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Atlas Engineered Products announces filing extension for its first quarter results

In March, the CSA granted public issuers a 45-day extension for filings required on or before June 1 this year

Atlas Engineered Products Ltd. -
Atlas Engineered is a wood products group, which is acquiring and operating profitable, well-established operations in this sector in Canada

Atlas Engineered Products Ltd (CVE:AEP) (OTCPINK:APEUF) has said it will make use of the extension offered by the Canadian Securities Administrators (CSA) in the light of the coronavirus (COVID-19) pandemic to file its first-quarter results.

In March, the CSA granted public issuers a 45-day extension for filings required on or before June 1 this year.  The deadline for the quarterly filings has been extended to July 16 this year.

READ: Atlas Engineered Products sees 2019 revenue soar as diversification strategy pays of 

"As part of our health and safety response to COVID-19 across Canada, we arranged for various non-manufacturing team members to work remotely," said Melissa MacRae, the company's interim CFO.

"These measures reduced our ability to externally report during the pandemic. Our team members have now adjusted to new COVID-19 practices and work arrangements, again reduced our internal and external report time. Going forward, we expect that all reporting will be timely once again."

Atlas is a wood products group, which is acquiring and operating profitable, well-established operations in its sector in Canada.

In April, the group posted an increase in 2019 annual revenue of 160% to nearly C$35 million thanks to its aggressive focus on product diversification.

The Nanaimo-based company generated a positive adjusted EBITDA margin of 11% for the year ended December 31, 2019, a stark turnaround from the negative adjusted EBITDA of 5% it posted in the seven-month period ended December 2018.

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Quick facts: Atlas Engineered Products Ltd.

Price: 0.265 CAD

TSX-V:AEP
Market: TSX-V
Market Cap: $15.3 m
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