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Raymor Industries Inc. (TSX VENTURE:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, today released its second quarter 2008 unaudited financial statements, along with the company's Management Discussion and Analysis (MD&A). Raymor posted quarterly revenues of $2,087,417 a 129% increase as compared to the same period in 2007 and a cumulative increase of 204% for the six month period ending June 30, 2008. The Company presents a net loss after depreciation and amortization of $265,352 or ($0.003) per share, as compared to a net loss after depreciation and amortization of $511,281 or ($0.005) per share for the corresponding period in 2007. When excluding depreciation and amortization, the Company is presenting a net profit of $11,795 for its second quarter 2008 as compared to net loss of $348,201 in 2007. For its second quarter 2008, the Company delivered a positive EBITDA of $111,425 as compared to a negative EBITDA of $324,604 for the same period in 2007. At the end of its second quarter 2008, the Company delivered during a six month period a positive EBITDA of $69,805 as compared to a negative EBITDA of $815,737 for the same period in 2007. The growth in revenue is explained, in part: by the acquisition of SE Techno Plus Inc., by increased sales due to receiving qualification from new clients and also by further growth of the existing client base through expansion of the Company's offering of products and technologies in global markets.
In its second quarter of 2008, Raymor realized a gross margin of 43% as compared to 50% in 2007. For the six month period ending June 30, 2008, Raymor achieved a gross margin of 36% as compared to 39% for the same period in 2007. This variation in the gross margin is explained by the consolidation of SE Techno Plus Inc.'s results, which exhibits a lower margin than the Company's other divisions.
Selling expenses decreased by 11% compared to the same period in 2007. In particular, selling expenses amounted to $299,908 as compared to $336,505 for the same period in 2007. During this quarter, the Company mainly focused on improving its client base and sales fulfillment. In the second quarter, the Company's overall investment in acquiring new clientele, including human capital expenditures and targeted direct marketing initiatives to spur continuous revenue growth is presented in selling expenses.
Administrative expenses amounted to $499,263 as compared to $435,218 for the same period in 2007. Items included under administrative expenses are: rent, property taxes, salaries as well as professional expenses such as accounting fees. During this quarter, the Company continued to work on reducing its administrative expenses and improving its efficiency through its new found economies of scale originating from the acquisition.
The Company's total assets amounted to $20,946,525 as at June 30, 2008, as compared to $18,932,228 for the same period ending June 30, 2007 and $16,592,018 at the end of December 31, 2007. It has cash and cash equivalents of $713,850 as of June 30, 2008 as compared to $1,238,891 as of December 31, 2007. This increase in assets is mainly related to the Company's acquisition of SE Techno Plus Inc. and financing activities which include private and institutional funding received during the first quarter.
Fixed assets amounted to $6,292,236 as of June 30, 2008 as compared to $5,011,645 for the same period ending June 30, 2007 and $5,189,769 as of December 31, 2007. This variation is explained by the acquisition of SE Techno Plus Inc. In fact, an amount of $1,539,800 was accounted towards fixed assets in the first quarter of 2008.
Following the acquisition of SE Techno Plus Inc., the Company accounted in the first quarter an amount of $864,762 in Goodwill representing the actual plus value realized between the amount paid for the acquisition and the established value of all purchased assets.
Deferred development costs related to its nanotechnology project amounted to $7,510,492 as at June 30, 2008, as compared to $5,352,374 for the same period ending June 30, 2007 and $6,682,522 at the end of December 31, 2007. Deferred development costs are composed of related development salaries, additional equipment and legal fees for the maintenance and protection of the Company's intellectual property.
Other highlights from the second quarter of 2008 Financial Statements and MD&A includes the following:
The Company is currently negotiating financing alternatives with different lenders and investors in order to secure the funds required for its ongoing operations.
Also, in the second quarter 2008, the Company commenced the process to acquire the building where it operates its business in Boisbriand. This process is continuing in the third quarter.
Stephane Robert, President and CEO of Raymor Industries had the following to say: "We are pleased with our results and we consider this second quarter results as important for the future. Revenue generated reflects the Company position in offering differentiated products addressing the needs of the aerospace, biomedical and defence sectors. Raymor's clients are recognizing the Company's strengths in coatings, metallic powders, and single walled carbon nanotubes."
The complete 2008 second quarter results, along with the MD&A are available at www.sedar.com.
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX VENTURE: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.
FOR MORE INFORMATION ON RAYMOR INDUSTRIES, A NANOTECH 100 COMPANY, PLEASE VISIT: www.raymor.com (VERSION FRANCAISE SERA DISPONIBLE SUR LE SITE WEB DE RAYMOR) The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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