Strongco Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Reports Impairment Charges for the Third Quarter Ended September 30, 2016
November 03, 2016 at 04:55 am IST
Share
Strongco Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company's revenues were $86.7 million against $87.3 million a year ago. EBITDA was $3.1 million against $4.1 million a year ago. Pretax loss was $19.0 million against $3.4 million a year ago. Net loss from continuing operations was $26.1 million against $2.5 million a year ago. Basic and diluted loss per share from continuing operations was $1.97 compared to $0.19 a year ago.
For the nine months, the company's revenues were $280.1 million against $283.6 million a year ago. EBITDA was $6.0 million against $16.6 million a year ago. Pretax loss was $27.4 million against $4.8 million a year ago. Net loss from continuing operations was $32.3 million or $2.44 per basic and diluted share against $3.5 million or $0.26 per basic and diluted share a year ago.
For the quarter, the company reported intangible impairment of $16.5 million.
Strongco Corp is a Canada-based company. The Company sells, rents and services equipment used in diverse sectors such as construction, infrastructure, mining, oil and gas, utilities, municipalities, waste management and forestry. It represents equipment manufacturers with globally recognized brands, including Volvo Construction Equipment, Case Construction, Sennebogen, Manitowoc Crane, including National and Grove, Fassi, Konecranes, Eco Log, and Allied Construction. It provides in-field service, in-shop service, refurbishment, component rebuilding, scheduled maintenance, customer service agreements (CSA), extended warranties, equipment inspections, air conditioning, painting services, hydraulic repairs and others.
Strongco Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Reports Impairment Charges for the Third Quarter Ended September 30, 2016