Toronto, Ontario--(Newsfile Corp. - August 30, 2018) - Augusta Industries Inc. (TSXV: AAO) (the "Corporation") is pleased to announce that it has released its financial results for the six months ended June 30, 2018.
Summary for Six Months Ended June 30, 2018
For the six months ending June 30, 2018, the Corporation had revenues of $2,103,000 as compared to $1,576,000 during the six months ending June 30, 2017.
Total loss for the six months ending June 30, 2018 was $317,000 or a net loss of $0.00 per share compared to a loss of $265,000 or $0.00 per share for the six months ending June 30, 2017. Gross margins for the six months ending June 30, 2018 was 18% compared to 238 for the six months ending June 30, 2016 due to the change in mix between Macron and FOX-TEK sales during the period. The operating expenses in the six months ending June 30, 2018 was less at $587,000 compared to $549,000 for the same period in 2017. Stock based compensation during the six months ending June 30, 2018 was $55,000 compared to $164,000 during the six months ending June 30, 2017.
Marcon group sales in during the six months ending June 30, 2018 was $1,928,000 compared to $1,286,000 during the six months ending June 30, 2017 - an increase of $642,000. Sales in FOX-TEK for during the six months ending June 30, 2018 were $175,000 compared to $290,000 sales for the six months ending June 30, 2017 — a decrease of $115,000.
The financial statements, notes to the financial statements and Management's Discussion and Analysis for the six months ending June 30, 2018 are available on SEDAR at www.sedar.com.
Marcon Sales Update
Augusta Industries Inc. (the "Corporation") is pleased to announce that it wholly owned subsidiary, Marcon International Inc. ("Marcon"), has entered into new agreements with various departments of the United States government for the supply of instrumentation and equipment. The aggregate value of the agreement entered into was $516,862.67. The current backlog of orders, including these new contracts, is $989,542.32 as of August 29, 2018.
"The Corporation's sales efforts continues to result in increased sales and the Corporation will continue to focus on entering into additional contracts and developing additional relationships and opportunities with its existing clients." stated Allen Lone, President of the Corporation.
About the Corporation:
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") is an industrial supply contractor servicing the energy sector and a number of US Government entities., Fox-Tek Canada Inc. ("Fox-Tek") develops non-intrusive asset health monitoring sensor systems for the oil and gas market and Paragon Blockchain Inc. ("Paragon"), seeks to create an eco-system in the supply chain management of clients to change the dynamics of the scoping and bidding process by providing vendors and subcontractors with A.I. data mining tools to proactively drive the process. Blockchain technology is of critical importance to FOX-TEK as well particularly the expansion of its' non-intrusive technology. The Corporation provides a variety of services and products to a number of clients.
Allen Lone, President, CEO, Augusta Industries Inc.
Tel: (905) 275 -8111 Ext 226 email: firstname.lastname@example.org
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and as neither approved nor disapproved the contents of this press release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.