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Mercer back in black

August 29, 2012

News Release

Mercer back in black

Mercer generated a profit in the six months to 30th June 2012 and is forecasting strong profit growth for the year ending 30th June 2013.

The unaudited results for the full year to 30th June 2012 show the following:

$1.0m loss for the year, comprising a loss of $1.1m in the first half and a profit of $0.1m in the second half.

EBITDA (operating earnings before interest, tax, depreciation and amortisation) from the on-going business for the year of $1.2m against a target of $1.0m (excluding abnormals).

Positive cash flows from operations and investing activities of $1.5m after capital expenditure of $0.5m and interest costs of $0.4m.

Shareholders’ equity of $16.4m.

Chief Executive Rodger Shepherd says “the company has substantially completed its restructuring and is now concentrating on continuous improvement in its operating divisions as well as searching for adjacent growth opportunities. In July we acquired 75% of Titan Slicers, a designer and manufacturer of world leading industrial slicing equipment. Titan is close to finalising a substantial order from a large North American food manufacturer which will have a positive impact on our bottom line”.

During the last six months, Mercer has been rebranded and its financial systems upgraded. Offices and distribution centres in the North Island have been moved to new headquarters in Onehunga, Auckland.

Mercer believes its EBITDA for the financial year ended June 30th, 2013 should be in the range of $3 – 4m.

The company is forecasting capital expenditure of $0.7m and interest expense of $0.3m for the period.

Full release (PDF): 2012_Yearend_announcement.pdf

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