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Atlas Engineered Products' revenue and earnings reach record highs in first quarter

Sales were up 40% compared to the same period last year, the wood product firm told investors.
Atlas Engineered Products' revenue and earnings reach record highs in first quarter
Atlas, formed almost 20 years ago, is one of British Columbia’s leading suppliers of trusses and engineered wood products

The first quarter of 2018 for wood product firm Atlas Engineered Products Ltd (CVE:AEP) saw record sales of  C$2.74mln.

That was up 40% compared to the same period last year, where the figure was C$1.96mln, the company said, posting results for the three months to August 31.

The first quarter numbers reflect the firm's financial performance during the quarter immediately before the reverse takeover with Archer Petroleum Corporation.

On November 9, the company announced it had started trading on the Toronto venture exchange, having completed that deal.

Income from operations came in at C$520,506 for the quarter, compared to income from operations of $439,413 in 2016 -  an increase of 18.5%. First quarter gross margins were 27%.

"Our quarterly revenues have reached record highs and the company's earnings strength reflect the kind of performance we expect will continue well into the future," said Atlas president, Guy Champagne.

"With that said, we are just getting started with an aggressive acquisition program which in the coming years will result in significantly broadening our geographic reach and strengthening client relationships within the construction industry across Canada.

"The EBITDA percentage of revenue exhibited in these financial results provide a benchmark for the strong financial performance our management team will work hard to achieve in all of the operating units we bring into the Atlas fold with our acquisition activities."

Atlas also noted that its previously announced closing of a $4.25 million placing had  strengthened its balance sheet, will fund business development and allow it to pursue its acquisition and consolidation strategy.

Shares in Toronto were unchanged at C$0.70.

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