Grand West has announced financials for the second quarter ending June 30, 2017.
Some Q2 Highlights:
- Record bus and aftermarket parts revenue of $11,780,851 versus $85,423 in the year ago period
- 160 percent quarter over quarter revenue increase; $11,780,851 versus $4,548,968 in Q1 2017
- First ever profitable quarter, net income of $221,884
- First ever positive EBITDA of $399,602
- Record quarterly deliveries of thirty two Vicinity buses
Selected Quarterly Information
|
3 months ended |
3 months ended, |
|
|
(unaudited) |
(unaudited) |
|
|
Revenue |
11,780,851 |
85,423 |
|
Gross Profit |
1,926,105 |
15,910 |
|
Net earnings (loss) |
221,884 |
-908,610 |
|
Basic and diluted earnings (loss) per share |
0.00 |
-0.02 |
|
Cash and cash equivalents |
6,496,447 |
3,784,813 |
|
Working Capital |
13,312,118 |
639,872 |
|
Total Assets |
38,728,690 |
7,962,955 |
|
Non-current financial liabilities |
1,016,168 |
86,462 |
The following table shows results for the quarter ended June 30, 2017 and three months ended May 31, 2016 stated in Canadian dollars.
Management reports Q2 2017 results of thirty two Vicinity buses delivered, revenue of $11,780,851, net income of $221,884 and gross profit margin of 17 percent. The Vicinity continues to gain adoption in the market and the Company is now in full production and delivery mode for orders accepted in 2016. This is Grande West's second consecutive quarter with record deliveries and revenue, with the first profitable quarter since being founded in 2008. Management expects to deliver a minimum of two hundred Vicinity buses during 2017, setting up continued profitable and record setting quarters for the second half of 2017. The sales pipeline in Canada and the US is robust and new and repeat orders are expected in both markets to continue to fill the backlog of orders for 2018 while 2017 deliveries are met.
Backlog: Current total firm orders for Q3 2017 through 1H 2018 delivery are for two hundred thirty three buses valued at over $84 million CAD.
William Trainer, Grande West CEO stated, "I am very pleased to announce the first profitable quarter in Grande West's history, another major milestone for the Company. Many years of hard work and effort went into making the inflection to profitability. I sincerely thank all the members of our team, exceptional customers, and our supportive shareholders who all played a part in Grande West achieving this goal. As we grow and expand, we are confident and well positioned to continue to build on the first of many profitable quarters. Our ramp up in production and deliveries continues and will result in additional new record quarterly achievements in deliveries, revenue and profit for the second half of 2017 and into 2018."
