Category: news

• Sales up 10% in the quarter
• Earnings up 19% in the quarter
• $25.5 million cash on hand
• $10.8 million cash, net of bank indebtedness
• EBITDA up 22% to $18.2 million in the quarter

TORONTO, July 22, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its third quarter ended June 30, 2015. In addition, the Company announced the quarterly dividend of $0.06 per common share which will be paid on September 27, 2015 to shareholders of record on September 16, 2015. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Overall, Exco’s sales for the third quarter at $121.9 million continued its growth trend with an increase of $11.0 million or 10%. Year-to-date sales were $367.3 million – an increase over last year of $110.0 million or 43%. The ALC acquisition closed March 1, 2014. Accordingly, ALC sales are fully included in the current quarter, the prior year quarter and the current year-to-date. Whereas, last year-to-date has only four month’s inclusion. This has been a major contributor to the dramatic year-to-date sales growth over last year. However, in the third quarter where ALC was fully included in the prior year quarter, it was our other businesses which accounted for most of the growth.

The Automotive Solutions segment reported significantly higher sales of $75.5 million in the third quarter – an increase of $9.2 million or 14% over last year. In the quarter ALC sales levelled off as the Mini launches are nearing completion and launch of the new Audi business does not begin until 2016. ALC sales were also impacted in the quarter as the X1 program came to an end and BMW’s take-rate in May was only three weeks rather than four. The other businesses in this segment – particularly in North America by Polytech and Neocon – are primarily responsible for the significant growth in the third quarter due to strong vehicle unit sales and many new product launches. Year-to-date, the segment also reported higher sales of $224.6 million – an increase of $90.8 million or 68% over last year. As previously indicated, ALC was fully included in the current year-to-date results compared to inclusion of only four months of sales last year. This accounts for the majority of the year-to-date growth in this segment although our other businesses grew by 47% as well.

The Casting and Extrusion segment reported sales of $46.4 million for the third quarter – an increase of $1.8 million or 4% over last year. Year-to-date, the segment also reported higher sales of $142.6 million – an increase of $19.2 million or 16% over last year. All businesses in the segment contributed to this sales increase. The large mould business group is experiencing strong rebuild demand on existing programs combined with surging demand for development and production of moulds on new programs. Sales at the Extrusion group were supported by strong market conditions in North America but also by climbing sales at our recently acquired Texas operation (2013) and our greenfield operation in Brazil which started commercial production in June 2014. While sales at Castool were higher overall, strong sales momentum by our greenfield operation in Thailand which also started commercial production in June 2014 more than compensated for the modestly lower sales experienced at Castool Canada.

Net income for the third quarter was $10.0 million or basic earnings of $0.24 cents per share and diluted earnings of $0.23 per share compared to net income of $8.3 million or basic and diluted earnings of $0.20 per share in the same quarter last year – an increase of 19%. Year-to-date net income was $30.5 million or diluted earnings of $0.72 per share compared to net income of $22.5 million or diluted earnings of $0.54 per share last year – an increase of 35%. Net income was impacted by 1 cent per share in the quarter and 2 cents per share year-to-date by withholding tax for repatriation of foreign earnings. Net income was also impacted by stock-based compensation costs of 1.5 cents per share year-to-date. The third quarter impact was negligible.

The Automotive Solutions segment reported higher pretax profit of $10.0 million in the third quarter – an increase of $2.9 million or 42% over last year. Year-to-date, the segment also reported higher pretax profit of $26.5 million – an increase of $8.9 million or 51% over last year. The Casting and Extrusion segment reported pretax profit of $6.4 million in the third quarter. This is consistent with last year’s pretax profit of $6.5 million as sales were not materially higher than last year. Year-to-date, the segment reported higher pretax profit of $22.9 million – an increase of $4.6 million or 25% over last year.

EBITDA for the third quarter was $18.2 million compared to $14.9 million in the same quarter last year – an increase of 22%. Year-to-date EBITDA was $55.1 million compared to $38.4 million – an increase of 43% over last year. EBITDA is a non-IFRS measure. Exco calculates EBITDA as earnings before interest, taxes, depreciation and amortization. Management believes EBITDA is a useful measure that facilitates period-to-period operating comparisons and we believe some investors and analysts use it as well. This measure, as calculated by Exco, does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measure presented by other issuers. EBITDA should not be considered in isolation or as a substitute for net income prepared in accordance with IFRS as issued by International Accounting Standards Board.

Overall cash provided by operating activities increased to $13.6 million in the current quarter and $18.6 million year-to-date compared to $3.8 million and $25.4 million in the same periods last year. The Company remains net bank debt-free despite $13.2 million in capital expenditures and $22.8 million invested in non-cash working capital in the nine months of the current fiscal year which was required to support our growing businesses. The net cash position at the close of the third quarter was $10.8 million compared to $6.8 million at the end of the second quarter and $10.0 million at the end of last fiscal year (September 30, 2014).

The outlook for Exco over the balance of the year continues to be consistent with the last several quarters. Economic conditions in North America – especially in the automotive sector – continue to be favorable. The European automotive market seems to be improving at a gradual pace. Unit sales of light vehicles should continue to benefit from low borrowing costs and significantly improved fuel mileage of new vehicles should also drive stronger demand. Modest short term interest rate increases, if implemented at all in the United States, are not expected to fundamentally change this demand picture. OEM plans to refresh and redesign vehicle models and the numerous announcements by Japanese, South Korean and German OEMs to build assembly plants and otherwise expand production in North America over the next several years should support near to midterm demand.

This is expected to directly benefit our automotive component businesses in North America which should continue to experience strong sales and earnings complemented by efficient overhead absorption. Furthermore, this should also indirectly benefit our large mould businesses and Castool which sell moulds and consumable components/tooling to OEMs and their tiers.

Our North American extrusion tooling businesses and our tool shops in Colombia and Texas are experiencing growing sales in their respective markets. Extrusion Brazil and Castool Thailand sales are growing as these two businesses approach their first year of commercial production. Castool Thailand has achieved positive cash flow in two of the last three quarters and Brazil’s performance continues to improve despite poor local economic conditions.

We expect to continue generating cash from our operations and growing our net cash position despite investing heavily in new equipment and a new plant in Texas this year. We also continue to be vigilant regarding potential ‘tuck-under’ acquisitions which bolster or complement our core capabilities.
(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 5,146 people and service a diverse and broad customer base.

To access the live audio webcast, please log on to www.excocorp.com or directly to the web cast at http://event.on24.com/r.htm?e=1021676&s=1&k=732853CB3F45F8C29208ACC602F460D1 a few minutes before 10:00 AM on July 23, 2015. Microsoft Media Player is required for access. For those unable to listen on July 23, 2015, 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 start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, timing of plant shutdowns 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 the 2014 Annual Report, our 2014 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, July 7, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced that it will report its financial results for the third quarter ended June 30, 2015 on Wednesday July 22, 2015.

A conference call to discuss those results will be held on Thursday, July 23, 2015 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=1021676&s=1&k=732853CB3F45F8C29208ACC602F460D1 a few minutes before the event. Real Player is required for access. For those unable to participate on July 23, 2015, an archived version will be available on the Exco website.

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• Sales up over 50% in the quarter
• Earnings up 46% in the quarter
• $25.3 million cash on hand
• $6.8 million cash, net of bank indebtedness
• EBITDA up 60% to record high of $19.9 million in the quarter

TORONTO, April 22, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its second quarter ended March 31, 2015. In addition, the Company announced the quarterly dividend of $0.06 per common share which will be paid on June 26, 2015 to shareholders of record on June 12, 2015. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Overall, Exco’s sales for the second quarter at $125.5 million continued its growth trend with an increase of $43.1 million or 52%. Year-to-date sales were $245.4 million – an increase over last year of $99.0 million or 68%. ALC sales are fully included in both the quarter and year-to-date compared to only one month inclusion for both periods last year. This has been a major contributor to the overall sales growth. However, combined sales of our other businesses in both segments also grew dramatically.

The Automotive Solutions segment reported significantly higher sales of $76.6 million in the second quarter – an increase of $34.0 million or 80% over last year. Year-to-date, the segment more than doubled its sales to $149.1 million – an increase of $81.5 million or 121% over last year. As previously indicated ALC was fully included in both the current quarter and year-to-date compared to inclusion of only one month of sales last year. This accounts for the majority of the growth in this segment, however, the other businesses – particularly Polytech and Neocon in North America where there are strong vehicle unit sales and many new product launches – have also increased sales by over 35% in both the quarter and year-to-date.

The Casting and Extrusion segment reported sales of $48.9 million in the quarter – an increase of $9.0 million or 23% over last year. Year-to-date, the segment also reported higher sales of $96.3 million – an increase over last year of $17.4 million or 22%. All businesses in the segment contributed to this sales increase with the large mould business leading the segment. This business group is experiencing strong demand on existing programs combined with surging demand for both development and production of moulds on new programs. Sales at the Extrusion group were supported by strong market conditions in North America but also by climbing sales at our recently acquired Texas operation and our greenfield operation in Brazil which started commercial production in June 2014. Sales at Castool reflected continuing strong market conditions in North America and Asia in the quarter as well as strong sales momentum by our greenfield operation in Thailand which also started commercial production in June 2014.

Net income for the second quarter was $10.9 million or diluted earnings of $0.26 per share compared to $7.5 million or $0.18 per share last year – an increase of 46%. Year-to-date net income was $20.5 million or diluted earnings of $0.48 per share compared to $14.2 million or $0.34 per share last year – an increase of 45%.

The Automotive Solutions segment reported higher pretax profit of $8.7 million in the second quarter – an increase of $2.6 million or 42% over last year. Year-to-date, the segment also reported higher pretax profit of $16.5 million – an increase of $5.9 million or 56% over last year. The Casting and Extrusion segment also reported higher pretax profit of $9.1 million in the second quarter – an increase of $3.2 million or 54% over last year. Year-to-date, the segment also reported higher pretax profit of $16.5 million – an increase of $4.7 million or 40% over last year.

EBITDA for the second quarter was $19.9 million compared to $12.4 million in the same quarter last year – an increase of 60%. Year-to-date EBITDA was $36.8 million compared to $23.5 million – an increase of 57% over last year. EBITDA is a non-IFRS measure. Exco calculates EBITDA as earnings before interest, taxes, depreciation and amortization. Management believes EBITDA is a useful measure that facilitates period-to-period operating comparisons and we believe some investors and analysts use it as well. This measure, as calculated by Exco, does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measure presented by other issuers. EBITDA should not be considered in isolation or as a substitute for net income prepared in accordance with IFRS as issued by International Accounting Standards Board.

Operating cash flow is strong and the Company remains net bank debt-free despite $7.8 million in capital expenditures and $22.5 million invested in non-cash working capital year-to-date which was required to support our growing businesses. The net cash position at the close of the second quarter was $6.8 million compared to $3.3 million at the end of the first quarter and $10.0 million at the end of last fiscal year (September 30, 2014).

The prospects for the rest of the year continue to remain good. The economic recovery in North America – both in the automotive sector and the greater economy – appears to be intact and is expected to continue at its current level. The European automotive market seems to be improving, although at a gradual pace. Unit sales of light vehicles should continue to benefit from low borrowing costs and significantly improved mileage of new vehicles should also drive stronger demand. The announcement by most OEMs in both North America and Europe of aggressive plans to refresh/redesign and/or launch entire new models over the next several years should sustain strong long-term demand as well. This should directly benefit our automotive component businesses which should continue to experience strong sales and earnings driven by efficient overhead absorption, as well as, indirectly benefit our large mould businesses and Castool which sell moulds and consumable components/tooling to OEMs and their tiers.

Our North American extrusion tooling businesses are experiencing growing sales and our tool shops in Colombia and Texas are capturing market share in their regional markets. Extrusion Brazil and Castool Thailand should also improve as sales continue to ramp up. All these factors, taken together, should sustain sales.

Input prices of products such as steel and plastics continue to moderate however; the strengthening US dollar is increasing the cost of these inputs at our Canadian and other non-US foreign operations. While the weak Canadian dollar is expected to continue to benefit Exco’s sales the weakening Euro may erode Exco’s competitive position in North America as European competitors become increasingly competitive with the weakening of the Euro.

(For further information and prior year comparison please refer to the Company’s First 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 5,202 people and service a diverse and broad customer base.

To access the live audio webcast, please log on to www.excocorp.com or directly to the web cast at http://www.newswire.ca/en/webcast/detail/1510837/1684285 a few minutes before 10:00 AM on April 23, 2015. Microsoft Media Player is required for access. For those unable to listen on April 23, 2015, 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 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.

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TORONTO, April 22, 2015 /CNW/ – The Board of Directors of Exco Technologies Limited (TSX-XTC) are pleased to announce, effective May 19, 2015, the appointment of Drew Knight, as Chief Financial Officer and Vice President Finance. Drew has a BComm degree from the University of Toronto and is a member of the Institute of Chartered Accountants of Ontario with a CPA (CA) designation. Drew is a seasoned business and financial executive with broad experience with large global manufacturing enterprises and the North American automobile industry. He will be particularly valuable as we continue to grow the business and further strengthen Exco’s competitive position.

Drew replaces departing Chief Financial Officer and Vice President Finance, Mary Nguyen who is leaving Exco after eight years of diligent and trusted service to the company. We would like to thank Mary for her valued contribution to Exco’s success and wish her the best in her future endeavours.

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 5,202 people and service a diverse and broad customer base.

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TORONTO, April 2, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced that it will report its financial results for the second quarter ended March 31, 2015 on Wednesday April 22, 2015.
A conference call to discuss those results will be held on Thursday, April 23, 2015 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://www.newswire.ca/en/webcast/detail/1510837/1684285 a few minutes before the event. Real Player is required for access. For those unable to participate on April 23, 2015, an archived version will be available on the Exco website.

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TORONTO, Jan. 29, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced voting results from its 2014 annual meeting of shareholders held on January 28, 2015. A total of 25,127,204 Common Shares or 59.6% of our issued and outstanding Common Shares, were voted in connection with the annual 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:

For additional information, see Appendix A.

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 5,081 people and service a diverse and broad customer base.

Appendix A

VOTING RESULTS – 2014 ANNUAL MEETING OF SHAREHOLDERS

Notes:

(1) Based on proxies submitted
(2) 33,280 shares were not voted
(3) 24,903,669 shares (59.1%) were voted by proxy. 223,535 shares (less than 1%) were voted in person at the meeting

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TORONTO, Jan. 28, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced a quarterly cash dividend of $0.06 per share to be paid March 27, 2015 to shareholders of record on March 13, 2015. This dividend represents a 20% increase. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Brian Robbins, CEO of Exco said “strong business fundamentals continue to support our financial performance. In light of this and after having reviewed Exco’s capital needs over the balance of the year and its liquidity position, I am pleased to announce this dividend increase”. This is the sixth increase in five years over which the dividend increased 200%.

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 5,081 people and service a diverse and broad customer base.

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• Sales up 88% in the quarter
• Earnings up 43% in the quarter
• $24.9 million cash on hand
• $3.3 million cash, net of bank indebtedness
• EBITDA up 53% to $16.9 million in the quarter

TORONTO, Jan. 28, 2015 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its first quarter ended December 31, 2014. In addition, the Company announced a 20% increase in its quarterly dividend to $0.06 per common share which will be paid on March 27, 2015 to shareholders of record on March 13, 2015. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Consolidated sales for the first quarter ended December 31, 2014 were $119.9 million compared to $63.9 million in the same quarter last year – an increase of $56.0 million or 88%. The inclusion in the quarter of Automotive Leather Group (Pty) Company (‘ALC’) which was acquired by Exco on March 1, 2014 is primarily responsible for the significantly higher sales in the quarter. However, our existing businesses also grew by 22% in the current quarter.

The Automotive Solutions segment reported significantly higher sales of $72.5 million in the first quarter – an increase of $47.5 million or 190% over last year. This dramatic increase reflects the inclusion of ALC in the quarter. Excluding the impact of ALC, the other businesses in this segment also experienced strong growth in the quarter of 36% over last year. Polytech and Neocon sales in North America continued at elevated levels – sustained by strong vehicle unit sales as well as new product launches for refreshed, redesigned or entirely new vehicle models. Polydesign’s European sales also increased substantially over the prior year as the smooth launch of new programs continued at a strong pace.

The Casting and Extrusion segment reported sales of $47.4 million for the first quarter – an increase of $8.4 million or 22% over last year. All businesses in the segment contributed to this sales increase.
Consolidated net income for the first quarter was $9.6 million or diluted earnings of $0.23 per share compared to consolidated net income of $6.7 million or diluted earnings of $0.16 per share in the same quarter last year – an increase of 43%.

Consolidated EBITDA for the first quarter is $16.9 million compared to $11.0 million in the same quarter last year – an increase of 53%. EBITDA is a non-IFRS measure. Exco calculates EBITDA as earnings before interest, taxes, depreciation and amortization. Management believes EBITDA is a useful measure that facilitates period-to-period operating comparisons and we believe some investors and analysts use it as well. This measure, as calculated by Exco, does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measure presented by other issuers.

The Automotive Solutions segment reported higher pretax profit of $7.8 million in the first quarter – an increase of $3.4 million or 76% over last year. In both Europe and North America, stronger sales provided increased earnings. Earnings at ALC in the current quarter continued to be impacted by disruption from relocation of production from South Africa to Lesotho and BMW’s December shut down in Europe.

The Casting and Extrusion segment also reported higher pretax profit of $7.4 million in the first quarter – an increase of $1.6 million or 26% over last year. This improvement took place in spite of start-up costs at our greenfield facilities – Extrusion Brazil and Castool Thailand. Start-up costs at Castool Thailand are receding and in the quarter it experienced positive cash flow. At Extrusion Brazil we expect these costs to also recede, although at a more gradual pace over the rest of the year. Strong sales at the large mould business and Castool provided better overhead absorption.

Operating cash flow before net change in non-cash working capital was strong at $12.7 million in the first quarter compared to $9.2 million last year. Higher investment in non-cash working capital amounted to $14.6 million in the first quarter compared to $3.9 million last year due mainly to higher sales in the current quarter.

The Company remains net bank debt free despite payment of $17.3 million to buy ALC, $3.6 million capital expenditures and $14.6 million investments in non-cash working capital to support our growing business. The net cash position at the close of the first quarter was $3.3 million.

The outlook for Exco over the rest of the year continues to remain strong. The economic recovery in North America – both in the automotive sector and the greater economy – appears to be intact and should continue at a steady pace. The European automotive market seems to be improving, although at an anemic pace. Unit sales of light vehicles should continue to benefit from low borrowing costs and significantly improved mileage of new vehicles should also drive stronger demand. The announcement by most OEMs in both North America and Europe of aggressive plans to refresh/redesign and/or launch entire new models over the next several years should drive strong long-term demand as well. This will directly benefit our automotive component businesses which should continue to experience strong sales and earnings driven by efficient overhead absorption, as well as, indirectly benefit our large mould businesses and Castool which sell moulds and consumable components/tooling to OEMs and their tiers.

Our North American extrusion tooling businesses are experiencing growing sales and our tool shops in Colombia and Texas are capturing market share in their regional markets. Extrusion Brazil and Castool Thailand should also improve as sales continue to ramp up. All these factors, taken together, should sustain growing sales momentum.

(For further information and prior year comparison please refer to the Company’s First 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 5,081 people and service a diverse and broad customer base.

To access the live audio webcast, please log on to www.excocorp.com or directly to the web cast at http://event.on24.com/r.htm?e=921284&s=1&k=1AED3FC525F557C36A5BA220063AB983 a few minutes before the event. Questions can be submitted via the Q&A box on the webcast console or by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191. Microsoft Media Player is required for access to the webcast. For those unable to listen on January 28, 2015, 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 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, 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 and Thailand 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.

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TORONTO, Jan. 5, 2015/CNW/ – Exco Technologies Limited (TSX-XTC) today announced that it will report its financial results for the first quarter ended December 31, 2014 after the close of business on Wednesday January 28, 2015.

The Annual General Meeting of Shareholders of Exco Technologies Limited will also take place on January 28, 2015 at 4:30 p.m. (Toronto time) at Exco’s corporate office and management will discuss year-end and first quarter results at that time. Management will also take questions from the public at that time.

To access the live audio webcast, please log on to www.excocorp.com or directly to the web cast at http://event.on24.com/r.htm?e=921284&s=1&k=1AED3FC525F557C36A5BA220063AB983 a few minutes before the event. Questions can be submitted via the Q&A box on the webcast console or by dialling (647) 427-7450 for local (Toronto) calls or toll free at (888) 231-8191. Microsoft Media Player is required for access to the webcast. For those unable to listen on January 28, 2015, an archived version will be available on the Exco website.

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• Sales up 73% in the quarter
• Earnings up 20% in the quarter
• $31.2 million cash on hand
• $10.0 million cash, net of bank indebtedness
• EBITDA up 41% to $15.6 million in the quarter

TORONTO, Nov. 26, 2014 /CNW/ – Exco Technologies Limited (TSX-XTC) today announced results for its fourth quarter and year ended September 30, 2014. In addition, the Company announced the quarterly dividend of $0.05 per common share which will be paid on December 23, 2014 to shareholders of record on December 12, 2014. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Consolidated sales for the fourth quarter ended September 30, 2014 were $110.9 million – an increase of 73% compared to last year. Full year, consolidated sales were $368.3 million – up 51% over last year. The inclusion in the quarter of Automotive Leather Group (Pty) Company (“ALC”) which was acquired by Exco on March 1, 2014 is primarily responsible for the significantly higher sales. However, Exco’s other businesses also grew by 20% in the quarter and 16% in the year.

The Automotive Solutions segment reported significantly higher sales of $64.9 million in the fourth quarter and $198.8 million for the year – increases of 173% and 116% respectively. ALC sales in the quarter were $34.3 million and for the year (7 months) were $83.9 million. The other businesses in this segment experienced strong growth in both the quarter and the year by 29% and 25% respectively. Polytech and Neocon sales in North America continued at elevated levels – sustained by strong vehicle unit sales as well as new product launches for refreshed, redesigned or entirely new vehicle models. Polydesign’s European sales increased substantially over prior year as the smooth launch of new programs continued at a strong pace and European vehicle unit sales improved modestly.

The Casting and Extrusion segment reported sales of $46.0 million for the fourth quarter and $169.4 million for the year – increases of 14% for the quarter and 11% for the year. All businesses in the segment contributed to these sales increases. Sales at the Extrusion group were supported by general market improvement in North America and improving market share at Exco Colombia and Texas. Sales at the large mould group and Castool reflected continuing strong market conditions in North America and Asia both in the quarter and the year.

Consolidated net income for the fourth quarter was $8.1 million or diluted earnings of $0.19 per share compared to consolidated net income of $6.8 million or diluted earnings of $0.16 per share last year – an increase of 20%. Full year consolidated net income was $30.7 million or diluted earnings of $0.73 per common share compared to $23.6 million or diluted earnings of $0.58 per common share last year – an increase of 30%.

The table below includes adjusted net income and adjusted earnings per share, which are non-IFRS measures, and reconciles reported net income and reported earnings per share to adjusted net income and adjusted earnings per share, where the adjustments are for non-operational expenses and expenses higher than historical levels. Management believes adjusted net income and adjusted earnings per share are useful measures that facilitate period-to-period operating comparisons. Adjusted net income and adjusted earnings per share do not have any standardized meanings prescribed by IFRS and are not necessarily comparable to similar measures presented by other issuers.

The adjusted net income in the current quarter and for the full year were $9.2 million and $34.6 million or adjusted diluted earnings of $0.22 and $0.83 per common share.

Notably, start-up losses at our greenfield facilities in Brazil and Thailand were almost completely offset by improvement in earnings at our two recently acquired extrusion tooling operations in Colombia and Texas.
The Automotive Solutions segment reported higher pretax profit of $6.3 million in the fourth quarter – an increase of 41% over last year. For the full year, the segment also reported higher pretax profit of $23.9 million – an increase over last year of 41% as well. In both Europe and North America, stronger sales provided increased earnings. This earnings improvement took place in spite of relatively weak performance at ALC South Africa/Lesotho which experienced elevated inventory, logistics and production relocation costs. ALC is currently launching the Mini seat cover program, relocating production from South Africa to Lesotho and in the fourth quarter has absorbed the impact of customer summer shutdowns in August.

The Casting and Extrusion segment reported pretax profit of $6.8 million in the fourth quarter compared to $5.1 million pretax profit quarter last year – an increase of 34%. For the full year, the segment reported pretax profit of $25.0 million compared to $21.9 million last year – an increase of 14%. These improvements took place in spite of start-up costs at our two greenfield facilities – Extrusion Brazil and Castool Thailand. Excluding these start-up costs, which are expect to recede over the next two quarters, pretax income in the current quarter and full year for this segment would have been $7.3 million and $27.0 million compared to $5.2 million and $22.2 million in the same periods last year. This represents an increase of 42% in the quarter and 21% full year.

Consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the fourth quarter was $15.6 million compared to $11.0 million in the same quarter last year – an increase of 41%. For the full year, consolidated EBITDA was $53.9 million compared to $43.0 million last year – an increase of 26%.
Operating cash flow before net changes in non-cash working capital increased this year to $42.0 million from $32.1 million in fiscal 2013. Net change in non-cash working capital was $1.6 million cash used compared to $9.2 million cash used last year. Cash provided by operating activities increased to $40.4 million compared to $22.9 million last year – an increase of 77%. Exco had no net bank debt as at September 30, 2014 even after spending $17.3 in cash for the ALC acquisition and closed the year with net cash deposits of $10.0 million compared to $5.4 million upon closing of the ALC acquisition in Q2 and $26.1 million at last year end.
The outlook for Exco over the near term should continue to remain strong. We continue to see a buoyant and dynamic quoting environment. In addition to the recently announced 10 speed transmission tooling program for General Motors, there are numerous small cylinder powertrain programs and structural parts coming up for quote. Demand for extrusion dies and Castool consumable componentry is also expected to remain strong as both these business groups expand from their traditional base in North America to South American and Asian markets. The Automotive Solutions group is also actively engaged in quoting on both existing programs and new content as well. The recent award of a $35 million seat cover program for Audi in Europe is a very favorable development which helps balance our ALC customer base. Management expects other businesses in this group to also benefit from this vibrant quoting environment.

All our businesses are experiencing a favorable input cost environment with relatively abundant supply of both tool grade steel and resin sheet and other polymer-based materials. Pricing is also stable with little upward pressure as both global sourcing by our business units and falling prices for key commodities such as oil and base metals commodities, although mitigated by the strengthening US dollar, take effect.
(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)

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 5,009 people and service a diverse and broad customer base.

To access the live audio webcast, please log on to www.excocorp.com or directly to the web cast at http://www.newswire.ca/en/webcast/detail/1437209/1597379 a few minutes before 10:00 AM on November 27, 2014. Microsoft Media Player is required for access. For those unable to listen on November 27, 2014, 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 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, 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 and Thailand 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.

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