Gemini Corporation Reports 2010 Second Quarter Results
August 19 2010 - 4:41PM
Marketwired Canada
Gemini Corporation (TSX VENTURE:GKX) announces its second quarter financial
results for the period ended June 30, 2010.
Revenue in the second quarter totalled $18,187,000, which was 19% higher than
the $15,226,000 achieved in the second quarter of 2009. This brings year to date
revenues to $36,231,000 for 2010 compared to $30,022,000 for 2009. The
anticipated softening of second quarter revenues for the Field Solutions segment
did not materialize as project activity remained stable compared to the first
quarter. The current backlog for the third quarter is somewhat weaker overall,
although the fourth quarter work for the Engineered Solutions segment is
building and the last half of the year is expected to finish reasonably strong.
Second quarter gross profits for 2010 were $4,167,000 compared to $4,351,000 in
the same period last year. Margins for 2010 are tracking as planned, although
certain one-time restructuring costs were incurred in the second quarter that
elevated general and administrative expenses more than expected and resulted in
lower net earnings. Second quarter net earnings were $186,000 (0.5 cents per
share) in 2010 compared to $320,000 (1.0 cents per share) in 2009. Year to date
net earnings now total $504,000 (1.4 cents per share) for 2010 compared to
$417,000 (1.2 cents per share) for the same period last year.
"The second quarter results were lower than anticipated, but there are
encouraging signs that the remainder of 2010 will strengthen sufficiently to
generate reasonable profitability for the year", said Doug Lautermilch, Gemini's
President and CEO. "Our drive toward the "One Brand, One Company, One Culture"
theme we set out at the start of the year is progressing well. We have taken
some additional steps in the second quarter to reshape the organization around
this theme and reduce fixed costs in the process. Our emphasis on client
relationships is being embraced by the entire organization and this is helping
to drive increases in bidding activity and project backlogs."
About Gemini Corporation
Gemini Corporation offers a wide range of interrelated services including
project management, engineering, fabrication, construction, and maintenance of
oil & gas and industrial facilities within Canada and internationally. The
Corporation is a leading provider of field solutions and engineered solutions
through either standalone or integrated service approaches to a broadening
client base in the energy, industrial and environmental sectors. The
Corporation's principal target markets are on-shore oil and gas, in-situ heavy
oil, heavy industrial, power and co-generation, and renewable energy.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For
more information about the Corporation and its services, go to
www.geminicorp.ca.
Gemini's 2010 second-quarter report will be filed with SEDAR at
http://www.sedar.com by August 20, 2010.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Operating Highlights ($'000) Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
Revenue $ 18,187 $ 15,226 $ 36,231 $ 30,022
Gross profit 4,167 4,351 8,261 7,952
Earnings before interest &
taxes 350 524 867 722
Net earnings $ 186 $ 320 $ 504 $ 417
Earnings per share (basic) $ 0.005 $ 0.010 $ 0.014 $ 0.012
Earnings per share (diluted) $ 0.005 $ 0.010 $ 0.014 $ 0.012
Operating cash flow
(i)(excludes working 451 724 1,018 1,125
capital changes) $ $ $ $
Operating cash flow per
share $ 0.013 $ 0.021 $ 0.029 $ 0.032
Balance Sheet Highlights ($'000) June 30,2010 December 31, 2009
Working capital $ 12,655 $ 11,793
Total assets 25,713 32,873
Shareholders' equity 15,765 15,162
(i) Operating cash flow and operating cash flow per share are non-GAAP
financial measures which do not have a standard meaning and therefore
may not be comparable to similar measures presented by other companies.
The Corporation provides these measures in its quarterly news releases
to indicate the amount of cash generated for operating purposes during
the period.
Disclaimer
This news release contains forward looking information that represents Gemini's
internal projections, expectations, estimates or beliefs concerning, among other
things, future operating results and various components thereof or Gemini's
future economic performance. All statements other than the statements of
historical fact may be forward-looking statements. In some cases,
forward-looking statements can be identified by terminology such as "may",
"will", "should", "expects", "projects", "plans", "anticipates", and similar
expressions. The projections, estimates and beliefs contained in such
forward-looking statements are based on management's assumptions relating to
Gemini's performance and competition within the sectors in which it competes,
the continuation of the current regulatory and tax regimes in the jurisdictions
in which Gemini operates, and necessarily involve known and unknown risks and
uncertainties, including risks and assumptions relating to client service
demand, field service costs, labour rates, and other factors that may cause
actual performance and financial results in future periods to differ materially
from any projections of future performance or results expressed or implied by
such forward-looking statements. Accordingly, readers are cautioned that events
or circumstances could cause results to differ materially from those predicted
or suggested. The Corporation does not undertake to update any forward-looking
information in this document whether as to new information, future events or
otherwise.
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