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 it's financial and operating results for the year ended December 31, 2012.
The Company's audited annual financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS").
The Company reported a profit of $1,040,356 ($0.042 per basic share) compared to
a profit of $1,190,404 ($0.048 per basic share) for the year ended December 31,
2011. The reduction in profit was primarily due to the impact of recording a
significant charge for allowance for doubtful accounts in 2012 and a one-time
Other revenue item recorded in 2011. Comparatively lower administration expenses
and net foreign exchange gains partially offset the impacts of those two items.
FINANCIAL HIGHLIGHTS SUMMARY
(Stated in Canadian dollars except per share amounts)
Increase
For the years ended December 31 2012 2011 (decrease)
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Revenue 6,684,475 6,093,189 591,286
Gross profit(1) 3,078,180 2,883,387 194,793
EBITDA(1) 1,723,363 1,797,030 (73,667)
Profit and total comprehensive income 1,040,356 1,190,404 (150,048)
Cost of sales as a percent of
revenue(1) 53.9% 52.7% 1.2%
Cash generated from operations before
movements in non-cash working
capital(1) 1,826,443 1,793,638 32,805
Total assets 9,798,449 9,025,953 772,496
Non-current liabilities 272,976 156,034 116,942
Shares outstanding(2)
Basic 24,869,255 24,746,411 122,844
Diluted 25,144,794 24,796,499 348,295
Earnings per share Basic 0.042 0.048 (0.006)
Diluted 0.041 0.048 (0.007)
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(1) Non-IFRS financial measure. Please see discussion in the Non-IFRS
Financial Measures section of Questor's Management's Discussion and
Analysis for the year ended December 31, 2012.
(2) Weighted average.
"Despite the challenging times and relative slowdown in industry activity, the
Questor team delivered a 10 percent increase in revenues in 2012 over 2011,
generating the second highest annual revenue in the Company's history and
increased gross profit by 7 percent to achieve earnings of $0.042 per share.
Revenues were up in all of the business segments for the year. We continued to
penetrate the U.S. market in both the sale of incinerators and use of
incineration equipment on a rental basis and saw sales of units in the Canadian
market jump by 51%. The anticipated fourth quarter delivery of a large capacity
unit to the U.S. market was deferred by our client to the first quarter of 2013"
said Audrey Mascarenhas, President and Chief Executive Officer. "In 2012 we
invested in our rental fleet and inventory using cash generated from operations
to continue to grow revenues into 2013."
"Questor's product quality and combustion expertise are becoming more recognized
on a daily basis globally" she continued. "Our incineration technology is unique
in its ability to allay public concerns regarding air quality and is capable of
meeting emissions standards across a wide range of applications. Recent
emissions legislation introduced in the United States and Europe are expected to
continue to increase interest in our incinerators as companies look for
solutions to flaring and emissions control."
To assist in this growth Questor announces that Mr. John Hankins has joined the
team in the role of Vice President of Business development. John brings a wealth
of experience to Questor in business development, most recently with Calgary
Economic Development.
Mr. Michael West has kindly agreed to have his name stand for election as
Director at Questor's Annual General Meeting on June 4, 2013. Mr. West will
bring considerable expertise to our Board guiding management through the
Company's anticipated growth. Michael's past roles include President and CEO of
CE Franklin Ltd and Vice President Sales and Operations for National Oilwell
Varco.
"We are well positioned to pursue growth opportunities in North America and
Europe in the coming year," concluded Ms. Mascarenhas.
2012 OPERATIONAL HIGHLIGHTS
Relative to the Company's strategic priorities, the following selected events
and achievements demonstrate Questor's progression in 2012:
-- Generated the highest annual revenue in the Company's history -
$6,684,475 - aside from 2007 where a one-time significant sale of
incinerators to China occurred.
-- Demonstrated the Company's technical expertise and competence in the
destruction of low heat content gases through the deployment of
incineration equipment and related technology to shale gas and oil sands
developments and to amine, dehydration and other crude oil and natural
gas processing applications. As a result, certain customers have
identified Questor's technology as best practice and specify the use of
the Company's solutions in their tenders to third parties for field
equipment.
-- Exploited the growing demand for non-permanent applications arising from
the industry's focus on shale gas opportunities investing $0.8 million
in 2012 in addition to $1.4 million in 2011 in rental incinerator fleet
additions and modifications including trailerization of one of the
Company's largest units.
-- Delivered in first quarter 2012 the first of the Company's incineration
equipment into Russia. The Russian market holds strong potential for
Questor as the country focuses on opportunities to reduce waste gas
flaring. An additional order for a unit is expected to be delivered in
second quarter 2013 and discussions are ongoing for future sales.
-- Advanced the development and commercialization of a process to recover
waste heat from incineration and convert the heat to power. The Company
experimented with a variety of designs at its test facility in Grande
Prairie, Alberta. The first such application was installed in third
quarter 2011 and has been the basis for the development of customized
designs for demonstration projects with potential customers throughout
2012.
-- Established a marketing arrangement with Global Industrial Dynamics B.V.
("GI Dynamics") to jointly market Questor's incineration equipment in
Europe, Russia, China and Australia. GI Dynamics is a technology and
service provider focused on industrial projects in natural gas
processing, waste handling and renewable technologies. The company is
headquartered in The Netherlands with offices in China and Australia.
The Managing Director of GI Dynamics made a presentation regarding
Questor's clean air technologies at the Gas Processors Association (GPA)
Europe Annual Conference 2012 in Berlin, Germany on May 24, 2012.
-- Built market awareness and recognition for Questor's expertise in
matters relating to air quality through presentations made by invitation
at several events worldwide including:
-- ACAMP (Alberta Centre for Advanced MNT Products) Cleantech
Technology Seminar 2012 in Calgary, Alberta on March 8, 2012 on the
topic of "Clearing the Air! Safely, Economically and Efficiently".
-- CERBA (Canada Eurasia Russian Business Association) International
Conference on Canada-Eurasia-Russia Cooperation on Energy Efficiency
and Sustainable Development of the Regions, in Vancouver, British
Columbia on March 14, 2012 on the topic of "Innovative Technologies
in Energy Efficiency and Environment Protection".
-- Country Special Canada Forum on the Far North: Economic
Opportunities, Environmental Challenges and Scientific Exploration
held in conjunction with the IFAT ENTSORGA Trade Show and Conference
in Munich, Germany on May 9, 2012 on the topic of "New Technological
and Regulatory Approaches to Addressing Environmental Challenges
around Northern Development in Alberta".
-- The 5th International Petroleum and Petrochemical Leadership and
Innovation Summit held in Dongying, Shandong Province, China from
September 17 - 19, 2012.
-- The Canadian Society for Unconventional Resources 14th Annual
Unconventional Resources Conference Frac to the Future, held October
3 - 4, 2012 in Calgary, Alberta.
-- The 19th International Petroleum Environmental Conference held
October 30, 31 and November 1, 2012 in Denver, Colorado, USA.
-- Unconventional Gas Aberdeen 2012 Conference in Aberdeen, Scotland on
November 28, 2012.
-- Copies of these presentations are available on the Company's website.
SUBSEQUENT TO DECEMBER 31, 2012
At December 31, 2012, the Company had confirmed incinerator sales orders of $1.2
million. Since the beginning of 2013, confirmed incinerator sales orders for an
additional $2.0 million have been received. Of the $3.2 million of associated
revenue to be recorded in relation to these orders, $1.2 million will be
recognized in first quarter 2013 and $2.0 million in second quarter 2013.
Ms. Mascarenhas conducted a webinar for the Society of Profession Engineers
connecting globally with their members on the topic of "a Sustainable Solution
to the Climate Change Dilemma - Eliminate the Flare".
Audrey will also make a presentation May 7th at the CSPG 2013 GeoConvention
entitled "It's Not Just About Rocks" and at the Western Energy Summit May 10th
discussing the key role that technology plays in Energy development.
The Company was selected for Alberta Venture's 2012 Fast Growth 50 list, an
annual ranking honouring fifty of the fastest growing companies in Alberta. This
was the fourth year in succession that Questor was selected.
On March 15, 2013 Questor was awarded the Alberta Export Award for Technology
and Media, an award sponsored jointly by the Canadian Manufacturers and
Exporters and Economic Development Canada and presented to companies who have
made an outstanding contribution to the economy in Alberta through the export of
products and services.
The Company announced that effective April 24, 2013, subject to regulatory
approval, the grant of share options to select officers and employees entitling
the purchase of up to 450,000 common shares at $0.53 per share, exercisable for
a period of five years and vesting in accordance with the provisions of
Questor's share option plan.
Shareholders are invited to attend the Company's Annual General Meeting to be
held on Tuesday, June 4, 2013 at 3:00 p.m. MDT in the Company's Corporate
Offices at 1121, 940 - 6th 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, 2012 and first quarter ended
March 31, 2013 and discussing the Company's strategic initiatives for 2013.
Questor's audited financial statements and notes thereto and management's
discussion and analysis for the year ended December 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 crude oil and
natural 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.
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QUESTOR TECHNOLOGY INC.
STATEMENTS OF FINANCIAL POSITION
Stated in Canadian dollars
December 31 December 31
As at Notes 2012 2011
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ASSETS
Current assets
Cash and cash equivalents 4 $ 4,405,624 $ 2,166,301
Short-term investment 4 - 1,007,896
Trade and other receivables 5, 23 2,304,478 2,852,578
Inventories 6 670,959 766,028
Prepaid expenses and deposits 88,378 96,296
Current tax assets 25,158 73,341
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Total current assets 7,494,597 6,962,440
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Non-current assets
Property and equipment 7 2,295,529 2,053,972
Intangible assets 8 8,323 9,541
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Total non-current assets 2,303,852 2,063,513
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Total assets $ 9,798,449 $ 9,025,953
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LIABILITIES AND EQUITY
Current liabilities
Trade payables, accrued liabilities
and provisions 9 $ 894,206 $ 1,070,989
Deferred revenue and deposits 2,205 280,042
Current tax liabilities 17 171,907 196,572
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Total current liabilities 1,068,318 1,547,603
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Non-current liabilities
Deferred tax liabilities 17 97,319 94,935
Lease inducement 24 152,746 61,099
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Total non-current liabilities 250,065 156,034
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Total liabilities 1,318,383 1,703,637
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Capital and reserves
Issued capital 11 5,521,001 5,458,215
Reserves 12 676,834 622,226
Retained earnings 2,282,231 1,241,875
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Total equity 8,480,066 7,322,316
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Total liabilities and equity $ 9,798,449 $ 9,025,953
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Approved by the Board of Directors:
Gerald DeSorcy, Director Audrey Mascarenhas, Director
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QUESTOR TECHNOLOGY INC.
STATEMENTS OF COMPREHENSIVE INCOME
Stated in Canadian dollars except per share data
For the years ended December 31 Notes 2012 2011
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Revenue 13 $ 6,684,475 $ 6,093,189
Cost of sales 7, 15 (3,606,295) (3,209,802)
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Gross profit 3,078,180 2,883,387
Administration expenses 15 (1,621,055) (1,548,813)
Write-off of property and equipment (27,865) (39,437)
Depreciation of property and
equipment 7 (41,316) (31,342)
Amortization of intangible assets 8 (1,218) (1,218)
Net foreign exchange gains/(losses) 10,603 (18,392)
Other income 13 23,997 324,593
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Profit before tax 1,421,326 1,568,778
Income tax expense 17 (380,970) (378,374)
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Profit and total comprehensive
income $ 1,040,356 $ 1,190,404
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Earnings per share 18
Basic $ 0.042 $ 0.048
Diluted $ 0.041 $ 0.048
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QUESTOR TECHNOLOGY INC.
STATEMENTS OF CHANGES IN EQUITY
Stated in Canadian dollars
Issued Retained Total
capital Reserves earnings equity
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Balance at January 1,
2011 $ 5,404,966 $ 593,944 $ 51,471 $ 6,050,381
Profit and total
comprehensive income - - 1,190,404 1,190,404
Recognition of share-
based payments - 54,531 - 54,531
Issue of ordinary
shares under employee
share option plan 53,249 (26,249) - 27,000
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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 - - 1,040,356 1,040,356
Recognition of share-
based payments - 79,520 - 79,520
Issue of ordinary
shares under employee
share option plan 62,786 (24,912) - 37,874
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Balance at December 31,
2012 $ 5,521,001 $ 676,834 $ 2,282,231 $ 8,480,066
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QUESTOR TECHNOLOGY INC.
STATEMENTS OF CASH FLOWS
Stated in Canadian dollars
For the years ended December 31 Notes 2012 2011
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Cash flows from (used in)
operating activities
Profit and total comprehensive
income for the year $ 1,040,356 $ 1,190,404
Adjustments for:
Income tax expense 17 380,970 378,374
Write-off of property and
equipment 7 27,865 39,437
Depreciation of property and
equipment 7 300,819 227,034
Amortization of intangible
assets 8 1,218 1,218
Net unrealized foreign
exchange gains (5,775) (102,361)
Expense recognized in respect
of equity-settled share-
based payments 11, 16 79,520 54,531
Write-downs of inventories to
net realizable value 6 1,470 5,001
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1,826,443 1,793,638
Movements in non-cash working
capital 21 1,609,381 (2,076,211)
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Cash generated from (used in)
operations 3,435,824 (282,573)
Income taxes paid (461,059) (278,710)
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Net cash generated from (used in)
operating activities 2,974,765 (561,283)
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Cash flows (used in) from
investing activities
Payments for property and
equipment (770,781) (1,411,014)
Proceeds from disposal of
property and equipment 7 - 3,200
Interest paid - -
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Net cash used in investing
activities (770,781) (1,407,814)
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Cash flows from financing
activities
Proceeds from issue of ordinary
shares under employee share
option plan 11,12,16 37,874 27,000
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Net cash from financing
activities 37,874 27,000
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Net increase (decrease) in cash 2,241,859 (1,942,097)
Cash at beginning of the year 2,166,301 3,995,669
Effects of exchange rate changes
on the balance of cash held in
foreign currencies (2,535) 112,729
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Cash at end of the year $ 4,405,624 $ 2,166,301
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FOR FURTHER INFORMATION PLEASE CONTACT:
Questor Technology Inc.
Audrey Mascarenhas
President and Chief Executive Officer
(403) 571-1530
(403) 571-1539 (FAX)
amascarenhas@questortech.com
www.questortech.com
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