Atlas Engineered Products

Atlas Engineered Products sees revenue rise as it continues on a growth course

The Nanaimo-headquartered group is a leading supplier of trusses and engineered wood products and now has six plants operating in British Columbia, Manitoba and Ontario

Roof truss
Atlas supplies roof trusses (pictured here)

Atlas Engineered Products Ltd (CVE:AEP), the roof truss specialist, continues to plot its growth course as it consolidates a fragmented industry.

The Nanaimo-headquartered group is a leading supplier of trusses and engineered wood products and now has six plants operating in British Columbia, Manitoba and Ontario.

"Our industry is fragmented, made up mostly of independent operators producing specialized products," said Dirk Maritz, president and CEO at Atlas Engineered.
In 2018, the group completed the acquisitions of Satellite Building Components Ltd, Coastal Windows Ltd and Pacer Building Components Inc and Tandelle Specialty Inc.

READ: Atlas Engineered Products completes purchase of South Central Building Systems for Manitoba growth

Today's results are for the seven months to December 31 last year, as the firm has moved its year-end date to better align with industry peers. The comparative period is for the 12 months to May 31 last year.

Due to acquistions and organic growth, revenue for the  seven months to end December was over $13.3 million, up from $11.6 million for the 12 months to end May, last year.

Revenue from its founding Nanaimo operations for the seven months were $7.4 million versus $6.1 million for the same seven-month period ended December 31, 2017, representing growth of 19%.

Due to the uptick in revenue, the net loss after adjustments and taxes for the seven months reduced to $1.2 million from a loss of $4.9 million for the 12 months to end May last year.

Consolidating operations

"We are consolidating these narrow-focused operations and delivering a fully integrated service to builders and developers both big and small. We believe that there continues to be a significant opportunity for ongoing growth through strategic acquisitions and organic improvements that contribute to bottom-line profits," added Maritz.

"We are strengthening the financial and operational performance of our acquisitions through standardized best practices, dedicated sales outreach, cost efficiencies and extended product mix. We intend to continue this strategic acquisition path moving forward."

As at the end of 2018, the firm had $1.6 million in cash.

Shares were unchanged in Toronto at $0.30.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Atlas Engineered Products

Price: $0.45

Market: TSX-V
Market Cap: $20.47 m

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