MFC Industrial Ltd. Reports First Quarter Results For 2013
- Revenues up over 40 percent -
NEW YORK, May 15, 2013 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) announces its results for the three months ended March 31, 2013 and provides an update on its recent corporate developments. The Company's financial statements are prepared in accordance with International Financial Reporting Standards.
Unless otherwise noted, all dollar amounts are in United States dollars.
HIGHLIGHTS |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 |
-- Revenues increased by over 40% to $207.3 million in the first quarter of 2013. Our net income for the quarter ended March 31, 2013 decreased to a disappointing $5.0 million, or $0.08 per share on a diluted basis.
-- Profits were down in the quarter ended March 31, 2013, primarily due to one-off expenses, increased SG&A expenses and the slower than expected integration of our newly acquired commodity businesses.
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-- We entered into a preliminary letter agreement for a joint venture for the expansion of our natural gas midstream facilities.
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-- We declared an annual cash dividend for 2013 of $0.24 per common share. The dividend is 9% higher than that paid in 2012 and represents a yield of approximately 2.81% compared to an annual dividend yield of approximately 2.5% for the NYSE Composite Index in 2012. The 2013 cash dividend will be paid in equal quarterly installments of $0.06 per common share. To date we have distributed two dividend payments totaling $0.12 per share to our shareholders in February and April 2013.
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In the first quarter of 2013, we saw marginal improvements in the pricing of certain of our commodities. Natural gas prices increased slightly, but such gains were offset by weaker than expected pricing for iron ore and other products. Our revenues grew by over 40% in the first quarter, compared to the same period in 2012. This was good, but we know we can do better. Earnings were quite disappointing as a result of various factors including timing issues on commodities shipments and higher expenses relating to the integration of our recent acquisitions.
We have completed the initial stages of the integration of Compton Petroleum Corporation's ("CPC") production of natural gas and natural gas liquids into our company. This reflected our strategy to increase our captive commodities sources and met our stated investment objectives. We are in the process of expanding our gas processing facility at Mazzeppa, consisting of the development of midstream projects that will help reduce our exposure to the volatility of natural gas prices, and also have the potential to create long-term stable processing income as well as a value-added component for our natural gas.
We are also in negotiations with interested parties to obtain the greatest value for our Niton property. The Niton area includes multi-zone, liquids-rich, tight gas plays, as well as other productive zones that provide the opportunities to expand our development base by moving into other geological horizons. Niton also includes our McLeod River gas processing plant.
ACC Resources Inc. ("ACCR") and Possehl Mexico S.A. de C.V. ("Possehl"), which are commodity supply chain companies, specializing in industrial raw materials, chemicals and various other products are being integrated into our group and we will complete this process shortly.
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2013
Total revenues for the three months ended March 31, 2013 increased 40% to $207.3 million compared to $147.6 million in 2012. Our net income for the first three months of 2013 decreased to $5.0 million, or $0.08 per share on a diluted basis, from $16.9 million, or $0.27 per share on a diluted basis for the same period last year.
The income statement for the three months ended March 31, 2013 includes non-cash depletion and depreciation expenses of approximately $7.7 million and other non-cash related expenses of approximately $2.7 million primarily related to our natural gas operations.
Depletion and depreciation are non-cash expenses and represent the amortization of the historic cost of our natural gas assets and other fixed assets over their economical productive life.
Revenues were up for the three months ended March 31, 2013 because of several factors, including the integration of our new acquisitions and increases in volumes and pricing for some of our commodities. As well, we realized additional revenue from the introduction of new products. Our revenue numbers were a positive move, however we still need to complete the integration of our new acquisitions into our operations.
Revenues for our commodities and resources business were $199.3 million for the three months ended March 31, 2013, compared to $138.5 million for the same period in 2012. Included are the gross revenues generated by our royalty interest, which for the three months ended March 31, 2013 were approximately $3.7 million, compared to $4.6 million in 2012. A total of 392,735 tons of iron ore pellets and concentrate were shipped during the first three months of 2013, compared to 482,189 tons shipped during the same period in 2012.
Revenues for our merchant banking business were $3.6 million for the three months ended March 31, 2013 compared to $4.6 million for the same period in 2012.
Other revenues, which encompass our corporate and other investments, were $4.4 million for the three months ended March 31, 2013, compared to $4.6 million for the same period in 2012.
Costs of sales increased to $180.4 million during the three months ended March 31, 2013 from $121.6 million for the same period in 2012. Selling, general and administrative expenses increased to $15.9 million for the three months ended March 31, 2013 from $9.4 million for the same period in 2012.
OVERVIEW OF OUR RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2013
The table below shows our revenues by operating segments for the three months ended March 31, 2013 and 2012.
REVENUES All amounts in thousands |
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March 31, 2013 three months |
March 31, 2012 three months |
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Commodities and resources |
$ 199,288 |
$ 138,485 |
Merchant banking |
3,564 |
4,558 |
Other |
4,402 |
4,590 |
Total revenues |
$ 207,254 |
$ 147,633 |
The table below shows our income from operations for each of the three months ended March 31, 2013 and 2012.
INCOME FROM OPERATIONS All amounts in thousands, except per share amounts |
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March 31, 2013 three months |
March 31, 2012 three months |
|
Commodities and resources* |
$ 2,857 |
$ 10,620 |
Merchant banking* |
7,138 |
7,844 |
Other* |
(3,201) |
(586) |
Income before income taxes* |
6,794 |
17,878 |
Income tax recovery (expenses) |
(874) |
280 |
Resource property revenue tax expenses |
(711) |
(901) |
Net income attributable to non-controlling interests |
(186) |
(313) |
Net income attributable to shareholders |
$ 5,023 |
$ 16,944 |
Earnings per share |
$ 0.08 |
$ 0.27 |
Note: * Includes intercompany income which is eliminated in income before income taxes. |
FINANCIAL
The following table highlights certain selected key financial numbers and ratios as at March 31, 2013.
FINANCIAL HIGHLIGHTS All amounts in thousands, except per share amount and ratios |
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March 31, 2013 |
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Cash and cash equivalents |
$ 341,786 |
Trade receivables |
72,308 |
Current assets |
707,474 |
Total assets |
1,385,696 |
Current liabilities |
313,870 |
Working capital |
393,604 |
Current ratio* |
2.25 |
Acid test ratio* |
1.45 |
Total liabilities |
625,135 |
Shareholders' equity |
754,187 |
Equity per common share |
12.06 |
Note:* The current ratio is calculated as current assets divided by current liabilities. The acid test ratio is calculated as cash and cash equivalents plus short-term cash deposits, short-term securities and receivables divided by total current liabilities and excluding restricted and cash, inventories, prepaid expenses and assets held for resale and related liabilities. |
LIQUIDITY
Liquidity is of great importance to companies in our business. As at March 31, 2013, we had cash and cash equivalents of $341.8 million. Our objectives when managing capital are: to safeguard our ability to do business so that we can continue to provide returns to shareholders; and to provide an adequate return by pricing products and services commensurately with the level of risk. We also maintain a flexible capital structure which optimizes the cost of capital at acceptable risk. We set the amount allocated proportionate to risk. We manage our capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets.
LIQUIDITY All amounts in thousands |
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March 31, 2013 |
December 31, 2012 |
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Total debt |
$ 201,956 |
$ 162,993 |
Less: cash and cash equivalents |
(341,786) |
(273,790) |
Net debt (net cash & cash equivalents) |
(139,830) |
(110,797) |
Shareholders' equity |
754,187 |
757,197 |
LONG-TERM DEBT
The following table sets forth our long-term debt and long-term debt-to-equity ratio as of March 31, 2013 and December 31, 2012.
LONG-TERM DEBT All amounts in thousands, except ratio |
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March 31, 2013 |
December 31, 2012 |
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Long-term debt, less current portion |
$ 155,392 |
$ 118,824 |
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Shareholders' equity |
754,187 |
757,197 |
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Long-term debt-to-equity ratio* |
0.21 |
0.16 |
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Note: * The long-term debt-to-equity ratio is calculated as long-term debt divided by shareholders' equity. |
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As at March 31, 2013, the majority of our long-term debt, less current portion in the amount of $155.4 million, consists of borrowing from banks. All-in costs for these unsecured loans are 2.53% annually.
CREDIT FACILITIES
We maintain various types of credit lines and facilities with various banks, and most of these are short-term. These facilities are used for day-to-day business, structured solutions and various other activities in both the commodities and finance areas.
As at March 31, 2013, we had credit facilities aggregating $405.2 million as follows: (i) revolving credit facilities aggregating $177.3 million from banks; (ii) revolving credit facilities aggregating $51.8 million from banks for structured solutions. The related margin is negotiable when the facility is used; (iii) a structured factoring arrangement with a bank for up to $119.4 million for our commodities activities. Generally, we can factor our commodity receivables upon invoicing at the inter-bank rate plus a margin; and (iv) a foreign exchange credit facility of $56.6 million with a bank. All of these bank lines and facilities are renewable on a yearly basis.
UPDATE ON OUR NATURAL GAS & MIDSTREAM FACILITIES
We have expanded our commodities platform into natural gas and midstream facilities. This is will be a major factor in our future growth, for, among other things:
- it significantly expanded our global commodities platform into the energy sector; and
- our operations include significant under-utilized midstream facilities, which present an opportunity for growth through value-added projects and the consolidation of regional gas production.
Developing midstream operations
We are completing plans for our gas processing facility at Mazzeppa, which include development of midstream projects that will help reduce our exposure to the volatility of natural gas prices and have the potential to create long-term stable processing income as well as a value-added component to our natural gas.
Using our facility as the main base, our strategy involves pursuing bolt-on or value-added projects. These may involve potential aggregate investments of over $360 million, including the following endeavors:
DEVELOPING MIDSTREAM OPERATIONS |
Co-generation plant (17 to 60 MW) providing electricity for our own use with the surplus power being sold to the electrical grid. |
Consolidation of regional sour gas production by investing in gathering infrastructure to complement our facility and connect stranded sour gas suppliers. |
Design and build a deep-cut straddle plant at our facility for the recovery of ethane, propane and butane. |
A 10,000 barrel per day natural gas liquid fractionation facility utilizing our existing rail terminal for shipments. |
Partner
We have entered into a preliminary letter agreement respecting the joint development of properties surrounding our midstream operations with a group who has an excellent track record in this area. This would involve equal ownership of the project. A definitive agreement has not been finalized or completed and would be subject to certain conditions being satisfied. When these various conditions are satisfied, we will be able disclose such agreement in detail. We are now proceeding with the initial planning, design and contracting phases and the current timing for execution is expected to be approximately 24 to 36 months.
Wells and other processing facilities
The following table sets forth our average sales prices, operating costs, royalty amounts and transportation costs for the first three months of 2013:
NATURAL GAS WELLS (COSTS AND PRODUCTION) All amounts in Canadian dollars, except production numbers |
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For the three months ended March 31, 2013 |
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Natural Gas (C$/mcf) |
NGLs (C$/bbl)(1) |
Crude Oil (C$/bbl) |
Total (C$/boe) |
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Price(2) |
C$ 3.41 |
C$ 91.19 |
C$ 82.14 |
C$ 31.83 |
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Royalties |
0.56 |
29.30 |
19.41 |
6.80 |
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Operating costs(3) |
1.60 |
11.02 |
12.19 |
9.86 |
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Transportation costs |
0.14 |
4.02 |
4.02 |
1.31 |
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Production(4) |
4,901 mmcf |
105.5 mboe |
36.5 mbbl |
958.7 mboe |
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Notes: |
(1) Includes sulphur. (2) Includes third party processing fees. (3) A portion of our natural gas production is associated with crude oil production. As a result, per unit operating costs (lifting cost) for each product reflect the allocation of certain common costs. (4) Net of working interest. |
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Undeveloped land bank
At March 31, 2013, we had 292,077 net undeveloped acres on which, due to the current pricing environment in natural gas, we do not intend to carry out any drilling at this time.
ENTERED NEW MARKETS AND EXPENDED OUR COMMODITIES PLATFORM
We are integrating our two new businesses Park Ridge, NJ-based ACCR and its affiliated company, Mexico City-based, Possehl into MFC.
MFC's financial strength and our substantial global reach will be resources that will enable growth and agility for the combined companies. It is ACCR, Possehl and MFC's belief that China will be an excellent sourcing market for us. As the Chinese slowdown continues, their commodities prices should start to come down and they will appreciate relationships with reliable counterparties from international supply chain organizations with ready financing.
UPDATE ON THE ROYALTY INTEREST AT THE WABUSH MINE
In March, Cliffs Natural Resources Inc. ("Cliffs") announced that, due to high production costs and lower pellet premium pricing, which is expected to persist in certain markets during the year, it will idle production at its Pointe Noire Quebec iron ore pellet plant. They will continue to produce an iron ore concentrate from its Scully Mine in Wabush located in the Province of Newfoundland and Labrador.
We do not expect that this will affect the royalty payment that we receive from Cliffs, as our royalties are paid on all iron ore products (i.e. pellets, concentrate and chips) shipped from the Wabush Mine.
Cliffs also disclosed that, for 2013, it is maintaining its full-year sales and production volume expectations of 9 to 10 million tons out of its Eastern Canada business segment. This includes approximately 3 million tons of iron ore pellets and/or concentrate products from its Wabush operation. We believe it is a positive development that Cliffs has maintained its 2013 guidance at the same production levels as 2012. On the other hand, we were disappointed with the lower than expected shipment volumes from Wabush during the period.
UPDATE ON OUR CAPTIVE SOURCES OF FERROUS METALS AT PEA RIDGE
MFC currently holds an indirect 50% interest in the Pea Ridge Iron Ore project ("Project"), a past-producing iron ore mine located in Sullivan, Missouri. The Project is a 50/50 joint venture between MFC and Alberici Group Inc. who joined forces with the goal to re-open and further develop the former Pea Ridge Iron Ore Mine. Our total investment in the Project to date is approximately $18.3 million.
Together with our consultants, we are continuing to conduct additional analysis and investigation regarding the re-opening of the mine, including commencing confirmatory work in connection with the large tonnage of tailings materials present at the Project site. If we determine to move forward with the Project, significant additional investment would be required. We currently expect that development activities would take place in two main phases:
- The first phase will focus on the tailings materials. This would likely require construction of a beneficiation plant to process the tailings at the project.
- The second phase would center on re-opening of the historic underground mine. This will involve dewatering the mine, substantial new development work, installing new equipment and, in part, will require construction of additional beneficiating facilities.
The Project is currently at a preliminary stage and, any decision on proceeding, including development activities, is dependent on the completion of further analysis, including feasibility studies. Activities at the Project are proceeding in an orderly fashion. It is currently anticipated that substantial additional expenditures will be incurred in order to determine the feasibility of the Project.
CORPORATE TAXATION
We are a company that strives to be fiscally responsible. The corporate income tax paid in cash was approximately $0.6 million for the quarter ended March 31, 2013.
ANNUAL CASH DIVIDEND
In January, we declared an annual cash dividend for 2013 of $0.24 per common share. The dividend is 9% higher than the dividend paid in 2012 and represents a yield of approximately 2.81% compared to an annual dividend yield of approximately 2.5% for the NYSE Composite Index in 2012. Details of the dividend are as follows:
- The 2013 cash dividend will be paid in equal quarterly installments of $0.06 per common share.
- The first payment of $0.06 per common share was paid on February 8, 2013 to shareholders of record on January 25, 2013.
- The second payment of $0.06 per common share was paid on April 22, 2013 to shareholders of record on April 12, 2013.
- The remaining quarterly dividend payments of $0.06 per common share in 2013 are expected to be made to shareholders of record in June and September.
COMMENTS
Chairman Michael Smith commented: "Integrating our newly acquired businesses has been both a challenge and an opportunity. The opportunities have allowed us to enlarge our commodities footprint, enter new markets and expand our supply chain platform, offering further potential growth. We still have a way to go to fully integrate these new businesses. However, we believe that we have a good business platform and a very sound financial foundation."
Mr. Smith concluded: "MFC will continue to focus on increasing its efforts to acquire undervalued captive commodities assets and operating businesses, as well as streamlining its existing operations. Our strong financial foundation will allow us to expand and diversify our commodities business, as long as we are disciplined and patient. Our goal with these and other acquisitions is not to dilute our shareholders by issuing new shares and we must maintain our balance sheet and financial ratios."
Shareholders are encouraged to read the entire Form 6-K, which includes our unaudited financial statements and management's discussion and analysis for the three months ended March 31, 2013 and was filed with the Securities and Exchange Commission ("SEC") and Canadian securities regulators today, for a greater understanding of the Company.
Today at 10:00 a.m. EDT (7:00 a.m. PDT), a conference call will be held to review MFC's announcement and results. This call will be broadcast live over the Internet at www.mfcindustrial.com. An online archive will be available immediately following the call and will continue for seven days. You may also to listen to the audio replay by phone by dialing: 1 (888) 286 8010, using conference number 32984531. International callers dial: 1 (617) 801 6888.
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities related to the integrated combination of commodities and resources interests. We also provide logistics, financial and risk management services to producers and consumers of commodities. To obtain further information on the Company, please visit our website at: http://www.mfcindustrial.com.
Disclaimer for Forward-Looking Information
This document contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature, including, without limitation, statements regarding our future plans, including in respect of CPC, partnerships and joint ventures respecting our processing facilities and related expansion projects, implementation of current strategies and our plans for our projects and the outcome of proceedings. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our actual results, revenues, performance or achievements to differ materially from our expectations include, among other things: (i) periodic fluctuations in financial results as a result of the nature of our business; (ii) commodities price volatility; (iii) economic and market conditions; (iv) competition in our business segments; (v) decisions and activities of operators of our resource interests; (vi) the availability of commodities for our commodities and resources operations; (vii) the availability of suitable acquisition or merger or other proprietary investment candidates and the availability of financing necessary to complete such acquisitions or development plans; (viii) our ability to realize the anticipated benefits of our acquisitions; (ix) additional risks and uncertainties resulting from strategic investments, acquisitions or joint ventures; (x) counterparty risks related to our trading activities; (xi) unanticipated grade, geological, metallurgical, processing or other problems experienced by the operators of our resource interests (xii) delays in obtaining requisite environmental and other permits or project approvals; (xiii) potential title and litigation risks inherent with the acquisition of distressed assets; (xiv) risks related to exploration, development and construction of a previously shut-down mine project, including the suitability and integrity of historic mine structures; (xv) the availability of services and supplies; (xvi) operating hazards; (xvii) our ability to enter into definitive agreements on acceptable terms respecting joint ventures and partnerships relating to our processing facilities; and (xviii) other factors beyond our control. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in our Annual Report on Form 20-F and our Management's Discussion and Analysis for the year ended December 31, 2012, filed with the Canadian securities regulators.
UNAUDITED FINANCIAL TABLES FOLLOW –
MFC INDUSTRIAL LTD. |
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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March 31, 2013 and December 31, 2012 |
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(Unaudited) |
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(United States Dollars in Thousands) |
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ASSETS |
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March 31, |
December 31, |
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2013 |
2012 |
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Current Assets |
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Cash and cash equivalents |
$ 341,786 |
$ 273,790 |
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Short-term cash deposits |
178 |
182 |
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Securities |
7,402 |
6,658 |
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Restricted cash |
324 |
889 |
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Trade receivables |
72,308 |
72,820 |
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Other receivables |
9,758 |
18,314 |
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Inventories |
126,178 |
142,925 |
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Real estate held for sale |
11,892 |
12,210 |
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Deposits, prepaid and other |
24,948 |
27,833 |
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Assets held for sale |
112,700 |
128,657 |
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Total current assets |
707,474 |
684,278 |
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Non-current Assets |
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Securities |
6,552 |
9,637 |
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Equity method investments |
23,159 |
22,382 |
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Investment property |
33,261 |
34,152 |
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Property, plant and equipment |
78,314 |
80,139 |
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Interests in resource properties |
371,084 |
383,745 |
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Hydrocarbon probable reserves |
97,121 |
99,142 |
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Hydrocarbon unproved lands |
45,755 |
48,728 |
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Deferred income tax assets |
22,216 |
18,510 |
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Other |
760 |
776 |
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Total non-current assets |
678,222 |
697,211 |
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Total assets |
$ 1,385,696 |
$ 1,381,489 |
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MFC INDUSTRIAL LTD. |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (cont'd) |
March 31, 2013 and December 31, 2012 |
(Unaudited) |
(United States Dollars in Thousands) |
LIABILITIES AND EQUITY |
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March 31, |
December 31, |
|
2013 |
2012 |
|
Current Liabilities |
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Short-term bank borrowings |
$ 181,536 |
$ 150,396 |
Debt, current portion |
46,564 |
44,169 |
Account payables and accrued expenses |
58,769 |
77,586 |
Facility term financing |
7,871 |
7,390 |
Provisions |
60 |
80 |
Income tax liabilities |
2,937 |
2,866 |
Deferred sale liabilities |
– |
26,637 |
Liabilities relating to assets held for sale |
16,133 |
29,806 |
Total current liabilities |
313,870 |
338,930 |
Long-term Liabilities |
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Debt, less current portion |
155,392 |
118,824 |
Facility term financing |
7,908 |
11,328 |
Deferred income tax liabilities |
7,878 |
3,391 |
Decommissioning obligations |
131,064 |
136,642 |
Accrued pension obligation, net |
1,033 |
1,228 |
Puttable instrument financial liabilities |
7,990 |
7,761 |
Total long-term liabilities |
311,265 |
279,174 |
Total liabilities |
625,135 |
618,104 |
EQUITY |
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Capital stock |
383,116 |
382,746 |
Treasury stock |
(68,980) |
(68,610) |
Contributed surplus |
13,037 |
13,037 |
Retained earnings |
427,454 |
426,184 |
Accumulated other comprehensive income (loss) |
(440) |
3,840 |
Shareholders' equity |
754,187 |
757,197 |
Non-controlling interests |
6,374 |
6,188 |
Total equity |
760,561 |
763,385 |
$ 1,385,696
|
$ 1,381,489
|
MFC INDUSTRIAL LTD. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
For the Three Months Ended March 31, 2013 and 2012 |
(Unaudited) |
(United States Dollars in Thousands, Except Per Share Amounts) |
2013 |
2012 |
|
Net Sales |
$ 205,732 |
$ 146,049 |
Equity income |
1,522 |
1,584 |
Gross revenues |
207,254 |
147,633 |
Costs and Expenses: |
||
Costs of sales |
180,398 |
121,625 |
Selling, general and administrative |
15,856 |
9,426 |
Share-based compensation – selling, general and administrative |
– |
9 |
Finance costs |
4,376 |
1,826 |
200,630 |
132,886 |
|
Income from operations |
6,624 |
14,747 |
Other items: |
||
Exchange differences on foreign currency transactions |
399 |
772 |
Change in fair value of puttable instrument financial liabilities |
(229) |
– |
Bargain purchase |
– |
2,359* |
Income before income taxes |
6,794 |
17,878 |
Income tax (expense) recovery: |
||
Income taxes |
(874) |
280 |
Resource property revenue taxes |
(711) |
(901) |
(1,585) |
(621) |
|
Net income for the period |
5,209 |
17,257 |
Net income attributable to non-controlling interests |
(186) |
(313) |
Net income attributable to owners of the parent company |
$ 5,023 |
$ 16,944 |
Basic earnings per share: |
$ 0.08 |
$ 0.27 |
Diluted earnings per share: |
$ 0.08 |
$ 0.27 |
Weighted average number of common shares outstanding |
||
- basic |
62,552,126 |
62,560,990 |
- diluted |
63,038,071 |
62,560,990 |
Note: * Recognized during the measurement period as required by IFRS 3, Business Combinations
|
MFC INDUSTRIAL LTD. |
FINANCIAL HIGHLIGHTS |
As of March 31, 2013 |
(Unaudited) |
(United States Dollars in Thousands, Except Per Share Amount and Ratios) |
Cash and cash equivalents |
$ 341,786 |
Short-term securities |
7,402 |
Trade receivables |
72,308 |
Current assets |
707,474 |
Total assets |
1,385,696 |
Current liabilities |
313,870 |
Working capital |
393,604 |
Current ratio |
2.25 |
Acid test ratio |
1.45 |
Long term debt, less current portion |
155,392 |
Long-term debt-to-shareholders' equity |
0.21 |
Total Liabilities |
625,135 |
Shareholders' equity |
754,187 |
Equity per common share |
12.06 |
SOURCE MFC Industrial Ltd.
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