MONTREAL, QUEBEC--(Marketwired - Feb. 26, 2016) - Perlite Canada inc. (the «Corporation») (TSX VENTURE:PCI) announces hereby the results for the year ended October 31, 2015 ("Fiscal Year 2015").
The Corporation generated sales of $6,066,213 during fiscal year 2015 comparatively to $5,795,442 during fiscal year 2014. Therefore, the sales of the Corporation have increased by 4,7% during the Fiscal Year 2015 compared to revenues registered in 2014.
However, the Corporation recorded a loss before income taxes and a net loss of $115,624 for Fiscal Year 2015 compared to earnings before income taxes and net earnings of $225,680 for fiscal year of 2014.
The significant decrease of the earnings before taxes during the Fiscal Year 2015 is mainly explained by the decrease of the Canadian dollar compare with the US currency. Indeed, the decline of the Canadian dollar in relation to the American currency has the effect of lowering the Corporation's profit margins since the Corporation purchases in American dollars the raw perlite and raw vermiculite that it uses within the framework of its activities.
Management's objectives for the next fiscal year 2016 are reducing the Corporation's long term debt and restoring profitability. Management will focus its efforts on price adjustments for its finished products and efficient management of the Corporation's gross margins.
Perlite Canada inc. has become a leading corporation in Canada in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.
The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.
This press release contains forward-looking statements to which are associated some risks and uncertainties. Any statement contained in this present press release that does not constitute an historical fact can be considered as a forward-looking statement. In this present press release, verbs such as "believe", "anticipate", "assess" and other similar expressions indicate generally forward-looking statements. Those statements do not warrant as for the future performance of Perlite Canada inc. and they suppose known and unknown risks as well as uncertainties in such a way that true future perspectives, returns or results of the Corporation may be notably different of future returns or results expressed or implied by these forward-looking statements.
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