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| Dectron Internationale |
May 1, 2007 |
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Montreal, May 1, 2007 - Dectron Internationale (TSX: DTL):
Dectron Announces Fiscal 2007 Year-End Results
Dectron Internationale, Inc., a leader in the heating, ventilation and air conditioning, indoor air security and water generation markets, is pleased to announce its financial results for the fiscal year ended January 31, 2007 (in thousands of Canadian dollars).
Total sales rose 13.8% to $65,006 during the fiscal year ended January 31, 2007, up $7,892 from $57,114 in 2006. The Company's sales growth reflects the revenues arising primarily from its stronger presence in the international markets for commercial HVAC products and related services. Geographically sales outside Canada accounted for 51.2% of total sales in 2007, compared with 48.5% the previous year.
Gross profit increased $1,837 (12.1%) to $17,067 in 2007 from $15,230 in 2006, despite a gross profit margin that decreased to 26.3% from 26.7%. The decrease in gross margin percentage is attributable to several factor including the shipping of certain orders in the fourth quarter, taken earlier in the year at low margin, the effect of training and overtime again in the fourth quarter as a result of the implementation of a second shift and finally due to charges incurred for some late deliveries as a result of production delays. These items were generally related to the fourth quarter and we do not foresee the problems significantly affecting future quarters.
Selling expenses increased by 16.0%, to $7,754 in 2007 from $6,685 in 2006. This change is primarily due to higher commission expense on the higher sales level and on the increased proportion of commissionable sales. General and administrative expenses rose 14.1% to $4,910 in 2007 from $4,303 in 2006, item affecting the increase include higher taxes (primarily property taxes) and new leasing costs associated with the upgrade of the IT systems in the year. As a percent of sales, selling, general and administrative expenses rose to 19.5% from 19.2%. Depreciation and amortization increased to $1,559 versus $1,515 in 2006. Financial expenses rose 24.7% versus the prior year at $1,785 from $1,431 in 2006 due to higher interest new long-term debt acquired during fiscal 2007 and also the financing costs associated with the re-financing that occurred in the year.
Overall, operating expenses increased $2,074 (14.9%) to $16,008 in 2007 from $13,934 in 2006. In relation to sales, operating expenses totalled 24.6%, higher than 24.4% recorded last year.
Income taxes of $192 were recorded in 2007 versus $785 were accounted for fiscal 2006, although most of this amount represents the tax charges derived from temporary differences between depreciation and amortization according to GAAP and the actual amounts deducted for tax purposes as well as the utilization of tax losses from prior years.
The net earnings amounted to $867 ($0.27 per share) in comparison to a loss of $373 or $0.12 per share in fiscal 2006, The weighted average number of common shares outstanding stood at 3,155,000 same as fiscal 2006.
More detailed information on the Company and its results are available with the TSX (www.sedar.com).
Dectron Internationale, Inc. is a global provider of custom and semi-custom IAQ (indoor air quality) and HVAC (heating, ventilation and air conditioning) products and services to the building systems, food processing, medical, petrochemical, and various industrial and commercial markets. Established in Montreal, the Company has 400 employees in its manufacturing facilities. Its shares are listed on the TSX (DTL).
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For further information, please contact:
Dectron Internationale Inc.
Glenn La Rusic
Telephone: (514) 334-9609
www.dectron.com
Renmark Financial Communications
Tina Cameron: tcameron@renmarkfinancial.com
Henri Perron: hperron@renmarkfinancial.com
Phone: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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