IPC Announces Q4 and 2002 Summary Operating Results
SURREY, British Columbia--Feb. 6, 2003--Integrated Paving Concepts Inc. (TSX:IPA) releases today, unaudited summary operating results for the 12 months ending December 31, 2002.
Summary Financial Information (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
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Revenue $ 1,919,965 2,180,978 11,858,235 11,628,553
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Earnings (loss) before
depreciation and
interest (1,058,576) (134,389) 871,819 622,378
Depreciation and
amortization 81,902 (116,461) 283,962 239,834
Interest expense (income) 3,836 8,397 (12,564) (31,620)
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Earnings (loss) before
income taxes (1,144,314) (26,325) 600,421 414,164
Income taxes (457,708) 35,192 205,173 249,368
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Net earnings (loss) $ (686,606) (61,517) 395,248 164,796
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Earnings (loss) per share -
basic and diluted $ (0.10) (0.01) 0.06 0.02
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Overall revenues for the quarter decreased by 12% over the same period last year, represented by a 5% increase in coatings revenues and a 20% decrease in equipment and tooling revenues. For the three months ended December 31, the Company's loss before interest, depreciation and taxes increased by $924,000 to $1.1 million over the same 2001 period due to the company's increased investment in operating improvement and sales growth projects.
For the twelve months ended December 31, 2002, overall revenues were up 2%, represented by a 6% increase in coatings revenues and a 4% decrease in equipment and tooling revenues. Earnings before interest, depreciation and interest for the year increased by $249,000 over 2001. At December 31, 2002, the Company's balance sheet remains strong with a cash position of $2.8 million and working capital of over $4.1 million.
North American Division
Sales for the North American division for the three months ended December 31, 2002 were $1.0 million, $432,000 below the same period last year. For the year ended December 31, North American sales decreased by 1% from the prior year, which was the result of a combination of a 2% increase in coating sales and a 7% decrease in equipment and tooling sales.
International Division
International sales for the three months ended December 31 totaled $899,000, which is $413,000 greater than the same prior year period. The year-end international sales total of $2.9 million exceeded 2001 by 25%.
The shares of Integrated Paving Concepts Inc. trade under the symbol IPA on the Toronto Stock Exchange
Integrated Paving Concepts Inc.
Dereck Hamada, Vice President Finance and Administration, Corporate Secretary