THIS DOCUMENT IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED
STATES.
Questor Technology Inc. ("Questor" or the "Company") (TSX VENTURE:QST) announced
today its financial and operating results for the first quarter of 2012. The
Company reported a profit of $487,438 ($0.020 per basic share) for the three
months ended March 31, 2012 compared to a loss of $119,541 ($0.005 per basic
share) for the same three-month period last year.
This substantial increase in profit was due primarily to higher revenue arising
from differences in the volume and mix of incinerator sales in each quarter and
to the stronger margins achieved in 2012. Higher utilization of the rental
incinerator fleet and lower administration expenses in first quarter 2012
further contributed to the positive profit variance for the three months ended
March 31, 2012. Partially offsetting this favourable result was higher income
tax expense.
FINANCIAL HIGHLIGHTS SUMMARY
(Stated in Canadian dollars except per share amounts)
Increase
For the three months ended March 31 2012 2011 (decrease)
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Revenue 2,230,875 897,876 1,332,999
Gross profit(1) 1,053,700 297,612 756,088
EBITDA(1) 727,329 (100,476) 827,805
Profit (loss) and total comprehensive
income (loss) 487,438 (119,541) 606,979
Cost of sales as a percent of revenue(1) 52.8% 66.9% (14.1)%
Cash generated from (used in) operations
before movements in non-cash working
capital(1) 774,985 (44,565) 819,550
Total assets 9,090,567 6,718,502 2,372,065
Non-current liabilities 174,703 100,655 74,048
Shares outstanding(2)
Basic 24,857,370 24,707,370 150,000
Diluted 25,013,349 24,707,370 305,979
Earnings per share - Basic 0.020 (0.005) 0.025
Earnings per share - Diluted 0.019 (0.005) 0.024
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(1) Non-IFRS financial measure. Please see discussion in the Non-IFRS
Financial Measures section of the Company's Management's Discussion and
Analysis for the three months ended March 31, 2012.
(2) Weighted average.
"We have had a strong, profitable start to the year," said Audrey Mascarenhas,
President and Chief Executive Officer. "The new emission standards for hazardous
air pollutants ("NESHAP") introduced in April 2012 by the Environmental
Protection Agency in the United States has heightened demand for our
incineration technology. In addition, regulation in Europe is becoming
increasingly focused on emissions and some countries have begun to disallow open
flaring, thereby creating an opportunity for Questor. In the coming year, we
will pursue expansion of the Company's presence in the United States and
European markets.
We are looking forward to the Company's continued growth as the marketplace
recognizes the economic and operational benefits Questor's clean air solutions
offer," concluded Ms. Mascarenhas.
Shareholders are invited to attend the Company's Annual General Meeting to be
held on Tuesday, June 5, 2012 at 3:00 p.m. MDT in the Cardium Room of the
Calgary Petroleum Club, located at 319 - 5th Avenue S.W., Calgary, Alberta. In
addition to the formal business items, management will be presenting an overview
of Questor's results for the financial year ended December 31, 2011 and first
quarter ended March 31, 2012 and discussing the Company's strategic initiatives
for 2012.
Questor's unaudited condensed financial statements and notes thereto and
management's discussion and analysis for the three months ended March 31, 2012
will be available shortly on the Company's website at www.questortech.com and
through SEDAR at www.sedar.com.
ABOUT QUESTOR TECHNOLOGY INC.
Questor is an international environmental oilfield service company founded in
late 1994 and headquartered in Calgary, Alberta, Canada with a field office
located in Grande Prairie, Alberta, Canada. The Company is focused on clean air
technologies with activities in Canada, the United States, Europe and Asia.
Questor designs and manufactures high efficiency waste gas incinerators for sale
or for use on a rental basis and also provides combustion-related oilfield
services. The Company's proprietary incinerator technology destroys noxious or
toxic hydrocarbon gases which ensures regulatory compliance, environmental
protection, public confidence and reduced operating costs for customers. Questor
is recognized for its particular expertise in the combustion of sour gas (H2S).
While the Company's current customer base is primarily in the oil and gas
industry, this technology is applicable to other industries such as landfills,
water and sewage treatment, tire recycling and agriculture.
Questor trades on the TSX Venture Exchange under the symbol "QST".
Certain information in this news release constitutes forward-looking statements.
When used in this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose", "estimate",
"expect", and similar expressions, as they relate to the Company, are intended
to identify forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. These statements
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company's current views
with respect to future events based on certain material factors and assumptions
and are subject to certain risks and uncertainties, including without
limitation, changes in market, competition, governmental or regulatory
developments, general economic conditions and other factors set out in the
Company's public disclosure documents. Many factors could cause the Company's
actual results, performance or achievements to vary from those described in this
news release, including without limitation those listed above. These factors
should not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from those
described in this news release and such forward-looking statements included in,
or incorporated by reference in this news release, should not be unduly relied
upon. Such statements speak only as of the date of this news release. The
Company does not intend, and does not assume any obligation, to update these
forward-looking statements. The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF FINANCIAL POSITION
Stated in Canadian dollars
Unaudited
March 31 December 31
As at 2012 2011
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ASSETS
Current assets
Cash and cash equivalents $ 3,891,754 $ 2,166,301
Short-term investment - 1,007,896
Trade and other receivables 2,496,977 2,852,578
Inventories 670,437 766,028
Prepaid expenses and deposits 75,318 96,296
Current tax assets 13,549 73,341
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Total current assets 7,148,035 6,962,440
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Non-current assets
Property and equipment 1,933,296 2,053,972
Intangible assets 9,236 9,541
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Total non-current assets 1,942,532 2,063,513
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Total assets $ 9,090,567 $ 9,025,953
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LIABILITIES AND EQUITY
Current liabilities
Trade payables, accrued liabilities and
provisions $ 905,560 $ 1,070,989
Deferred revenue and deposits 113,039 280,042
Current tax liabilities 78,230 196,572
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Total current liabilities 1,096,829 1,547,603
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Non-current liabilities
Deferred tax liabilities 90,692 94,935
Lease inducement 84,011 61,099
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Total non-current liabilities 174,703 156,034
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Total liabilities 1,271,532 1,703,637
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Capital and reserves
Issued capital 5,458,215 5,458,215
Reserves 631,507 622,226
Retained earnings 1,729,313 1,241,875
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Total equity 7,819,035 7,322,316
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Total liabilities and equity $ 9,090,567 $ 9,025,953
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QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Stated in Canadian dollars except per share data
Unaudited
For the three months ended March 31 2012 2011
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Revenue $ 2,230,875 $ 897,876
Cost of sales (1,177,175) (600,264)
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Gross profit 1,053,700 297,612
Administration expenses (353,444) (405,237)
Net foreign exchange losses (34,413) (38,287)
Depreciation of property and equipment (10,322) (2,888)
Amortization of intangible assets (305) (305)
Write-off of property and equipment (2,768) (1,613)
Other income 4,705 3,717
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Profit (loss) before tax 657,153 (147,001)
Income tax (expense) income (169,715) 27,460
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Profit (loss) and total comprehensive income
(loss) $ 487,438 $ (119,541)
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Earnings (loss) per share
Basic $ 0.020 $ (0.005)
Diluted $ 0.019 $ (0.005)
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QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF CHANGES IN EQUITY
Stated in Canadian dollars
Unaudited
Retained
Issued earnings Total
capital Reserves (deficit) equity
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Balance at January 1, 2012 $ 5,458,215 $ 622,226 $1,241,875 $7,322,316
Profit and total
comprehensive income - - 487,438 487,438
Recognition of share-based
payments - 9,281 - 9,281
Issue of ordinary shares
under employee share option
plan - - - -
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Balance at March 31, 2012 $ 5,458,215 $ 631,507 $1,729,313 $7,819,035
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Balance at January 1, 2011 $ 5,404,966 $ 593,944 $ 51,471 $6,050,381
Loss and total comprehensive
loss - - (119,541) (119,541)
Recognition of share-based
payments - 16,274 - 16,274
Issue of ordinary shares
under employee share option
plan - - - -
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Balance at March 31, 2011 $ 5,404,966 $ 610,218 $ (68,070) $5,947,114
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QUESTOR TECHNOLOGY INC.
CONDENSED STATEMENTS OF CASH FLOWS
Stated in Canadian dollars
Unaudited
For the three months ended March 31 2012 2011
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Cash flows from operating activities
Profit (loss) and total comprehensive income
(loss) $ 487,438 $ (119,541)
Adjustments for:
Income tax expense (income) 169,715 (27,460)
Write-off of property and equipment 2,768 1,613
Depreciation of property and equipment 69,871 46,220
Amortization of intangible assets 305 305
Net unrealized foreign exchange losses 35,607 38,024
Expense recognized in respect of equity-
settled share-based payments 9,281 16,274
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774,985 (44,565)
Movements in non-cash working capital 1,414,553 354,585
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Cash generated from operations 2,189,538 310,020
Income taxes paid (280,061) (215,000)
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Net cash generated from operating activities 1,909,477 95,020
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Cash flows (used in) from investing activities
Payments for property and equipment (152,502) (111,502)
Proceeds from disposal of property and equipment - 3,200
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Net cash used in investing activities (152,502) (108,302)
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Cash flows from financing activities - -
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Net increase (decrease) in cash 1,756,975 (13,282)
Cash at beginning of the period 2,166,301 3,995,669
Effects of exchange rate changes on the balance of
cash held in foreign currencies (31,522) (32,251)
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Cash at end of the period $ 3,891,754 $ 3,950,136
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Questor Technology (TSXV:QST)
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