Montreal, Quebec / ACCESSWIERE / March 28, 2014 / Mercator Transport Group Corporation ("Mercator Transport" or the "Corporation") (TSX-V: GMT), announces its financial results for the quarter ended January 31, 2014.
Financial Highlights
Selected Consolidated Results
Unaudited
------------------------------------------------------------------------------------ |(in thousands of Canadian dollars, amounts per share excepted)|Q3 |Q3 | | |2013-2014|2012-2013| | |$ |$ | |----------------------------------------------------------------------------------| |Logistics and distribution (Gross Revenues) |2,968 |7,561 | |----------------------------------------------------------------------------------| |Customs, duties and taxes |(47) |(733) | |----------------------------------------------------------------------------------| |Net revenues |2,921 |6,828 | |----------------------------------------------------------------------------------| |EBITDA1(EBITDA1loss) |(594) |(672) | |----------------------------------------------------------------------------------| |Net loss from continuing operations |(1,346) |(1,024) | |----------------------------------------------------------------------------------| |Net loss from discontinued operations |- -- | |----------------------------------------------------------------------------------| |Net loss attributable to owners of the Corporation |(1,230) |(1,021) | |----------------------------------------------------------------------------------| |Net loss from continuing operations | | | |per share, basic and fully diluted |(0.036) |(0.028) | |----------------------------------------------------------------------------------| |Net loss per share, basic and fully diluted |(0.036) |(0.027) | ------------------------------------------------------------------------------------
1 See definition of non-IFRS measure in Mercator Transport's MD&A.
For the quarter ended January 31, 2014, Mercator Transport's net revenues totaled $2.9 million, a decrease of $ 3.9 million or 57% compared to the same period last year due to reduced sales in France and Canada, factor partially offset by increased revenues in Argentina. The decrease in revenue is the result of funding constraints of the Company.
The Company generated an EBITDA(1) loss of $(594,000) for the quarter ended January 31, 2014, compared to an EBITDA(1) loss of $(672,000) for the corresponding period of the previous year. The improvement is attributable to reduced selling and administrative expenses.
A net loss from continuing operations of $1,346,000, or $(0.036) per share, was recorded in the third quarter of 2013-2014, compared to a net loss of $1,024,000, or $(0.028) per share, for the corresponding quarter of the previous year due to increased financing costs partially offset by the improved EBITDA(1) loss.
For further information, please refer to Mercator Transport's management discussion and analysis and quarterly unaudited consolidated financial statements, available on SEDAR's website, at www.sedar.com.
About Mercator Transport
Mercator Transport specializes in air, ocean and ground transport brokerage, international logistics and distribution.
Neither TSX Venture Exchange nor its Regulatory 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:
Mr. Robert Gagnon, Chief Financial Officer
Investor relations
(514) 738-6464