Calgary, Alberta – November 24, 2016: CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or the “Company” or “CEMATRIX”) announces the release of its consolidated financial results for the three and nine months ended September 30, 2016.
Third Quarter Highlights
Contracted sales are currently at $16.0 million, of which $5.8 million is now scheduled to be completed in the first half of 2017.
“The third quarter results were below managements’ expectations as contracted sales, for 2016 work, were moved to the fourth quarter or into 2017 and we had to absorb unanticipated additional costs related to a June project” stated Jeff Kendrick, President and CEO of CEMATRIX. “The most significant highlight of the third quarter is that 2016 infrastructure sales will not grow sufficiently in the year to offset the loss of oil and gas construction sales. This is partially because the infrastructure market is just taking longer to develop, but more so because an unusual number of fall projects were delayed to the first part of 2017. The delays were the result of wet weather and onsite contractor construction issues. Furthermore, up until late in the third quarter of 2016, CEMATRIX had expected that certain additional infrastructure projects would be contracted and that our 2016 sales forecast could still be achieved. Unfortunately, this expectation was not realized.”
Selected financial information for the three and nine months ended September 30, 2016 and 2015 is as follows:
This press release should be read in conjunction with the Corporation’s unaudited Consolidated Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2016, both of which can be found on SEDAR.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a rapidly growing, cash flow positive company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations. This unique cement based material with superior thermal protection delivers a cost-effective, innovative solution to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets.
Neither TSX Venture Exchange nor its Regulation 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, please contact:
Jeff Kendrick – President and Chief Executive Officer
Phone: (403) 219-0484
Jeff Walker – The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
Forward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, expect”, “would’ or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries’ future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX’s beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX’s Management Discussion and Analysis dated May 4, 2016 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.