Atlas Engineered Products Ltd. released its financial results for the 3Q ended February 28, 2018. Revenue growth to $2 million for the 2018 quarter as compared to revenue of $1.7 million for the 2017 quarter, which represents a 18% increase for the quarter, as the company said in the press release received by Lesprom Network.
Adjusted EBITDA of $83,830 for the 3Q 2018 is lower as compared to $222,722 for the three months ended February 28, 2017 due to increased costs to support the Company’s expansion. In future quarters these will be offset by the results of the Company’s accretive acquisitions.
Net loss of $295,757 for the 3Q 2018 compared to net income of $140,215. Increase in net loss mostly a result of share based payment expense of $285,412 and acquisition costs relating to Clinton and Truebeam.
Guy Champagne, President of Atlas, commented, “We are very pleased that our Atlas Nanaimo operation has been able to support the significant investments we have made in launching our growth strategy. This is a testament to how strong our core business is and provides a very stable foundation for rapid growth. Next quarter’s will affirm the positive financial impacts of our Clinton and Truebeam operations.”
Atlas Engineered Products is one of British Columbia’s leading suppliers of trusses and engineered wood products.
