- Email: [email protected]
ProSep Inc, Canada
COMPANY WATCH
Pall Corp, USA
ProSep Inc, Canada
Key Figures (US$ million) Second quarter ended 31.1 2012
2011
Key Figures (C$ thousand) Fourth quarter ended 31.12 2011
2010
698.0
645.2
Revenues
7348
8464
Cost of Sales
5800
5251
Gross Profit
1548
3213
Net Sales Of Which: Life Sciences Industrial
357.2 340.8
334.2 311.0
Cost of Sales
337.7
312.7
EBITDA
(1511)
(168)
Gross Profit
360.3
332.5
Net Profit/(Loss)
(7181)
(1248)
21.6
20.8
112.3
104.0
84.7
75.7
R&D Expenses Earnings before Income Taxes Net Earnings
Six months ended 31.1 2012
2011
Net Sales Of Which: Life Sciences Industrial
1403.6
1250.7
713.3 690.3
645.8 604.9
Cost of Sales
687.1
609.6
Gross Profit
716.5
641.2
42.5
40.9
Earnings before Income Taxes
204.8
201.5
Net Earnings
154.2
147.1
R&D Expenses
April 2012
2011
2010
Revenues
33 707
34 665
Cost of Sales
25 569
24 336
Gross Profit EBITDA Net Profit/(Loss)
COMMENT Pall has posted sales of US$698.0 million for its second quarter of fiscal 2012, 8.2% stronger than a year earlier, while its net earnings were up 11.9% on the 2011 figure at US$84.7 million. Larry Kingsley, Pall’s president and CEO, said the sales increase in the quarter reflected good growth in both the company’s Life Sciences and Industrial segments. “On a global basis, emerging market sales grew over 20% in local currency driven by the Energy markets in the Middle East & North Africa (MENA) and Latin America,” he said.
Year ended 31.12
“We continue to invest to grow in the emerging markets which represented about 20% of second quarter sales compared to about 17% a year ago.” Kingsley added that organic orders growth for the quarter was mixed against a tough comparison for the same quarter in 2011. “Consumables orders were up 5%, while systems orders decreased 6% driven by Food & Beverage, which experienced unusually high order volume in the second quarter of last year,” he said. ■ www.pall.com
8138
10 328
(7925)
(1914)
(15 088)
(4268)
COMMENT Process equipment manufacturer ProSep closed out a challenging fiscal 2011 by posting fourth quarter sales of C$7.3 million, down 13.2% on the year earlier. The net loss for the period was C$7.2 million, compared to a loss of C$1.2 million in 2009. It was a similar tale for the full year with revenues down 2.8% to C$33.7 million, while a loss of C$15.1 million compared to a C$4.3 million deficit in 2010. Despite the results, president and CEO, Jacques Drouin, said ProSep had made progress during the year with new strategic partnerships formed and the conclusion of two equity financing agreements. “Year 2011 marked a period of important investments for ProSep,” Drouin said. “We expanded our process engineering and business development teams and built one of the industry’s leadingedge portfolio of solutions. We entered into promising partnerships with Flint Energy
Services in Canada, and with Kolon Group in South Korea.” Drouin added that ProSep’s reorganisation activities had negatively affected its financial results for the year, but should also provide the platform for stronger performance going forward. “With significant achievements realised in the last two quarters, we believe that 2012 will be a turnaround year for ProSep,” he said. “Our pipeline of opportunities and backlog are growing at a fast pace, which should lead to record revenues in 2012. Finally, our proprietary technologies are being deployed at an accelerated rate, with promising results achieved in Mexico, Saudi Arabia, and Norway.” Drouin said the company had signed C$49.4 million in new contracts during 2011 compared with C$23 million the year earlier, and had won a further C$20 million in the first two months of 2012. ■ www.prosep.com
Filtration Industry Analyst
11
Pall Corp, USA
ProSep Inc, Canada
Key Figures (US$ million) Second quarter ended 31.1 2012
2011
Key Figures (C$ thousand) Fourth quarter ended 31.12 2011
2010
698.0
645.2
Revenues
7348
8464
Cost of Sales
5800
5251
Gross Profit
1548
3213
Net Sales Of Which: Life Sciences Industrial
357.2 340.8
334.2 311.0
Cost of Sales
337.7
312.7
EBITDA
(1511)
(168)
Gross Profit
360.3
332.5
Net Profit/(Loss)
(7181)
(1248)
21.6
20.8
112.3
104.0
84.7
75.7
R&D Expenses Earnings before Income Taxes Net Earnings
Six months ended 31.1 2012
2011
Net Sales Of Which: Life Sciences Industrial
1403.6
1250.7
713.3 690.3
645.8 604.9
Cost of Sales
687.1
609.6
Gross Profit
716.5
641.2
42.5
40.9
Earnings before Income Taxes
204.8
201.5
Net Earnings
154.2
147.1
R&D Expenses
April 2012
2011
2010
Revenues
33 707
34 665
Cost of Sales
25 569
24 336
Gross Profit EBITDA Net Profit/(Loss)
COMMENT Pall has posted sales of US$698.0 million for its second quarter of fiscal 2012, 8.2% stronger than a year earlier, while its net earnings were up 11.9% on the 2011 figure at US$84.7 million. Larry Kingsley, Pall’s president and CEO, said the sales increase in the quarter reflected good growth in both the company’s Life Sciences and Industrial segments. “On a global basis, emerging market sales grew over 20% in local currency driven by the Energy markets in the Middle East & North Africa (MENA) and Latin America,” he said.
Year ended 31.12
“We continue to invest to grow in the emerging markets which represented about 20% of second quarter sales compared to about 17% a year ago.” Kingsley added that organic orders growth for the quarter was mixed against a tough comparison for the same quarter in 2011. “Consumables orders were up 5%, while systems orders decreased 6% driven by Food & Beverage, which experienced unusually high order volume in the second quarter of last year,” he said. ■ www.pall.com
8138
10 328
(7925)
(1914)
(15 088)
(4268)
COMMENT Process equipment manufacturer ProSep closed out a challenging fiscal 2011 by posting fourth quarter sales of C$7.3 million, down 13.2% on the year earlier. The net loss for the period was C$7.2 million, compared to a loss of C$1.2 million in 2009. It was a similar tale for the full year with revenues down 2.8% to C$33.7 million, while a loss of C$15.1 million compared to a C$4.3 million deficit in 2010. Despite the results, president and CEO, Jacques Drouin, said ProSep had made progress during the year with new strategic partnerships formed and the conclusion of two equity financing agreements. “Year 2011 marked a period of important investments for ProSep,” Drouin said. “We expanded our process engineering and business development teams and built one of the industry’s leadingedge portfolio of solutions. We entered into promising partnerships with Flint Energy
Services in Canada, and with Kolon Group in South Korea.” Drouin added that ProSep’s reorganisation activities had negatively affected its financial results for the year, but should also provide the platform for stronger performance going forward. “With significant achievements realised in the last two quarters, we believe that 2012 will be a turnaround year for ProSep,” he said. “Our pipeline of opportunities and backlog are growing at a fast pace, which should lead to record revenues in 2012. Finally, our proprietary technologies are being deployed at an accelerated rate, with promising results achieved in Mexico, Saudi Arabia, and Norway.” Drouin said the company had signed C$49.4 million in new contracts during 2011 compared with C$23 million the year earlier, and had won a further C$20 million in the first two months of 2012. ■ www.prosep.com
Filtration Industry Analyst
11