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Financial Highlights
Selected Consolidated Information
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(in thousands of Canadian
dollars, amounts per
share excepted) Q1 2010 Q1 2009 Q4 2009
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Revenue 4,322 6,820 8,351
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EBITDA(1) 20 78 217
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Net Profit (Net Loss) (20) 26 112
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Net Profit (Net Loss) basic per share (0.001) 0.001 0.004
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Mercator Transport sales reached $4,321,000 in the first quarter of fiscal 2010, a $2,500,000 or 37% decrease compared to $6,820,000 for the same period last year. Mercator Transport reported a net loss of $20,000 ($0.001 per share) for the first quarter of 2010, compared to a net profit of $26,000 ($0.001 per share) for the same period last year.
Mercator Transport generated EBITDA(1) of $20,000 for the first quarter of 2010, compared to $78,000 for the first quarter of 2009. This decrease in EBITDA(1) is mainly accounted for by stable gross profit reported in the last quarter compared to the same period a year ago, combined to rising selling and administrative expenses.
The first quarter of 2010 was also marked by the announcement of the acquisition of the French corporation S.A.S. Trans Orient Services, specialized in international transport brokerage, for an amount of $1,068,000 payable at closing, which has not yet taken place.
"Declining sales reflect the economic downturn our clients have to compose with and postponement of certain projects. Despite the downturn, we are moving ahead with our initial strategy and pursuing our growth plan," said Mr. Jean-Pierre Apélian, President and CEO.
For further information, please refer to Mercator Transport's management discussion and analysis and quarterly unaudited financial statements, available on SEDAR's website at www.sedar.com.
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(1) Non-GAAP measure, as defined in Mercator Transport's MD&A.
About Mercator Transport
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Mercator Transport specializes in transport brokerage, international logistics and distribution. With offices in Montreal (Canada), Las Vegas (USA) and Lyon (France), Mercator Transport offers value-added services in global supply chain management, and designs tailor-made solutions. Its customer relationships and its collaborators' commitment are what differentiates Mercator Transport in its ability to implement customers' requirements.
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Neither TSX Venture Exchange nor its Regulatory Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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%SEDAR: 00020866EF
SOURCE: MERCATOR TRANSPORT GROUP CORPORATION
Mr. Patrick Bazinet, Director, Investor relations, (450) 667-8886, investisseur@corpgmt.com
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