MFC Industrial Ltd. Reports Results For The First Six Months Of 2012
- Upgraded Pea Ridge Mine historic resource estimates to current resources -
- Six months earnings per share increases to $0.41 per share -
NEW YORK, Aug. 14, 2012 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) announces its results for the three and six months ended June 30, 2012 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.
Our primary business is our commodity supply chain business which is globally focused and includes our integrated commodities operations and our mineral interests, including minerals and metals, chemicals, plastics and wood products. We also provide logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties.
HIGHLIGHTS
For the six months ended June 30, 2012
- Our net earnings for the six months ended June 30, 2012 increased to $25.6 million, or $0.41 per share.
- In February, April and July 2012, we completed three quarterly payments to our shareholders of our 2012 annual cash dividend, which represented a 10% increase over the 2011 cash dividend.
- We have entered into an agreement to acquire a captive source of natural gas and natural gas liquids. The public tender offer for Compton Petroleum Corporation ("Compton") will complement our commodities business.
- We upgraded previous historic resource estimates to National Instrument 43-101 compliant current resources for the Pea Ridge Mine project.
RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2012
Total revenues for the six-month period ended June 30, 2012 decreased to $253.8 million, compared to $277.5 million in the first six months of 2011. Our income for the first six months of 2012 increased to $25.6 million, or $0.41 per share on a diluted basis, from $14.9 million, or $0.24 per share on a diluted basis in the same period last year.
Revenues were down in the first six months of 2012 because of several factors. During the second quarter of 2012, the Euro depreciated versus the US dollar by over 12%. We also had lower volumes and substantial price reductions on some commodities, particularly in plastics. However, we were able to offset some of the revenue reduction with new products.
For the three month period ended June 30, 2012 revenues were down versus the second quarter of 2011. Income was only slightly down versus the same period least year. Despite lower volumes from some of our commodities and the Euro depreciating, we had increases from our royalty interest and merchant banking.
Revenues for our commodities and resources business were $238.0 million for the six months ended June 30, 2012, compared to $257.0 million for the same period in 2011. Included in our commodities and resources business are the gross revenues generated by our royalty interest, which were approximately $12.6 million for the six months ended June 30, 2012, being approximately the same as the same period last year. The royalty rate in the current period was higher than that in the comparable period last year, though its financial impact was offset by slightly lower tonnage shipped. The operator shipped a total of 1.4 million tons of iron ore pellets during the first six months of 2012 versus 1.5 million tons of iron ore pellets during the first six months of last year.
Revenues for our merchant banking business were $6.9 million for the six months ended June 30, 2012, compared to $12.5 million for the same period in 2011. It should be noted that more banks and lenders are reviewing their loan portfolios with a more realistic approach. We believe that this should provide more opportunities for us in the future.
Other revenues, which encompass our corporate and other investments, were $8.9 million for the six months ended June 30, 2012, compared to $8.1 million for the same period in 2011.
Costs of sales decreased to $202.4 million during the six months ended June 30, 2012 from $226.9 million for the same period in 2011.
Selling, general and administrative expenses, decreased slightly to $20.8 million for the six months ended June 30, 2012 from $21.8 million for the same period in 2011.
OVERVIEW OF OUR RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2012
Our total revenues by operating segment for each of the six months ended June 30, 2012 and June 30, 2011 are broken out in the table below:
REVENUES All amounts in thousands |
||
June 30, 2012 six months |
June 30, 2011 six months |
|
Commodities and resources |
$ 238,025 |
$ 256,955 |
Merchant banking |
6,850 |
12,511 |
Other |
8,909 |
8,056 |
Total revenues |
$ 253,784 |
$ 277,522 |
Our income from operations for each of the six months ended June 30, 2012 and June 30, 2011 are broken out in the table below:
INCOME FROM OPERATIONS All amounts in thousands, except per share amounts |
||
June 30, 2012 six months |
June 30, 2011 six months |
|
Commodities and resources |
$ 21,551 |
$ 17,314 |
Merchant banking |
9,148 |
12,610 |
Other |
(3,461) |
(13,739) |
Income before income taxes |
27,238 |
16,185 |
Income tax recovery |
1,602 |
(1,959) |
Resource property revenue |
(2,565) |
(679) |
Net (income) loss attributable |
(629) |
1,370 |
Net income attributable to our |
$ 25,646 |
$ 14,917 |
Earning per share |
$ 0.41 |
$ 0.24* |
* It should be noted that the first half of 2011 included a one-time expense of $0.14 per share. |
LIQUIDITY
As at June 30, 2012, we had cash, short-term deposits and securities of $364.9 million. We monitor our capital on the basis of our debt-to-adjusted capital ratio and long-term debt-to-equity ratio.
LIQUIDITY All amounts in thousands |
||
June 30, 2012 |
December 31, 2011 |
|
Total debt |
$ 48,623 |
$ 47,127 |
Less: cash and cash equivalents |
(355,580) |
(387,052) |
Net debt (net cash & cash equivalents) |
(306,957) |
(339,925) |
Shareholders' equity |
561,767 |
546,623 |
LONG-TERM DEBT
The long-term debt-to-equity ratio is calculated as long-term debt divided by shareholders' equity.
LONG-TERM DEBT All amounts in thousands, except ratio |
||
June 30, 2012 |
December 31, 2011 |
|
Long-term debt, less current portion |
$ 45,481 |
$ 20,150 |
Shareholders' equity |
561,767 |
546,623 |
Long-term debt-to-equity ratio |
0.08 |
0.04 |
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 June 30, 2012, we had credit facilities aggregating $412.4 million as follows: (i) we had unsecured revolving credit facilities aggregating $156.1 million from banks; (ii) we had revolving credit facilities aggregating $82.7 million from banks for structured solutions, a special financing. The margin is negotiable when the facility is used; (iii) we had a structured factoring arrangement with a bank for up to a credit limit of $117.8 million for our commodities activities. Generally, we may factor our commodity receivables upon invoicing at the inter-bank rate plus a margin; and (iv) we had a foreign exchange credit facility of $55.8 million with a bank. All of these facilities are renewable on a yearly basis.
CAPTIVE SOURCE OF FERROUS METALS UPDATE (PEA RIDGE) AND CURRENT RESOURCE ESTIMATES
During the first half of 2012, we and our partner Alberici Group, Inc. continued to study the re-opening of the Pea Ridge Mine, located in Sullivan, Missouri (the "Mine"), which we acquired in December 2011. As previously disclosed, the Mine includes the historic mine deposit along with a large tonnage of tailings material.
Our main objective in the second quarter of 2012 was to complete an updated independent National Instrument 43-101 ("NI 43-101") compliant technical report (the "Technical Report"), upgrading previously disclosed historic resources estimates to current resource estimates in compliance with NI 43-101. Behre Dolbear and Company (USA), Inc. ("Behre Dolbear"), our independent technical consultants, completed the Technical Report on August 13, 2012. The estimates include an in situ (originally present) measured and indicated resource of 248.7 million short tons at 52.87% magnetic iron and 57.82% total iron and an inferred resource of 15.8 million short tons at 54.67% magnetic iron and 57.64% total iron based on a cutoff grade of 40% magnetic iron.
In completing the Technical Report, Behre Dolbear conducted, among other things, an audit of historic drill hole data, a confirmatory re-sampling and analysis program on the extensive library of drill core maintained at the Mine site and core kept at the Missouri Department of Natural Resources and block modeling of the deposit. The following table sets out the current in situ measured, indicated and inferred resource in all categories of mineralized material as estimated by Behre Dolbear in accordance with NI 43-101 standards:
CURRENT IN SITU MINERAL RESOURCE |
||||
Class |
% Magnetic iron cutoff |
Short tons |
% Magnetic iron |
% Total iron |
Measured |
> 50 |
97,340 |
57.19 |
61.50 |
> 45 |
131,493 |
54.77 |
59.62 |
|
> 40 |
158,920 |
52.77 |
58.05 |
|
Indicated |
> 50 |
58,886 |
56.81 |
60.54 |
> 45 |
75,271 |
54.90 |
59.04 |
|
> 40 |
89,785 |
53.03 |
57.41 |
|
Measured plus indicated |
> 50 |
156,226 |
57.04 |
61.14 |
> 45 |
206,764 |
54.81 |
59.41 |
|
> 40 |
248,705 |
52.87 |
57.82 |
|
Inferred |
> 50 |
12,116 |
56.03 |
59.46 |
> 45 |
14,214 |
54.86 |
58.49 |
|
> 40 |
15,782 |
53.67 |
57.64 |
Notes: |
The above current resource estimates of measured, indicated and inferred resources did not account for past production of approximately 58.5 million short tons at the Mine. |
Readers should refer to the full text of the Technical Report for further information regarding the above resource estimates and Mine, a copy of which will be available under the Company's profile at www.SEDAR.com.
In addition to completion of the Technical Report, in the second quarter of 2012, as part of the work necessary to evaluate the Mine for re-opening, we engaged the consulting firm Geotechnology, Inc. to investigate the depth and shape of the top and bottom of the subsidence cave zone which is present above the Mine deposit. This work included direct measurements of the size and extent of the cave zone within existing vertical drill holes above a portion of the Mine deposit. Having received the results of such investigation in early-August 2012, we are, together with our consultants, considering additional steps in the evaluation of the cave zone, including re-drilling several existing holes above the mineralized zone, and conducting a three-dimensional detailed seismic survey over the Mine site. We believe that the results of this work will be useful in determining the best way to develop and mine the iron deposit.
A necessary step in completing further analysis, including feasibility studies, and re-opening the Mine is dewatering the existing underground mine workings. In the first quarter of 2012, three large submersible pumps were ordered and are now expected to be delivered to the Mine site in the fourth quarter of 2012. Arrangements have been made for power to the Mine site adequate for the pumps. We expect to begin pumping the underground Mine prior to year end.
We are continuing the testing and evaluation of the large tonnage of tailings at the Mine site which was produced as a waste product during historic iron mining operations. This material contains small but potentially valuable recoverable quantities of the iron minerals magnetite and hematite. The drilling and sampling of the tailings accumulation has been completed, and samples have been sent to laboratories for analysis.
Our next objective with respect to the Mine is to complete Preliminary Economic Assessments ("PEAs") for both the Mine and the tailings accumulation mineral deposits. Our goal is to complete the PEAs before the end of the year. The PEAs will help us define the next steps of economic evaluation and development of the Mine site deposits.
CAPTIVE SOURCE OF COBALT
Kasese Cobalt Company Limited, which owns a cobalt refinery plant, is now a subsidiary of MFC. The pyrite tailings pile, comprising the reserves, at the refinery will deplete its economic life in just over a year. The refinery also includes the Mubuku III hydroelectric power station.
The refinery should produce approximately 55 tons of cobalt per month. Unfortunately, we were only refining approximately 40 tons per month for a two-month period during the second quarter of 2012, but production levels have returned to 50 tons a month. This issue has arisen primarily due to the low water levels in the Mubuku River.
EXPANDS ITS COMMODITIES PLATFORM INTO NATURAL GAS AND NATURAL GAS LIQUIDS
On July 9, 2012, we announced that we had entered into a support agreement (the "Support Agreement") with Compton to acquire all of the issued and outstanding common shares of Compton (the "Compton Share") by way of a take-over bid (the "Offer") for cash consideration of C$1.25 per Share, representing total consideration of approximately C$33.0 million.
The Offer was commenced on July 12, 2012 pursuant to a take-over bid circular and related documents mailed to Compton shareholders and is open for acceptance until August 16, 2012, unless extended or withdrawn by us. The board of directors of Compton, after consulting with its advisers, unanimously approved entering into the Support Agreement and recommends that Compton shareholders tender to the Offer.
Pursuant to the Support Agreement, we purchased 6,548,498 special warrants from Compton at a price of C$1.25 per warrant, with each warrant convertible into a Compton Share on a one-for-one basis at our option. The warrants are also redeemable, at our option and prior to conversion, at their subscription price upon the occurrence of certain events. The Compton Shares underlying the warrants represent approximately 19.9% of the outstanding Compton Shares on a post-conversion basis.
In addition, we entered into lock-up agreements with shareholders of Compton holding, directly or indirectly, approximately 54% of the outstanding Compton Shares, pursuant to which they tendered all of their Compton Shares to the Offer.
The Offer is subject to customary conditions, including, among others, there being deposited under the Offer that number of Compton Shares and special warrants held by us, represent at least 66.67% of the outstanding Compton Shares, receipt of requisite regulatory and contractual consents, and the absence of a material adverse change with respect to Compton.
UPDATE ON INCREASING OUR CAPTIVE SOURCES OF FERROUS METALS IN INDIA
We are in the process of obtaining all the necessary permits respecting the purchase and sale of iron ore from a new mine owner that has a property located in Goa, India. We had entered into an agreement with the mine owner during the last quarter. The new property is in very close proximity to our existing iron ore sources in Goa.
ODD-LOT SHARE REPURCHASE PROGRAM
As previously announced, MFC completed an odd-lot share repurchase program, pursuant to which we purchased common shares from registered and beneficial shareholders who owned 99 or fewer common shares. The repurchase program afforded eligible shareholders the opportunity to sell all, but not less than all, of their common shares or to continue to maintain their current holdings. The repurchase program began on April 9, 2012 and expired at the close of business on July 2, 2012. The repurchase program was a success. We eliminated 455 accounts that held 6,028 shares.
CORPORATE TAXATION
We are a company that strives to be fiscally responsible. The corporate income tax paid in cash was approximately $1.4 million for the six months ended June 30, 2012.
ANNUAL CASH DIVIDEND
In February, April and July of 2012, we completed the first three quarterly payments, totaling approximately $10.0 million to our shareholders, of our 2012 annual cash dividend, which represented a 10% increase over 2011.
COMMENTS
Chairman Michael Smith commented: "We continue to expand our commodities platform with the previously announced take-over bid for Compton, a company that is active in the production of natural gas, natural gas liquids, and to a much lesser degree crude oil. This transaction reflects our strategy to increase our captive commodities sources and meets our stated investment objectives."
Mr. Smith concluded: "Our goal is to become a major commodity supply chain company, which is focused globally. We still have a long way to go to achieve our goal, but we believe we are on the right course."
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, 2012 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 (877) 344 7529, using conference number 10017028. International callers dial: 1 (412) 317 0088.
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, including commodity and resource interests, and structured finance, and proprietary investing. To obtain further information on the Company, please visit our website at: http://www.mfcindustrial.com.
Cautionary Note on Resource Estimates
As a reporting issuer in Canada, the Company is required by Canadian law to provide disclosure in accordance with NI 43-101. Accordingly, you are cautioned that the information contained in this press release may not be comparable to similar information made public by U.S. companies under the United States federal securities laws and the rules and regulations thereunder. In particular, the terms "measured resource", "indicated resource" and "inferred resource" as used in this press release are not defined in SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into mineral reserves with demonstrated economic viability. In addition, the estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.
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 successful completion of the Offer, implementation of current strategies and our plans and expectation in respect of the Mine. 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) uncertainties as to the timing of the Offer and satisfaction of the conditions thereto and MFC's and Compton's ability to obtain required consents and approvals in connection with the transactions; (x) additional risks and uncertainties resulting from strategic investments, acquisitions or joint ventures; (xi) counterparty risks related to our trading activities; (xii) unanticipated grade, geological, metallurgical, processing or other problems experienced by the operators of our resource interests (xiii) delays in obtaining requisite environmental, mining and other permits or project approvals; (xiv) potential title and litigation risks inherent with the acquisition of distressed assets; (xv) risks related to exploration, development and construction of a previously shut-down mine project, including the suitability and integrity of historic mine structures; and (xvi) 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 three months ended June 30, 2012, filed with the Canadian securities regulators and on Form 6-K with the SEC.
Corporate |
Investors |
MFC Industrial Ltd. |
Allen & Caron Inc. |
Rene Randall |
Joseph Allen |
1 (604) 683-8286 ex 224 |
1 (212) 691-8087 |
UNAUDITED FINANCIAL TABLES FOLLOW –
MFC INDUSTRIAL LTD.
|
||
ASSETS |
||
June 30, |
December 31, |
|
2012 |
2011 |
|
Current Assets |
||
Cash and cash equivalents |
$ 355,580 |
$ 387,052 |
Short-term deposits |
159 |
163 |
Securities |
9,147 |
13,062 |
Restricted cash |
552 |
623 |
Loan receivable |
– |
19,869 |
Bills of exchange |
– |
10,545 |
Trade receivables |
33,618 |
21,154 |
Other receivables |
11,470 |
9,144 |
Inventories |
114,216 |
81,223 |
Real estate held for sale |
11,731 |
12,012 |
Deposits, prepaid and other |
16,030 |
9,344 |
Total current assets |
552,503 |
564,191 |
Non-current Assets |
||
Securities |
12,744 |
11,606 |
Equity method investments |
20,797 |
18,726 |
Investment property |
32,799 |
33,585 |
Property, plant and equipment |
30,412 |
3,743 |
Interests in resource properties |
213,744 |
219,582 |
Deferred income tax assets |
8,331 |
7,524 |
Total non-current assets |
318,827 |
294,766 |
Total assets |
$ 871,330 |
$ 858,957 |
MFC INDUSTRIAL LTD.
|
||
LIABILITIES AND EQUITY |
||
June 30, |
December 31, |
|
Current Liabilities |
||
Short-term bank borrowings |
$ 112,150 |
$ 114,239 |
Debt, current portion |
3,142 |
26,977 |
Dividends payable |
3,770 |
– |
Account payables and accrued expenses |
46,777 |
42,226 |
Provisions |
109 |
115 |
Income tax liabilities |
2,609 |
4,453 |
Deferred sale liabilities |
3,890 |
14,958 |
Total current liabilities |
172,447 |
202,968 |
Long-term Liabilities |
||
Debt, less current portion |
45,481 |
20,150 |
Deferred income tax liabilities |
59,366 |
61,045 |
Provisions |
3,005 |
– |
Deferred sale liabilities |
26,070 |
25,647 |
Total long-term liabilities |
133,922 |
106,842 |
Total liabilities |
306,369 |
309,810 |
EQUITY |
||
Capital stock |
382,570 |
382,289 |
Treasury stock |
(68,425) |
(68,117) |
Contributed surplus |
13,037 |
13,028 |
Retained earnings |
228,830 |
213,200 |
Accumulated other comprehensive income |
5,755 |
6,223 |
Shareholders' equity |
561,767 |
546,623 |
Non-controlling interests |
3,194 |
2,524 |
Total equity |
564,961 |
549,147 |
$ 871,330 |
$ 858,957 |
|
MFC INDUSTRIAL LTD.
|
||
2012 |
2011 |
|
Net Sales |
$ 250,494 |
$ 274,614 |
Equity income |
3,290 |
2,908 |
Gross revenues |
253,784 |
277,522 |
Costs and Expenses: |
||
Costs of sales |
202,412 |
226,904 |
Selling, general and administrative |
20,774 |
21,798 |
Share-based compensation - selling, general and |
9 |
7,219 |
Finance costs |
4,331 |
4,153 |
227,526 |
260,074 |
|
Income from operations |
26,258 |
17,448 |
Other item: |
||
Exchange differences on foreign currency transactions |
980 |
(1,263) |
Income before income taxes |
27,238 |
16,185 |
Income tax (expense) recovery: |
||
Income taxes |
1,602 |
(1,959) |
Resource property revenue taxes |
(2,565) |
(679) |
(963) |
(2,638) |
|
Net income for the period |
26,275 |
13,547 |
Net (income) loss attributable to non-controlling interests |
(629) |
1,370 |
Net income attributable to owners of the parent |
$ 25,646 |
$ 14,917 |
Basic earnings per share |
$ 0.41 |
$ 0.24 |
Diluted earnings per share |
$ 0.41 |
$ 0.24 |
Weighted average number of common shares - basic - diluted |
62,558,781 62,558,781 |
62,561,421 62,610,166 |
MFC INDUSTRIAL LTD.
|
||
2012 |
2011 |
|
Net Sales |
$ 104,445 |
$ 142,032 |
Equity income |
1,706 |
1,653 |
Gross revenues |
106,151 |
143,685 |
Costs and Expenses: |
||
Costs of sales |
80,787 |
120,458 |
Selling, general and administrative |
11,348 |
10,388 |
Finance costs |
2,505 |
2,185 |
94,640 |
133,031 |
|
Income from operations |
11,511 |
10,654 |
Other item: |
||
Exchange differences on foreign currency transactions |
208 |
952 |
Income before income taxes |
11,719 |
11,606 |
Income tax (expense) recovery: |
||
Income taxes |
1,322 |
(182) |
Resource property revenue taxes |
(1,664) |
502 |
(342) |
320 |
|
Net income for the period |
11,377 |
11,926 |
Net (income) loss attributable to non-controlling interests |
(316) |
71 |
Net income attributable to owners of the parent |
$ 11,061 |
$ 11,997 |
Basic earnings per share: |
$ 0.18 |
$ 0.19 |
Diluted earnings per share: |
$ 0.18 |
$ 0.19 |
Weighted average number of common shares - basic - diluted |
62,556,572 62,556,572 |
62,561,421 62,580,080 |
MFC INDUSTRIAL LTD.
|
|
Cash and cash equivalents |
$ 355,580 |
Short-term securities |
9,147 |
Trade receivables |
33,618 |
Current assets |
552,503 |
Total assets |
871,330 |
Current liabilities |
172,447 |
Working capital |
380,056 |
Current ratio |
3.20 |
Acid test ratio |
2.38 |
Long term debt, less current portion |
45,481 |
Long-term debt-to-shareholders' equity |
0.08 |
Total Liabilities |
306,369 |
Shareholders' equity |
561,767 |
Equity per common share |
8.98 |
SOURCE MFC Industrial Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article