|SSA.V - Spectra Inc. Year End Results (Financials + MD&A)|
Ending December 31st 2017
Note – Q1 2018 results will be released in the next 2-3 weeks with a more accurate picture of financials. This is due to Michael Faye leaving end of 2017(large expense gone) and Glen Campbell taking debt from DVOF to help reduce payments and extend deadline to 2020(Announced December 2017).
Current Stock Price: $0.03
Common Shares: 60,509,971
Insider Holdings: 6,855,591 or 11.3%
Institutional Holdings: 18,133,000 or 30% - DVOF Debenture Holder
Accounts Receivable: $244,200
Prepaid Expenses: $4,737
Total Assets: $479,631 (2016 - $417,393)
Accounts Payable: $140,207
Royalty Debenture: $629,028
Preferred Shares: $556,430
Total Liabilities: $1,325,665 (2016 - $1,486,237)
Sales: $1,780,609 (2016 - $1,549,11)
Cost of sales: $762,500
Gross Profit: $1,018,109
Debt Extinguishment: $30,423
G&A Expenses: $825,722
Net Income: $222,810 (2016 - $151,912)
MD&A Highlights From Year End Results
Cash Flow Earned In Operations (Page 4)
2014 - $107,922
2015 - $81,815
2016 - $188,897
2017 - $275,065
Twelve months ended December 31, 2017 Revenue for the twelve months ended December 31, 2017 increased by 15 percent to $1,780,609 compared to revenue of $1,549,112 for the twelve months ended December 31, 2017. The increase in revenue is attributable to increased sales of all major product lines.
Year ended December 31, 2017 The net income for the year ended December 31, 2017 was $222,810 or $0.00 per share basic and fully diluted compared to net income of $151,912 or $0.00 per share basic and fully diluted for the year ended December 31, 2016.
Liquidity and Cash Flow
Twelve months ended December 31, 2017 For the twelve months ended December 31, 2017, the Company earned $275,065 in operating activities compared to earning $188,897 in 2016. Non-cash items during the twelve months contributed $75,812 compared to $100,726 in 2016. $150,000 was repaid on loans payable during the year and $150,000 of preferred shares were repurchased for cancellation. These all resulted in a net decrease in cash resources of $24,935 and a cash resources balance at the end of the period of $54,811. During the equivalent twelvemonth period in 2016 the Company showed a net increase in cash resources of $35,897 and a cash resources balance at the end of the year of $79,746
The Company‘s current cash and cash equivalents are expected to meet the anticipated need for ongoing expenses, working capital and capital expenditures. In the event the Company’s cash and cash equivalents are insufficient, the Company may seek additional financing as required to provide working capital, inventory and capital equipment necessary to implement its business plan.
Management believes that the strong functional and competitive capabilities of its Brake Safe®, Brake Inspector®, Termin-8r® Zafety Lug Lock®, Hub Alert® and Arrow Logger™ product lines will improve the Company’s long-term profitability.
The Company continues to focus its efforts on expanding the present market for its products while introducing those products into new markets as well as seeking out new products to compliment our other offerings.
The Company’s Brake Safe® product is well established in the Canadian market and inroads are now being made into the lucrative American market. With the implementation of its new, aggressive, safety enforcement and monitoring program, CSA (Compliance, Safety, Accountability), the Federal Motor Carrier Safety Administration is bringing the focus onto unsafe Carriers and unsafe Drivers in the US transportation industry. A significant increase in roadside enforcement, citations and fines for all driver and vehicle violations will impact positively on the sales growth of Brake Safe® products. A program has been developed to educate companies of these enforcement changes and the resulting increased intervention by regulatory agencies in order to capitalize on sales opportunities for Brake Safe®.
The Company’s Termin-8R® product continues to receive strong industry acceptance with a corresponding growth in sales to the transportation segment. The second private label arrangement, introduced in 2010 and made for a major supplier to the commercial transport industry, is proving to be a strong performer with 2017 private label sales, by dollar amount, now being 80% of total Termin-8R® product sales and 27% more than that of the previous year. The company believes that developing new private label arrangements will be a key to the ongoing growth in the sales of this product.
The Company will continue to form strategic distribution alliances to accelerate its sales outside the Canadian marketplace.
The Company may seek sufficient additional funds to provide working capital, inventory and capital equipment as needs arise, but at the moment, cash flow from operations is sufficient to support current needs.
| Reply to Jimjones1972 - Msg #6140 - 04/11/2018 10:15|
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of its
financial results for the twelve-month period ending December 31, 2017. Revenues for
the twelve-month period ending December 31, 2017 were $1,780,609 compared to
$1,549,112 for the same period in 2016. Revenues for the fourth quarter ending
December 31, 2017 were $448,017 compared to $342,461 in 2016.
Net income was $222,810 during the twelve-month period ending December 31, 2017
compared to $151,912 for the same period in 2016.
Spectra Inc., through its subsidiary, Spectra Products Inc., is the Toronto-based North
American designer, manufacturer and distributor of Brake SafeÒ, the visual brake stroke
indicating system, Brake InspectorÒ, the company’s electronic in-cab air brake diagnostic
system and the Termin-8RÒ line of anti-corrosion and extreme pressure lubricants.
Spectra manufacturers and distributes the new Arrow LoggerÒ brake stroke data logger
that has been designed to enhance the performance of the Brake Safe® system. Spectra
distributes Zafety Lug LockÒ, a lug nut retainer that uses the resistance between wheel
nuts to minimize their ability to rotate and loosen, reducing the risk of wheel damage or
wheel loss and Hub AlertÒ, an innovative heat sensing label that provides an alert for
overheating wheel ends, reducing the risk of bearing failure and corresponding
maintenance and repair costs.
Except for the historical information contained herein, this news release contains forward
looking statements that involve risks and uncertainties, including the impact of
competitive products and pricing and general economic conditions as they affect the
Corporation’s customers. Actual results and developments may therefore differ
materially from those described in this release.
On behalf of the Board of Directors,
Glen Campbell, Chairman, Spectra Inc.
Investor Relations: 1-800-308-5255