Category: news

TORONTO, Feb. 13, 2017 /CNW/ – Exco Technologies Limited (TSX: XTC) (“Exco” or the “Company”) today announced that the Toronto Stock Exchange (“TSX”) has approved the Company’s normal course issuer bid (“NCIB”). Under the NCIB, Exco has the right to purchase for cancellation, from February 16, 2017 to February 15, 2018, a maximum of 1,000,000 common shares, representing 3.8% of the 26,345,698 shares forming Exco’s public float as at February 13, 2017. As of February 13, 2017, Exco had 42,585,491 common shares issued and outstanding.

Any shares purchased by Exco under the NCIB will be effected through the facilities of TSX as well as on alternative Canadian trading systems, at prevailing market rates and any common shares purchased by the Company will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Exco. Any purchases made by Exco pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.

During the most recently‐completed six months, the average daily trading volume for the common shares of Exco on the TSX was 47,740 shares. Consequently, under the policies of the TSX, Exco will have the right to repurchase under its NCIB, during any one trading day, a maximum of 11,935 shares, representing 25% of the average daily trading volume. In addition, Exco will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of Exco, in accordance with the TSX policies. Exco will fund the purchases through available cash.  In the previous 12 months, the Company has not repurchased any of its outstanding common shares.

The Board of Directors believes the underlying value of the Company may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing its shares through the NCIB may represent a good use of Exco’s financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Thus, the Board has determined that the NCIB is in the best interest of the Company and its shareholders.

About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 16 strategic locations in 8 countries, we employ 6,351 people and service a diverse and broad customer base.

Forward‐Looking Statements and Disclaimer
This press release may contain forward‐looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as “about”, “approximately”, “may”, “believes”, “expects”, “will”, “intends”, “should”, “plans”, “predicts”, “potential”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof or other comparable terminology. Forward‐looking statements are based on the best estimates available to Exco at this time and involve known and unknown risks, uncertainties and other factors that may cause Exco’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. No assurance can be given that any events anticipated by the forward‐looking information in this press release will transpire or occur, or if any of them do so, what benefits that Exco will derive therefrom. The forward‐looking information contained in this press release is made as of the date hereof and Exco undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐looking statements.

For further information

Toronto, February 2, 2017 – Exco Technologies Limited (TSX-XTC) announced voting results from its 2016 annual meeting of shareholders held on February 1, 2017. A total of 24,407,453 Common Shares or 57.33% of our issued and outstanding Common Shares, were voted in connection with the meeting. Shareholders voted by a show of hands in favour of each item of business. Based on proxies received prior to the meeting, each director nominee was elected by a substantial majority as follows:

Full results of the votes are included as Appendix A to this press release.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 16 strategic locations in 8 countries, we employ 6,351 people and service a diverse and broad customer base.

Full results of the votes are included as Appendix A to this press release.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 16 strategic locations in 8 countries, we employ 6,351 people and service a diverse and broad customer base.

• Sales up 17%; EBITDA up 11% versus prior year
  
• EPS of $0.30 in the quarter excluding ALC S.A. closure costs 1
  
• Quarterly dividend raised 14% to $0.08 per common share
  
• Free cash flow of $18 million during the quarter
  
• Balance sheet and liquidity remain very strong

Toronto, February 1, 2017 – Exco Technologies Limited (TSX-XTC) today announced results for its first fiscal quarter ended December 31, 2016. In addition, the Company announced a 14% increase in its quarterly dividend to $0.08 per common share which will be paid on March 31, 2017 to shareholders of record on March 15, 2017. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Consolidated sales for the first quarter ended December 31, 2016 were $153.1 million compared to $130.9 million in the same quarter last year – an increase of $22.2 million or 17%. The Automotive Solutions segment reported higher sales of $108.1 million in the first quarter – an increase of $30.4 million or 39% from the same quarter last year. The acquisition of AFX contributed $28.5 million of this increase although sales were higher at most of the segment’s other businesses with the exception of ALC which experienced lower sales due to the closure of its Lesotho operations and previously disclosed wind-down of the BMW 5 Series seat cover program. The Casting and Extrusion segment reported sales of $45.0 million for the first quarter – a decrease of $8.2 million or 15% from the same quarter last year. Most of the sales decline occurred in the Large Mould group arising from reduced demand for certain established programs, the timing of customer releases, and pricing pressures on certain new programs.

Consolidated net income for the quarter was $11.5 million or basic and diluted earnings of $0.27 per share compared to $11.8 million or $0.28 per share in the same quarter last year – a decrease in net income of 3%. Net income in the quarter was adversely affected by $1.2 million ($0.03 per share) of non-operating costs associated with the permanent closure of ALC’s operations in Lesotho, of which $0.7 million was non-cash. Net Income in the quarter was also reduced by $0.02 per share compared to the prior year due to higher amortization expense associated with the AFX acquisition. The effective consolidated income tax rate was relatively stable at 30.9% in the current quarter compared to 31.0% in the same quarter last year. Net income adjusted for the impact of the non-operating costs was $12.7 million, or $0.30 per share.

The Automotive Solutions segment reported significantly higher pretax profit of $14.6 million in the first quarter – an increase of $5.6 million or 61% over the same quarter last year. Contribution from AFX was the largest factor in this increase although Polytech, Neocon and Polydesign also contributed strongly to the increase as each of these businesses experienced margin expansion in addition to solid top line growth. ALC group operating results improved year over year with the closure of both the South Africa and Lesotho operations.

The Casting and Extrusion segment reported lower pretax profit of $5.0 million in the first quarter – a decrease of $5.0 million or 50% from the same quarter last year. Most of this reduction occurred in the Large Mould group which had significantly lower absorption rates and was negatively impacted by unfavorable product mix.

Consolidated EBITDA for the first quarter increased 11% to $23.3 million compared to $21.0 million last year.

Cash provided by operating activities increased to $21.9 million in the quarter compared to $17.3 million last year driven by higher cash earnings and improved working capital management. These funds were ample to fund $3.2 million of capital expenditures and $0.4 million of net interest expense resulting in free cash flow of $18.3 million before $3.0 million of dividend payments. Exco ended the quarter with net debt of $28.9 million compared to $44.6 million as at September 30, 2016 – a reduction of 35%. Exco’s net debt to trailing twelve month EBITDA now stands at 0.3x while its increased quarterly dividend amount of $0.08 per share represents 30% of its net income both during the quarter and on an annualized basis over the last year.

For further information and prior year comparison please refer to the Company’s First Quarter Financial Statements in the Investor Relations section posted at www.excocorp.com. Alternatively, please refer to www.sedar.com.

¹ Non-IFRS Measures: In this News Release, reference is made to EBITDA, which is not a measure of financial performance under International Financial Reporting Standards (“IFRS”). Exco calculates EBITDA as earnings before other income/ expense, interest, taxes, depreciation and amortization. EBITDA is used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use them as well. This measure, as calculated by Exco, may not be comparable to similarly titled measures used by other companies. Further, reference is made herein to certain adjustments to EPS. Such adjustments relate to the exclusion of ALC S.A. closure costs.

Quarterly Conference Call – February 1, 2017 at 4:30 p.m. (Toronto time):
The conference call can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191. To access the live audio webcast, please log on to www.excocorp.com or
http://event.on24.com/r.htm?e=1343365&s=1&k=F7EFF0DC764533CC8F39BE86E94A1218 a few minutes before the event. Real Player is required for access. For those unable to participate on February 1, 2017, an archived version will be available on the Exco website.

About Exco Technologies Limited:

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 16 strategic locations in 8 countries, we employ 6,351 people and service a diverse and broad customer base.

Notice To Reader: Forward Looking Statements

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements.

This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, assumptions about the number of automobiles produced in North America and Europe, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, Texas and Thailand achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our 2016 Annual Report, our 2016 Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com.

For further information:

• Record annual sales and earnings
• Sales up 24% in the quarter; 18% for the year
• EPS of $0.25 in the quarter compared to $0.24 prior year
• Lesotho operations permanently closed after quarter end
• Balance sheet and liquidity remain very strong

TORONTO, Nov. 30, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its fourth quarter and year ended September 30, 2016. In addition, the Company announced the quarterly dividend of $0.07 per common share which will be paid on December 29, 2016 to shareholders of record on December 14, 2016.   The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Consolidated sales in the quarter were $163.0 million – an increase of $32.0 million or 24% from the fourth quarter of fiscal 2015. Full year sales totalled $589.0 million – up 18% over the prior year. AFX, which was acquired in April 2016, contributed $35.9 million in sales during the quarter and $66.9 million to Exco’s fiscal 2016 results.

The Automotive Solutions segment experienced a 50% rise in sales during the quarter, to $117.7 million up from $78.5 million last year. This increase was primarily driven by contributions from AFX and to a lesser extent by higher sales at ALC, Polydesign and Neocon partially offset by modestly lower sales at Polytech. For the year, Automotive Solutions revenues were up 31%, to $396.8 million compared to $303.1 million last year. Again, the inclusion of AFX drove most of the revenue growth, however sales were higher at each of the segment’s other business units for the year.

The Casting and Extrusion segment recorded sales of $45.3 million compared to $52.5 million last year – a decrease of 14%. The lower sales were driven by a decline in the large mould business and to a lesser extent in the Extrusion group, offset by higher sales at the Castool group. For the year, revenues in the Casting and Extrusion segment were $192.2 million, down 2% from the prior year with higher sales from the Extrusion and Castool groups offsetting most of the decline in the large mould group.

The Company’s fourth quarter consolidated net income increased to $10.5 million or earnings of $0.25 per share compared to $10.3 million or earnings of $0.24 per share in the same quarter last year – an EPS increase of 4%. Consolidated net income for the year totalled $47.6 million or earnings of $1.12 per share compared to $40.8 million or earnings of $0.96 per share in fiscal 2015, an increase of 17%.

In the fourth quarter of fiscal 2016 consolidated net income was reduced by withholding taxes of $0.9 million ($0.02 per share) and an additional $0.3 million of amortization related to an adjustment of AFX’s intangible assets. Last years consolidated net income was negatively impacted by the write-off of $1.9 million ($0.05 per share) in deferred tax assets. Consolidated net income for fiscal 2016 benefited from a $3.4 million gain associated with the settlement of a commercial arbitration in the third quarter of 2016 but also included about $1.0 million of expenses (net of tax) related to the acquisition of AFX.

Fourth quarter pretax earnings in the Automotive Solutions segment totalled $14.4 million, an increase of $4.3 million or 43% over the same quarter last year. This was driven primarily by the acquisition of AFX and improved results at ALC’s South African/Lesotho operations offset by weaker performance at ALC’s Bulgarian operations. The Automotive Solutions segment recorded operating earnings of $48.0 million for the year compared to $36.6 million last year – an increase of $11.5 million or 31%. The acquisition of AFX contributed strongly to the segment’s annual results while earnings were higher at each of Polytech, Neocon and Polydesign. Combined losses at ALC’s South Africa/ Lesotho operations totalled $3.5 million for the year compared to $5.2 million in fiscal 2015.

Fourth quarter pretax earnings fell in the Casting and Extrusion segment by $5.7 million or 59% over the same quarter last year. The earnings decrease was due to lower sales and reduced absorption of fixed costs in the large mould business, margin compression in the Extrusion group due to front end investments associated with harmonizing the production processes of the various facilities, partially offset by stronger results in the Castool group. For the year, Casting and Extrusion operating earnings decreased to $24.7 million from $32.4 million in fiscal 2015 – a difference of $7.7 million or 24%.

Following the end of the quarter, Exco reached an agreement to permanently close its ALC operations in Lesotho and remaining presence in South Africa. No related charges to earnings were incurred during the quarter and it is currently expected that any such charge will be substantially less than $1.0 million and will occur in the first quarter of fiscal 2017.

Consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter increased to $22.2 million compared to $21.9 million last year. For the full year, consolidated EBITDA increased to $83.4 million compared to $77.0 million last year. 

Cash provided by operating activities increased to $65.5 million for the year compared to $42.1 million last year driven by both higher net income and improved working capital management. These funds were ample to fund $23.9 million of capital expenditures for the year, $1.3 million of net interest expense and $11.5 million of dividends. Exco used the remaining amount of cash generated together with $7.5 million of its surplus cash and about $44 million of debt to acquire AFX Industries LLC for $82 million during fiscal 2016. At year end Exco’s balance sheet remained solid with net debt totalling $44.6 million.

(For further information and prior year comparison please refer to the Company’s Fourth Quarter Condensed Financial Statements in the Investor Relations section posted at www.excocorp.com.  Alternatively, please refer to www.sedar.com)

Quarterly Conference Call:
To access the live audio webcast, please log on to www.excocorp.com or http://event.on24.com/r.htm?e=1315863&s=1&k=9DFA077B26080BB1FB046506355E8795 a few minutes before the event. Real Player is required for access.  For those unable to participate on December 1, 2016, an archived version will be available on the Exco website.

About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 16 strategic locations in 9 countries, we employ 6,155 people and service a diverse and broad customer base.

Notice To Reader:  Forward Looking Statements
Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements found mainly in the Outlook section but also elsewhere throughout this document.  These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, assumptions about the number of automobiles produced in North America and Europe, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, Texas and Thailand achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied.  For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company.  This information is available at www.sedar.com.

While Exco believes that the expectations expressed by such forward-looking statements are reasonable, we cannot assure that they will be correct.  In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive.  Furthermore, the Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.

1 Non-IFRS Measures:  In this News Release, reference is made to EBITDA, which is not a measure of financial performance under International Financial Reporting Standards (“IFRS”).  Exco calculates EBITDA as earnings before other income, interest, taxes, depreciation and amortization.  EBITDA is used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use them as well.  This measure, as calculated by Exco, may not be comparable to similarly titled measures used by other companies.

For further information:

Source: Exco Technologies Limited (TSX-XTC)

TORONTO, Nov. 16, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced that it will report its financial results for the fourth quarter ended September 30, 2016 after the close of business on Wednesday November 30, 2016.

A conference call to discuss those results will be held on Thursday, December 1, 2016 at 10:00 a.m. (Toronto time) which can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191. 

To access the live audio webcast, please log on to www.excocorp.com, or http://event.on24.com/r.htm?e=1315863&s=1&k=9DFA077B26080BB1FB046506355E8795 a few minutes before the event.  Real Player is required for access.  For those unable to participate on December 1, 2016, an archived version will be available on the Exco website.

For further information:

Source: Exco Technologies Limited (TSX-XTC)

• Record Sales and Earnings in the quarter
• EPS of $0.30 up 25% adjusted for non-recurring gain
• AFX acquisition performing strongly
• Financial position and liquidity remain solid

TORONTO, July 27, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its third quarter ended June 30, 2016. In addition, the Company announced a quarterly dividend of $0.07 per common share which will be paid on September 30, 2016 to shareholders of record on September 15, 2016.   The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada. 

Consolidated sales for the third fiscal quarter ended June 30, 2016 were a record $161.7 million – an increase of $39.7 million or 33% over last year. The acquisition of AFX Industries LLC (‘AFX’) closed April 4, 2016 and performed strongly, contributing $31.0 million to sales.

Net income was $16.2 million or $0.38 per share including $3.4 million from the settlement of a commercial arbitration. Excluding the gain, EPS was $0.30, up 28% from the third quarter of fiscal 2015.

“During the third quarter, Exco achieved record sales profitability while also completing the AFX acquisition”, said Brian Robbins, President and CEO. “As well, the company’s financial position remains very strong given net debt to annualized EBITDA of about 0.6x and solid free cash flow generation.” 

The Automotive Solutions segment reported sales of $115.1 million in the quarter – an increase of $39.5 million or 52% over last year. The Casting and Extrusion segment reported sales of $46.6 million in the quarter – essentially flat compared to last year.

The Automotive Solutions segment reported pretax profit of $13.4 million – an increase of $3.4 million or 34% over last year. The increase in the quarter was driven primarily by the inclusion of AFX and strong results from Polytech. These improvements occurred despite the amortization of AFX intangible assets ($0.6 million in the quarter). Losses at ALC South Africa/Lesotho improved in the third quarter following the closure of the plants in South Africa in the second quarter of 2016. 

The Casting and Extrusion segment reported pretax profit of $5.7 million – a decrease of 10% compared to last year. Most of this reduction occurred in the large mould business which continued to have lower absorption rates associated with the transition to new programs and remains impacted by operational disruption due to the installation of new machinery. Modestly lower earnings within the Extrusion business were more than offset by much stronger results generated by the Castool group. Exco’s greenfield operations inColombia, Texas, Brazil and Thailand, experienced strong sales growth and improving contribution when taken together.

The Company’s EBITDA (excluding $3.4 million in non-operating income) totaled $23.3 million in the third quarter – an increase of 27.5% over last year ($18.2 million).

Cash flow from operations totaled $12.0 million in the quarter after $8.4 million of investments in working capital. Capital investments totaled $1.9 million resulting in free cash flow of $10.1 million. Exco ended the quarter with cash of $29.5 million and $35 million of availability under its revolving credit facility.

(For further information and prior year comparison please refer to the Company’s Third Quarter Condensed Financial Statements in the Investor Relations section posted at www.excocorp.com.  Alternatively, please refer to www.sedar.com)

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 18 strategic locations in 10 countries, we employ 6,515 people and service a diverse and broad customer base.

A conference call to discuss those results will be held on Thursday, July 28, 2016 at 10:00 a.m. (Toronto time) which can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

To access the live audio webcast, please log on to www.excocorp.com , or http://event.on24.com/r.htm?e=1224332&s=1&k=C9C9523195970919B12E47DE1D364439 a few minutes before the event.  The conference call can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191. 

For those unable to participate on July 28, 2016, an archived version will be available on the Exco website.

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our greenfield business units, financial performance of acquisitions, operating efficiencies and order backlogs are forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements found mainly in this news release. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, assumptions about the number of automobiles produced in North America and Europe, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture, timing of order releases and other initiatives intended to reduce fuel consumption and/or the weight of automobiles, weakening raw material prices, continuing economic recovery, currency fluctuations which may in fact not occur and the rate at which our new operations in Brazil, Thailand and South Africa/Lesotho achieve profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied.  For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in this Annual Report, our Annual Information Form (“AIF”), our quarterly filings and other reports and securities filings made by the Company.  This information is available at www.sedar.com.

While Exco believes that the expectations expressed by such forward-looking statements are reasonable, we cannot assure that they will be correct. In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive.  Furthermore, the Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.

SOURCE Exco Technologies Limited

For further information:

TORONTO, July 11, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced that it will report its financial results for the third quarter ended June 30, 2016 after the close of business on Wednesday, July 27, 2016.

A conference call to discuss those results will be held on Thursday, July 28, 2016 at 10:00 a.m. (Toronto time) which can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

To access the live audio webcast, please log on to www.excocorp.com, or http://event.on24.com/r.htm?e=1224332&s=1&k=C9C9523195970919B12E47DE1D364439 a few minutes before the event.  The conference call can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

For those unable to participate on July 28, 2016, an archived version will be available on the Exco website.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 18 strategic locations in 10 countries, we employ 6,697 people and service a diverse and broad customer base.
SOURCE Exco Technologies Limited

For further information:

• Sales up over 6% in the quarter
• AFX acquisition completed
• Financial position and liquidity remains strong
• South African operation closed

TORONTO, April 27, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its second quarter ended March 31, 2016. In addition, the Company announced the quarterly dividend of $0.07 per common share which will be paid on June 30, 2016 to shareholders of record on June 15, 2016.   The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Consolidated sales for the second fiscal quarter ended March 31, 2016 were $133.4 million compared to $125.5 million last year – an increase of $7.9 million or 6%. Year-to-date sales were up by $18.9 million or 8%. The materially weaker average Canadian dollar exchange rate in the second quarter compared to last year accounted for $6.8 million and $17.1 million of the consolidated sales growth in the quarter and year-to-date periods respectively.

Consolidated sales for the second fiscal quarter ended March 31, 2016 were $133.4 million compared to $125.5 million last year – an increase of $7.9 million or 6%. Year-to-date sales were up by $18.9 million or 8%. The materially weaker average Canadian dollar exchange rate in the second quarter compared to last year accounted for $6.8 million and $17.1 million of the consolidated sales growth in the quarter and year-to-date periods respectively.

The Automotive Solutions segment reported higher sales of $86.3 million in the second quarter – an increase of $9.6 million or 13% from the same quarter last year. Year-to-date, it reported sales of $164.0 million – an increase of $14.9 million or 10% over last year. This reflects higher vehicle production volumes and also market share gains with new product launches at Polydesign in Morocco which services the European market experiencing the strongest growth of the segment’s businesses.
The Casting and Extrusion segment reported sales of $47.1 million in the quarter – a slight decrease of $1.7 million or 4% from the same quarter last year. Year-to-date, the segment reported sales of $100 million – an increase of $4.1 million or 4% over last year. This reflected lower demand for moulds in the quarter in the large mould business on certain established engine programs and increased production of moulds for new programs with inherent product launch inefficiencies. Also operational challenges from the installation of new machinery associated with the sizeable capex project at our Newmarket large mould facility also had an adverse impact on productivity. This may continue for an additional quarter but thereafter sales should resume their normal trajectory as the order backlog is very strong and the large mould business continues to be awarded new business.  Sales at our Extrusion and Castool groups, however, were higher in the quarter and year-to-date.

Consolidated net income for the second quarter was $9 million or basic earnings of $0.21 per share compared to $10.9 million or $0.26 per share of basic earnings in the same quarter last year – a decrease of 17%. Consolidated net income year-to-date was up slightly at $20.8 million or basic earnings of $0.49 per share compared to $20.5 million or $0.49 per share in the prior year. Earnings in the quarter were adversely impacted by several factors. First, lower sales volumes and reduced profitability within the Casting and Extrusion segment as described above impacted earnings. Second, about $1 million of foreign exchange translation loss compared to a similar sized gain in the prior year quarter eroded earnings by $0.03 per share when comparing year over year results. Last, approximately $1 million of transaction-related costs (year-to-date $1.3 million) associated with the acquisition of AFX Industries LLC reduced earnings by $0.03 per share in both the quarter and year-to-date periods. The AFX acquisition closed on April 4, 2016.

The Automotive Solutions segment reported pretax profit of $11.1 million in the second quarter – an increase of $2.4 million or 28% over the same quarter last year. Year-to-date the segment reported pretax profit of $20.2 million – an increase of $3.7 million or 22% over the prior year period. The increase in the quarter and year-to-date periods were driven by both higher sales and margin expansion resulting from improved production efficiencies and better overhead absorption. All businesses in this group contributed to the segment’s higher pretax profit with the exception of the ALC group which closed its South African operations in the second quarter. This led to slightly weaker ALC performance compared to last year. Combined losses at ALC’s South African and Lesotho operations amounted to $1.6 million in the quarter and $2.9 million year-to-date, representing $0.04 per share and $0.07 per share respectively. The closure of the South African operations is expected to substantially improve ALC’s operating results going forward.

The Casting and Extrusion segment reported lower pretax profit of $5.1 million in the second quarter – a decrease of $3.9 million or 43% from the same quarter last year. Year-to-date the segment reported pretax profit of $15.1 million or $1.4 million below the prior year period. Most of this reduction occurred in the large mould business which had significantly lower absorption rates and was negatively impacted by unfavorable mix variance and new product launch inefficiencies in the second quarter. Lower quarterly earnings were also experienced within the Extrusion die group but were offset by a similar increase at the Castool group when comparing year over year results.  Helped by strong top line growth, combined losses at our Brazilian and Thailand operations narrowed to $0.01 per share in the quarter from $0.02 per share in the prior year period while year-to-date losses for these two operations remained constant at $0.03 per share. Our Colombian extrusion operations also improved in the quarter and year-to-date with significant sales growth driving strong levels of profitability compared to a modest loss position last year. Earnings at our Texas extrusion operation were adversely impacted by operational adjustments following the move into a new facility at the start of the second quarter.

The Corporate segment expense increased to $3.3 million in the second quarter from $1.7 million in the prior year quarter. Approximately $1 million of this increase was due to transaction costs associated with the acquisition of AFX with much of the remaining amount attributable to adverse foreign exchange translation movements partially offset by lower stock option expense. Year-to-date Corporate segment expenses totaled $5.1 million compared to $3.5 million last year with essentially all of the difference occurring in the second quarter. Once again, the combination of AFX transaction costs and the foreign exchange translation swings led to reduced earnings per share by $0.05 in the quarter and $0.04 year-to-date in comparison to the prior year periods.

During the quarter, the Company’s quality and delivery performance was recognized by numerous customers. Polytech received, for the third consecutive year, the General Motors Supplier Excellence Award. Neocon has been notified that Subaru will award it a supplier excellence award and Polydesign has achieved EcoVadis Gold Status for program sustainability with Faurecia.

Despite heavy capital spending and the post-quarter acquisition of AFX, the Company’s pro-forma balance sheet remains strong. On this basis its net debt position totaled approximately $60.0 million. Cashflow remained strong with net cash provided by operating activities amounting to $12 million in the second quarter and $29.2 million year-to-date compared to $6.9 million and $5.0 million of cash in the same periods last year. Capital spending year-to-date totals about two-thirds of our $23.9 million in planned capital expenditures for fiscal 2016. The balance of our remaining capital spending will be partially offset by the recently announced non-repayable contribution of up to $4.6 million from the Canadian Federal government, which represents up to 50% of the costs for the Newmarket large mould facility capital project. Exco’s cashflow is also expected to benefit from the conclusion of a commercial arbitration which the Company initiated in 2015. As a result of this development, Exco expects to receive approximately $3.5 million in the third fiscal quarter of 2016.

The outlook for Exco over the rest of the year continues to be fundamentally strong with foreign exchange, large mould product mix and the implementation of several operational initiatives at several of our business groups contributing to some variability in both top and bottom line. The inclusion of the AFX business in the third quarter and the discontinuance of ALC’s South African operations are also expected to add significantly to earnings going forward.

(For further information and prior year comparison please refer to the Company’s Second Quarter Condensed Financial Statements in the Investor Relations section posted at www.excocorp.com.  Alternatively, please refer to www.sedar.com)

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 18 strategic locations in 10 countries, we employ 6,697 people and service a diverse and broad customer base.

A conference call to discuss these results will be held on Thursday, April 28, 2016 at 10:00 a.m. (Toronto time) which can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

To access the live audio webcast, please log on to www.excocorp.com, or http://event.on24.com/r.htm?e=1168546&s=1&k=AB3461F364F6E8E33C9E0EBE084518ED a few minutes before the event. The conference call can be accessed by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191.

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements found mainly in this news release. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, assumptions about the number of automobiles produced in North America and Europe, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles, weakening raw material prices, continuing economic recovery, currency fluctuations which may in fact not occur and the rate at which our new operations in Brazil, Thailand and South Africa/Lesotho achieve profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in this Annual Report, our Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com.

While Exco believes that the expectations expressed by such forward-looking statements are reasonable, we cannot assure that they will be correct. In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. SOURCE Exco Technologies Limited

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TORONTO, April 13, 2016 /CNW/ – Exco Technologies Limited (TSX-XTC) today is pleased to announce that the Canadian federal government will support its project to significantly reduce the time and cost associated with producing large high-pressure die-cast moulds through investment in state-of-the-art manufacturing, process, and information technologies.  The project is expected to cost up to CAD $9.2 million of which the Federal Government’s Automotive Supplier Innovation Program will provide a non-repayable contribution of up to 50% of the project costs.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 20 strategic locations in 10 countries, we employ 6,697 people and service a diverse and broad customer base.

Any information in this news release relating to the receipt of funds under this Automotive Supplier Innovation Program and the successful completion of the said project are forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements in this news release.  These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, assumptions about the timing and effectiveness of the said project and its components and possible satisfaction of certain grant conditions.

While Exco believes that the expectations expressed by such forward-looking statements are reasonable, we cannot assure that they will be correct.  In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive. 

SOURCE Exco Technologies Limited

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