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NANAIMO, BC, March 21, 2022 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to announce its preliminary financial results for the three months and and full year ended December 31, 2021.
The Company has continued to carry the strong momentum generated in the first nine months of 2021 into the fourth quarter of 2021. The Company expects to recognize revenues of approximately $13.9 million for the three months ended December 31, 2021, expected to represent a 25% increase from the three months ended December 31, 2020 during which the Company reported revenues of $11.1 million. It should be noted that the Company's fourth quarter is traditionally a slower quarter due to weather conditions in most of the Company's markets. For the fiscal year ended December 31, 2021, the Company expects to recognize revenues of just under $55.0 million compared to revenues of $35.7 million reported by the Company for the year ended December 31, 2020, expected to represent an increase of $19.3 million or 54%.
These results are still pending external audit completion and may change by the time final fiscal 2021 results are reported and filed. Full audited 2021 year end financial results are expected to be released mid-April.
"The Company continues to manage through the construction industry challenges of volatile raw material prices, labour tightness and strong product demand," states CEO Hadi Abassi. "I am very proud of our incredibly hard working AEP team and look forward to another year of strong results in 2022. We will continue to focus on organic revenue growth, improving operating efficiencies and increasing automation all while maintaining an eye towards further accretive acquisitions."
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
Forward Looking Information
Information set forth in this news release contains forward-looking statements. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking statements included in this news release include statements with respect to expected revenues for the full quarter ended December 31, 2021. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control. Such factors include, among other things: the potential effects of the COVID19 pandemic (including related work stoppages or shortages and impacts of the pandemic on the availability of raw materials and demand for AEP's products), potential weather stoppages, fluctuating prices and availability of raw materials (including lumber prices), changes in general economic conditions and additional risks and uncertainties described in the Management's Discussion and Analysis ("MD&A") for AEP's three and nine months ended September 30, 2021. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information.
Forward-looking statements in this news release also include future-oriented financial information and financial outlook information ("FOFI") regarding AEP and its prospective revenues, financial results and components thereof. The FOFI contained in this news release is subject to the same assumptions, risk factors, limitations and qualifications set forth in this news release relating to other forward-looking statements. The FOFI contained in this news release is provided for the purpose of providing information regarding management's assessment of the Company's anticipated business operations and may not be appropriate for other purposes.
Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION 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.
SOURCE Atlas Engineered Products Ltd.
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