Luxor Reports Net Profit of $922,616 or $.023 Earnings per Share for Second Quarter 2016 on Sales of $9,507,657
VANCOUVER, British Columbia, Aug. 30, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (TSX-V:LRL) (OTC:LXRRF) is is pleased to provide second quarter results. Sales for the 3 month period ending June 30, 2016 were $ 9,507,657 compared to $689,795 for the same period in 2015. Net profit for the 3 month period ending June 30, 2016 was $ 922,616 compared to a net profit of $ 51,426 for the same period in 2015. Earnings per share were $.023 for the second quarter 2016 and $.016 for the 6 month period ending June 30th 2016.
Sales for the 6 month period ending June 30, 2016 were $ 12,091,823 compared to $ 1,688,622 for the same period in 2015. Net profit for the 6 month period ending June 30, 2016 was $ 619,881 compared to a net profit of $ 207,539 for the same period in 2015.
Luxor’s strong second quarter results are the result of turnkey framing sales, a business that the Company entered into at the beginning of 2016. Luxor has secured framing contracts in excess of Can $ 30 million for 2016 and 2017 in the United States and Canada. To date the contracts average over Can $ 2 million per month for the 10 month period March- December 2016.
Earlier, for the 3 month period ending March 31, 2016, the Company reported a net loss of $ 302,734 on sales of $ 2,584,000. The loss was the result of significant administrative and legal costs incurred in the acquisitions of Mill Frame LLC and Mill Frame Inc., the securing of a $5,275,000 credit facility with HSBC and the increased overhead to secure turnkey framing contracts for the second quarter 2016 onward.
Terry Lashman, CEO of Luxor, comments, "We are pleased with the second quarter results following a busy start up period. Management is confident that sales will continue to grow in the forward period. Our customers are appreciative of the Company’s performance and wish to work with us in the long term. Also, the shortage of skilled labor is expected to continue and the multi-family construction is expected to experience strong growth in the forward period. I would like to thank management and our employees for their hard work and dedication during this stressful start up situation.”
About Luxor Industrial Corporation
Luxor has vertically integrated through the recent acquisitions of turnkey framing companies in Canada and the United States. The Company now distributes Pre- Fabricated Wall Panels and a complete line of Multi-Family Engineered Lumber. http://www.millframe.com
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor’s website at www.luxorcorp.com.
This news release contains forward looking statements. Although Luxor believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact: Luxor Industrial Corporation Terry Lashman (800) 665-2454 (604) 684-7929 John Taylor (877) 496-4355 (604) 864-9601 www.luxorcorp.com
