2006 Annual Audited Financial Statements and MD&A include the following:
- In January 2006, the Company created a new wholly-owned subsidiary called Raymor Nanotech Inc. which will be operate the business unit for the nanotechnology business of the Company.
- In February 2006, the Company was granted Canadian Patent CA 2,499,850 Method and Apparatus for Producing Single Wall Carbon Nanotubes further enhancing its intellectual portfolio and protecting its rights.
- In March 2006, the installation of its high capacity unit for the production of single-walled carbon nanotubes was completed, and operations began immediately.
- In April 2006, Raymor was named as one of the leading public nanotech companies in the world in this year's issue of FORTUNE 500 magazine.
- In May 2006, the company closed a private placement of $10,000,000, which included an important participation from a premier US financial institution.
- In June 2006, Raymor's new wholly-owned subsidiary, Raymor Nanotech, began producing single-walled carbon nanotubes (C-SWNT) from its high capacity production unit, which is designed to produce 10,000 grams/day.
- In September 2006, Raymor acquired the remaining 50% share of the Joint Venture which was announced in 2004 becoming the sole owner of its operations. At the same time. Raymor announced the move of all its manufacturing activities to Boisbriand in the northern outskirts of Montreal.
- In October 2006, AP&C proceeded with the installation of a second plasma atomization unit to produce spherical metallic powders in order to meet expanding demand from AP&C's client base in biomedical, aerospace and defense.
- In November 2006, the Company announced a major expansion of its thermal spray coating capacity to address growing market demand in the aerospace, power generation, and specialized industrial sectors.
- In December 2006, Raymor moved its operations to its new facility in Boisbriand, expanding its production capacity, while reducing operating costs.
- Raymor continued to be very present as speakers, sponsors and/or exhibitors at key industry events in Palm Springs, Boston, New York City, Dallas and Tokyo.
- Raymor announced numerous new clients throughout 2006, including Valve?technologies, Pratt & Whitney Rocketdyne, Department of National Defence (Canada), Johnson Matthey PLC, Stealth Medical Technologies, Korea Institute of Industrial Technology (KITECH), University of Twente, a major US "DOW JONES 30" company, and 3 major orders from a major US orthopedic implant company.
Stephane Robert, President and CEO of Raymor Industries had the following to say:
"We are pleased with the results of 2006, especially given the necessity to interrupt our operations and move to a new facility and to support operations at two different locations for nearly six months. With the move now behind us, with our expansion activities completed, with all qualified personnel and with our aggressive sales and marketing infrastructure now in place, 2007 should be a banner year for Raymor. We expect that the launch of our three new single-walled carbon nanotube grades this year will be a positive impact in the marketplace, particularly in the aerospace and defense sectors."
The complete 2006 annual audited financial statements, along with the MD&A are available at http://www.sedar.com .
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX-V: RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
(VERSION FRANCAISE SERA DISPONIBLE SUR LE SITE WEB DE RAYMOR)
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