GKX Gemini Corp. (delisted)

Gemini Corporation (TSX VENTURE:GKX) announces its first quarter financial
results for the period ended March 31, 2013.


Revenue in the first quarter of 2013 totalled $17,350,000, which was a 14%
decline from the $20,184,000 achieved in the first quarter of 2012. This
reduction was primarily related to slower than expected activity in the Field
Solutions segment as a result of clients choosing to delay the commencement of
various project awards into the second quarter. The softening of economic
conditions in the energy sector of western Canada driven by constrained
commodity prices and product transportation challenges has contributed to these
decisions. Management believes the delays will serve to compress much of the
expected work into the remaining 2013 quarters rather than extending the work
further out into 2014. As for the Engineering segment, the backlog remains
strong and is continuing to be augmented through the successful relationship
building efforts of the business development team. Revenue across the
organization is expected to strengthen in the second quarter and remain at
elevated levels through to the end of the year.


First quarter gross profit for 2013 was $2,443,000 compared to $3,396,000 in the
same period of the prior year. Margin compression experienced in the first
quarter was a result of lower than planned utilization rates within both
segments of the business. The core staffing levels were maintained to avoid
jeopardizing the Corporation's ability to respond to the commencement of planned
projects. This resulted in some short term profitability challenges, but will
prove to be less costly than having to recruit and train personnel in the second
quarter.


The Corporation's 2013 first quarter net loss was $370,000 (0.7 cents per share)
compared to a net income of $185,000 (0.5 cents per share) in the same period
last year.


"The first quarter results were a disappointment given the size of the backlog
we entered 2013 with," stated Doug Lautermilch, Gemini's President and CEO.
"Achieving profitability in 2012 was a significant turning point for our
organization, and I am therefore not satisfied with our first quarter
performance. The market uncertainties are very real for our clients and their
changing priorities are understandable, but it doesn't make the negative impact
on our business any more palatable. We are expecting to recover the first
quarter loss in the second quarter and then continue on with a very active 2013
work schedule that is projected to generate improved earnings over last year."


About Gemini Corporation

Gemini Corporation is a professional services firm that designs, builds and
maintains energy and industrial facilities. Founded in 1982, Gemini combines its
engineering and field service capabilities to increase project efficiency and
provide a single point of accountability. The Corporation's principal target
markets are conventional and unconventional oil and gas, in-situ heavy oil, and
heavy industrial facilities.


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 2013 first-quarter report will be filed with SEDAR at
http://www.sedar.com by May 17, 2013.




CONSOLIDATED FINANCIAL HIGHLIGHTS

                                                         Three Months Ended
Operating Highlights ($'000)                                     (Unaudited)
                                                    March 31,      March 31,
                                                        2013           2012
Revenue                                             $ 17,350       $ 20,184
Gross profit                                           2,443          3,396
Income (loss) from operating activities                 (437)           313
Net income (loss)                                     $ (370)         $ 185
                                                                           
Earnings per share (basic & diluted)                $ (0.007)       $ 0.005

                                                    March 31,   December 31,
Financial Position Highlights ($'000)                   2013           2012
Working capital                                     $ 11,238       $ 12,089
Total assets                                          30,228         26,088
Shareholders' equity                                  17,342         17,689



Disclaimer

This news release may contain 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gemini Corporation
Doug Lautermilch
President & CEO
(403) 259-0311
dlautermilch@geminicorp.ca


Gemini Corporation
Robert Brookwell
Executive VP & CFO
(403) 258-5401
rbrookwell@geminicorp.ca

Gemini Corporation (TSXV:GKX)
Historical Stock Chart
From Jun 2024 to Jul 2024

Gemini Corporation (TSXV:GKX)
Historical Stock Chart
From Jul 2023 to Jul 2024