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Atlas Engineered Products reports 22% increase in revenue in second quarter

Revenues for the three months to end November came in at around C$2.79mln versus C$2.29mln a year earlier

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Atlas is one of BC's leading suppliers of trusses and engineered wood products

Wood product firm Atlas Engineered Products Ltd (CVE:AEP) hailed its second quarter results, which showed record revenue and operating income.

Revenues for the three months to end November came in at around C$2.79mln compared to C$2.29mln a year earlier - an increase of 22%.

READ: Atlas Engineered Products continues its aggressive acquisition program with Clinton Truss deal

Gross margin was 29% in the quarter, compared with 28% for the same three months in 2016.

"Our record quarterly revenue and EBITDA results provide a remarkably strong base for the results we expect our recently announced acquisitions will add to our future financial results," said Atlas's president, Guy Champagne.

He added: "We have strong cash reserves and many future acquisition targets to evaluate, and are very pleased at this early stage to find ourselves solidly ahead of plan in all respects."

Atlas was established almost 20 years ago but made its debut on the Toronto venture exchange last November and is one of British Columbia’s leading suppliers of trusses and engineered wood products.

The company aims to expand and grow its base of business across Canada by pursuing an aggressive acquisition and consolidation strategy.

WATCH: Atlas Engineered Products building a strong future

Highlights of the second quarter included the proposed acquisition of Clinton Roof Truss Ltd to provide access to the growing Ontario communities west of Mississauga.

The firm also announced the proposed acquisition of Selkirk Truss (2010), which will provide a gateway to the Kootenay region for the company.

Quick facts: Atlas Engineered Products Ltd.

Price: 0.38 CAD

TSX-V:AEP
Market: TSX-V
Market Cap: $21.93 m
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