viewAtlas Engineered Products Ltd.

Atlas Engineered Products reports three-fold 1Q revenue increase to C$6.2 million

Revenue nearly tripled on organic growth and the completion of several acquisitions since February 2018

Atlas is a leading supplier of roof trusses and engineered wood products

Atlas Engineered Products Ltd (CVE:AEP) reported Friday a nearly three-fold increase in first-quarter revenue.

The Canadian makers of roof trusses said it brought in C$6.2 million in revenue for the quarter that ended March 31, nearly triple the C$2.1 million in revenue in the year-ago quarter.

Atlas said the increase in revenue is attributable to organic growth of its founding Nanaimo, British Columbia operations and the completion of several acquisitions since February 28, 2018.

READ: Atlas Engineered reveals new product launch at SC Building Systems

To better align its financial reporting with the calendar year and that of its industry peers, the company changed its fiscal year-end to December 31 from May 31. That means it first quarter ended March 31, instead of February 28.

Revenue for Atlas’ headquarters operations were C$3 million, compared to C$2 million, for an increase of 48%, the company said Revenue stemming from five acquired companies -- Satellite Building Systems Ltd., Coastal Windows Ltd., Tandelle Specialty Inc., Pacer Building Components Inc., and South Central Building Systems -- was $3.2 million.

In a statement, Atlas said the quarterly results were in line with its overall strategy and exceeded management's expectations, “mainly due to AEP's accelerated progress on acquisition integration activities” which are expected to become more efficient and produce higher margins.

"Our performance continues to align with our focus on growth and profitability,” said CEO Dirk Maritz. “We are increasing cashflows and strengthening the balance sheet. We are realizing strong organic growth through market and customer expansion, product diversification and optimizing operations.”

Atlas stock recently traded at C$0.36 a share in Toronto.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Atlas Engineered Products Ltd.

Price: 0.24 CAD

Market: TSX-V
Market Cap: $13.85 m

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