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/C O R R E C T I O N from source -- Manac Inc./
In c6228 transmitted at 09:09e today, please note that two modifications have been made to the "Conference call" section. Dial-in numbers 647-427-7450 and 866. 865. 3087 have been added and the replay number should have been 1.855.859.2056 and not 866.865.3087. Corrected copy follows:
Manac Inc. posts a Net income of $13.1 million in 2013, an increase of 90% over 2012
SAINT-GEORGES, QC, March 20, 2014 /CNW Telbec/ - Specialty trailers manufacturer Manac Inc. (TSX: MA) reported a net income of $13.1 million or $0.98 per share, for the year ended December 31, 2013, compared with a net income of $6.9 million for 2012. Sales for 2013 totaled $288.0 million compared with $269.6 million for the 2012 year; an increase of 6.8%.
For the fourth quarter of 2013, net income is $4.8 million, or $0.28 per share, compared with a net income of $2.8 million for the same period in 2012; an increase of 71%. Sales for the fourth quarter of 2013 are at $69.9 million, an increase of 4.3% when compared to the same period in 2012.
"2013 has been marked by our initial public offering and the important transformation of our Missouri plants' operational performance. These efforts, which are now underway at our St-Georges facility, will be the cornerstone of our operational improvements for the next few years. Market conditions in our targeted US industry segments have been more difficult in 2013, while our revenues from Canada increased by $28.3 million in 2013 or 14.5% " says Charles Dutil, Manac President.
"Our very low debt and high cash levels as at December 31, 2013 put the Company in a very good position and provide us with great flexibility as we come across potential opportunities" stated Charles Dutil.
Backlog increased by $25 million in the quarter and totaled $78.4 million on December 31, 2013. This compares to $53.4 million on September 28, 2013 and $87.1 million on December 31, 2012.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate®, Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.
Manac Inc. will hold a conference call with financial analysts, investors and media representatives on Thursday, March 20, 2014 at 11:30 p.m. EST. To participate in the call, please dial 647-427-7450 or 866. 865. 3087 ten minutes prior to the scheduled start of the call. A podcast will be available at www.manac-ir.com and www.newswire.ca.
A replay of the conference call will be available until March 28, 2014, by dialing 1.855.859.2056 and entering conference ID 17417171, followed by the pound key (#).
Forward looking statements
This document may contain forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements arebased on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.
SOURCE Manac Inc.
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