Le Lézard
Classified in: Business, Sports and recreation
Subject: EARNINGS

Tornado Global Hydrovacs Reports First Quarter 2022 Results


CALGARY, Alberta, May 24, 2022 (GLOBE NEWSWIRE) -- Tornado Global Hydrovacs Ltd. ("Tornado" or the "Company") (TSX-V: TGH; OTCQX: TGHLF) today reported its unaudited financial and operating results for the three months period ended March 31, 2022, with comparisons to the same period last year. The unaudited condensed consolidated financial statements and related management discussion and analysis are available on the Company's issuer profile in Canada on SEDAR at www.sedar.com, the United States at www.otcmarkets.com and on the Company's web site www.tornadotrucks.com. All amounts reported in this news release are in thousands ($000's CAD) except per share amounts.

First Quarter 2022 Overview and Recent Developments

Outlook

Management believes the Company's business will continue to strengthen and expects the Company's production and sales of hydrovac trucks in North America in 2022 to continue to grow and capitalize on the significantly increased production capacity at the Red Deer Facility over the long term for the following reasons:

Limiting factors on the Company's ability to meet increased demand could include the possibility of chassis supply chain interruption due to chip shortages at the chassis manufacturer level and other supply chain issues related to other key components caused by the pandemic including the current COVID lockdowns in China and exacerbated by the Russian invasion of Ukraine. However, management believes that it will be able to manage these supply chain issues as a result of strategic decisions made by the Company.

Financial and Operating Highlights (in CAD $000's except per share data)

 Three Months ended March 31
  2022   2021 
   
Revenue$9,939  $7,978 
Cost of sales 7,595   5,754 
Gross Profit 2,344   2,224 
   
   
Selling and general administrative expenses 1,398   1,125 
Depreciation and amortization 307   449 
Finance expense 45   39 
Stock-based compensation 53   44 
Gain on disposal of fixed assets (136)  - 
Accretion expense -   39 
   
Income before tax 677   528 
Income tax expense (203)  (167)
   
Net income$474  $361 
   
Net income per share - basic and diluted$0.004  $0.003 
   
EBITDAS (1)$946  $1,099 
EBIT (1)$722  $606 
   
Total assets$27,016  $28,479 
Shareholders Equity$12,703  $15,441 

1 EBITDAS (earnings (loss) before interest, tax, depreciation and amortization, non-cash impairment, gain/loss on disposal of fixed assets and stock-based compensation), EBIT (earnings before interest and taxes) and Gross Profit (revenue less cost of sales) are not defined by IFRS. EBIT is the result of the Company's EBITDAS less depreciation and amortization expenses, gains and losses on the disposal of assets, non-cash impairment and stock-based compensation. While not IFRS measures, EBITDAS, EBIT and Gross Profit are used by management, creditors, analysts, investors and other financial stakeholders to assess the Company's performance and management from a financial and operational perspective. Readers are cautioned that EBITDAS and EBIT should not be considered to be more meaningful than Income before Tax determined in accordance with IFRS.

About Tornado Global Hydrovacs Ltd.

The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in the North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. In China, the Company's subsidiary is used principally to source certain parts to the Company's North America operations.

For more information about Tornado Global Hydrovacs Ltd., visit www.tornadotrucks.com or contact:

Brett Newton
President and Chief Executive Officer
Phone: (416) 522-6390
Email: [email protected]
 


Advisory

Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words "anticipates", "should", ??may", "expected", "expects", "believes" and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include those with respect to:

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Tornado. Although Tornado believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Tornado's expectations as of the date hereof and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.

Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.



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