TSX.V: AEP
OTC: APEUF
NANAIMO, BC, Sept. 17, 2021
/CNW/ - Atlas Engineered Products ("AEP" or the "Company")
(TSXV: AEP) (OTC Markets: APEUF) is pleased to provide an update on
the Company's net revenues for the first two months of the
3rd Quarter of 2021.
The Company has carried the strong momentum gained in the first
half of 2021 into the 3rd Quarter of 2021.
Revenues for the two months ended August 31,
2021 were $11.5 million which
represents an 18.8% increase from the full three month quarter
ended September 30, 2020 during which
the Company had revenues of $9.68
million. Management is confident that 3rd
quarter 2021 revenues will surpass the 2nd quarter 2021
revenues of $14.4 million which were
partly the result of higher than normal lumber prices.
The Company also wishes to report that current sales order
bookings stand at approximately $12
million. These orders are expected to be delivered by the
end of the calendar year 2021
Based on the robust first half of the year, and strong current
bookings, management estimates that 2021 year-end revenues will
reach at least $50 million barring
any significant weather stoppages or other unforeseen
circumstances. The Company generated $35.7
million in revenue during the full year ended December 31, 2020.
"Strong demand and significant production volume increases have
offset the drop in lumber prices and Q3 is poised to be a record
quarter for the Company" said Melissa
MacRae, Interim CFO. "While raw material price volatility
and labour shortages continues to challenge the industry the solid
start to Q3 is a testament to the hard work and focus of the entire
AEP team."
The Company's focus continues to be on the raw material and
labour challenges experienced by the construction industry, while
also driving forward with further organic growth and production
efficiency initiatives.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
Forward Looking Information
Information set
forth in this news release contains forward-looking statements.
Forward-looking statements often, but not always, are identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "targeting" and "intend" and statements that
an event or result "may", "will", "should", "could", or "might"
occur or be achieved and other similar expressions.
Forward-looking statements included in this news release include
statements with respect to expected revenues for the full quarter
ending September 30, 2021, the
fullfillment or delivery of booked orders through the year, and
anticipated revenues for the fiscal year ending December 31, 2021. These statements reflect
management's current estimates, beliefs, intentions and
expectations; they are not guarantees of future performance.
Although AEP believes that the expectations reflected in the
forward looking statements are reasonable, there is no assurance
that such expectations will prove to be correct, or that such
future events will occur in the disclosed time frames or at all.
AEP cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond AEP's
control. Such factors include, among other things: the
potential effects of the COVID19 pandemic (including related work
stoppages or shortages and impacts of the pandemic on the
availability of raw materials and demand for AEP's products),
potential weather stoppages, fluctuating prices and availability of
raw materials (including lumber prices), changes in general
economic conditions and additional risks and uncertainties
described in the Management's Discussion and Analysis ("MD&A")
for AEP's three and six months ended June
30, 2021. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information.
Forward-looking statements in this news release also include
future-oriented financial information and financial outlook
information ("FOFI") regarding AEP and its prospective revenues,
financial results and components thereof. The FOFI contained in
this news release is subject to the same assumptions, risk factors,
limitations and qualifications set forth in this news release
relating to other forward-looking statements. The FOFI contained in
this news release is provided for the purpose of providing
information regarding management's assessment of the Company's
anticipated business operations and may not be appropriate for
other purposes.
Except as required under applicable securities legislation,
AEP undertakes no obligation to publicly update or revise
forward-looking information.
NEITHER THE 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.
SOURCE Atlas Engineered Products Ltd.