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NANAIMO, BC, June 25, 2021 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) is pleased to provide an update on the Company's net revenues for the first two months of the second quarter of 2021.
The Company has carried the strong momentum gained in the first quarter of 2021 into the second quarter of 2021. Revenues for the two months ended May 31, 2021 were $8.9 million which represents a 12.6% increase from the full three month quarter ended June 30, 2020 which had revenues of $7.9 million. The first two months of this quarter has almost reached the full three months ended March 31, 2021 revenues of $9.1 million.
"Continuing our strong organic growth in revenues while navigating the raw material shortages and high raw material costs has been a challenge, but one that the Company has tackled head-on," said Melissa MacRae, Interim CFO. "The entire team at AEP continues to focus on satisfying our customers needs while producing solid financial results as we push forward through the final month of our second quarter and into the remainder of our fiscal year which is typically the busiest time for our industry."
The Company's focus continues to be on the raw material and labour challenges experienced by the construction industry, while also driving forward with further organic growth and production efficiency initiatives.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all. AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control. Such factors include, among other things: Risks and uncertainties relating to AEP, including those to be described in the Management's Discussion and Analysis ("MD&A") for AEP's three months ended March 31, 2021. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
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