Atlas Engineered Products Announces Preliminary Q4 and Full Year 2022 Financial Results
February 22, 2023
February 22, 2023 - Nanaimo, British Columbia / Atlas Engineered Products (“AEP” or the “Company”) (TSX-V: AEP; OTC Markets: APEUF) is pleased to announce its preliminary financial results for the three months and full year ended December 31, 2022.
Preliminary Financial Highlights for Q4 & Year End 2022:
The Company has continued to carry the strong momentum generated in the first nine months into the fourth quarter of 2022. The Company expects to recognize revenues of approximately $14.9 million for the three months ended December 31, 2022, expected to represent a 7% increase from the three months ended December 31, 2021 during which the Company reported revenues of just under $13.9 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, 2022, the Company expects to recognize revenues of approximately $61.8 million compared to revenues of just under $55 million reported by the Company for the year ended December 31, 2021, expected to represent an increase of $6.8 million or 12%.
These results are still pending external audit completion and may change by the time final fiscal 2022 results are reported and filed. Full audited 2022 year end financial results are expected to be released before the end of April 2023.
TSX Venture 50:
AEP is also pleased to announce it has been named 2nd top performing Company on the TSX Venture over the last year in the Diversified Industries sector. Visit money.tmx.com/en/venture50 to view our video and the entire list of top performers. “AEP has worked hard over the last few years and being a top performer on the TSX Venture 50 helps validate all that hard work and we can’t wait to deliver on our future performance goals” says CEO & President Hadi Abassi.
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.
For further information please contact:
Atlas Engineered Products Ltd.
Phone: 1-250-754-1400
Email: [email protected]
PO Box 37036 Country Club PO
Nanaimo, BC V9T 6N4 www.atlasengineeredproducts.com
For investor relations please contact:
Jake Bouma, IR Consultant for AEP
Phone: 1-604-317-3936
Email: [email protected]
FORWARD-LOOKING INFORMATION
Information set forth in this news release contains forward-looking statements. 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: Risks and uncertainties relating to AEP, including those to be described in the Management’s Discussion and Analysis (“MD&A”) for AEP’s three and six months ended June 30, 2022. 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. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
SELECTED FINANCIAL INFORMATION
Except as noted below, the financial information provided in this news release is derived from the AEP’s audited financial statements for the three and six months ended June 30, 2022 and the related notes thereto as prepared in accordance with International Financial Reporting Standards (“IFRS”) and related IFRS Interpretations Committee (“IFRICs”) as issued by the International Accounting Standards Board (“IASB”). A copy of AEP’s financial statements for the three and six months ended June 30, 2022 and the related Management’s Discussion and Analysis is available on AEP’s website at www.atlasengineeredproducts.com or on SEDAR at www.sedar.com.
Financial information for AEP’s acquisitions are included in AEP’s unaudited financial statements from the date of acquisition. Financial information for acquired businesses for periods prior to the date of acquisition were prepared by management and have not been reviewed or audited by independent auditors.
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.