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ESTec Systems Corporation Due Diligence Symbol: ESE.V Price: $0.095 Common Shares: 10,461,629 Insider/Institutional Holdings: 8,933,955 (85.4% as per Information Circular on Sedar) ***Only 1,527,674 retail shares*** website: estec.com 2015 Q1 Financial Results ASSETS Cash: $448,156 Receivables: $716,316 Inventory: $410,635 Income Tax Recoverable: $74,549 Prepaid Expenses: $77,810 Property & Equipment: $139,287 Intangible Assets: $305,164 Goodwill: $774,478 Total Assets: $2,946,396 LIABILITIES Payables: $631,269 Deposits: $34,335 Current portion of debt: $83,364 Remaining Debt: $1,007,175 (Due by July 2026, see MD&A Highlights) Advance from parties: $465,650 Total Liabilities: $2,221,793 2014 Year end and 2015 Q1 Results 2014 Total Sales Revenue: $5,834,345 Gross Profit: $3,219,573 Net Income: $656,878 - $0.063c EPS **Stock is trading at exactly 1.5 times last year’s earnings which is way too low** 2015 Q1 Sales Revenue: $1,298,639 Gross Profit: $655,650 Net Income: $86,200 - $0.008c EPS **much of the sales are US based, which adds to revenue when converted to CDN dollars** Over 5 quarters, ESE has done a total of $7,132,984 in sales with net income of $743,078 MD&A Highlights ESTec Systems Corp. is a holding company that owns Allan R. Nelson Engineering (1997) Inc. and Encore Electronics Inc. Allan R. Nelson Engineering (1997) Inc. (ARN) is a group of professional engineers and technologists who carry diverse skills and a variety of professional backgrounds. The company is located in Edmonton, Alberta ARN provides forensic engineering & design engineering services to the oil and gas, mining, manufacturing, transportation and forestry industries. The largest part of ARN’s business is forensic engineering. Committed to continuous improvement, ARN utilizes state-of-the-art software to provide timely and competitive solutions for our clients. Encore Electronics Inc. is an electronics design and manufacturing business located in Saratoga Springs, New York. Its product line includes signal conditioners, strain gage amplifiers, vibration monitoring equipment and computer controlled signal conditioning instrumentation. Edmonton – 25 November 2015 Once again this quarter is impacted by the continuing low price of oil. The engineering division shows almost a 40% decrease in revenue over the same period last year. On a straight US dollar basis the electronics division is down slightly, although after adjusting for currency, the Canadian dollar value of the first quarter sales are up slightly from the first quarter last year. Overall our revenues are down about 10% from the first quarter last year. The Allan R. Nelson Engineering division has reduced staffing and continues to monitor costs. We anticipate continued slow revenue for the foreseeable future due to the continued low price of oil and the resulting impacts on the Alberta economy. While revenue potential for Encore Electronics continues to look good, slow parts delivery in the first quarter has pushed some customer deliveries into the second quarter. The net effect is that while still profitable, the level of profit is down from this quarter last year. The company has positive working capital. Over the next year the company expects to meet all cash requirements from cash flow. While the Company has a significant amount of its receivables invested in a small number of clients, these funds are largely attributable to insurance clients and they have reserves allocated to pay these receivables. A demand non-revolving term facility has been negotiated to cover the cash requirements to purchase Encore Electronics Inc. Debt repayment is scheduled over 15 years to July 2026 to be repaid from the operating profits of Encore Electronics Inc. | ||||||||||||||
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