Edmonton, AB – Commercial Solutions Inc., a Canadian distributor of bearings, power transmission, industrial, safety, survey and resource management equipment products and services, reports in its financial results for the first quarter ended December 31, 2005 revenues of $30.0 million versus $20.9 million during the same period last year, representing a year-over-year increase of 43.4%.
For the quarter, the Company reported a 90.0% increase in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $2.6 million versus $1.4 million for the same period last year. Net income for the quarter increased 128.1% to $1.4 million compared to $0.6 million during the first quarter of fiscal 2005.
Earlier, the company reported almost as impressive year-end results. For the 12-month period ending Sept. 30, 2005, sales increased by 25.2% to $97.8 million versus sales of $78.1 million for the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fiscal 2005 period significantly increased by 86.5% to $7.5 million, compared to EBITDA of $4.0 million in fiscal 2004. Net income more than doubled for the year at $3.8 million or $0.33 per share (basic) versus a fiscal 2004 net income of $1.4 million or $0.16 per share (basic). On a fully diluted basis, earnings per share for fiscal 2005 was $0.30.
“We are pleased to report yet another quarter of significant growth at the revenue and earnings line”, noted Jim Barker, president & CEO of Commercial. “The results demonstrate management’s ability to grow business organically and through accretive acquisitions. During the first quarter, the 2005 acquisition of Impact [Oilfield Supply Inc.] represented 33.0% of our year-over-year growth, while organic growth remained strong at 10.0%.”
Headquartered in Edmonton, Alberta, Commercial has 25 Services Centres and about 266 employees across Canada. Commercial offers more than 160,000 items for maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers.
In August 2005, the company opened a new office in Regina, Sask., adding to the existing five locations in the province and increasing the total nationwide office count to 25.
Business units of Commercial Solutions include Commercial Bearing Service (1966) Ltd., AIM Supply, Nisku Safety Supply & Services, CFE Equipment, Cando Oilfield Supplies and Rentals Ltd., and Impact Oilfield Supply Ltd.
The company represents 450 manufacturers and serves over 10,000 customer accounts within a broad cross-section of industries, including oil and gas, forestry, food processing, chemical manufacturing, mining, utilities, agriculture and construction.
Commercial trades under the symbol “CSA” on the Toronto Stock Exchange. For further information on the Company, please visit www.commercialsolutions.ca and for detailed financial information visit www.sedar.com.