Thread: Strong Buy CAF.V - Canaf Group
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Old 09-05-2014, 12:51 PM   Nav to Top 
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Symbol C : CAF
Shares Issued 47,426,195
Close 2014-08-29 C$ 0.075
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Canaf Group earned $102,051 (U.S.) in fiscal Q3 2014


2014-09-05 09:32 MT - News Release


Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS Q3 2014

Canaf Group Inc. has released its financial statements and management's discussion and analysis for the three months ended July 31, 2014 (all amounts are in U.S. dollars).

Revenue increased by 38 per cent to $3,428,792 and net profit increased by 53 per cent to $102,051 for the three-month period in comparison with the previous three months. Despite the improved results in comparison with the previous quarter, revenue and net profit are down in comparison with the same quarter in the previous year.

Revenue for the quarter continues to run behind last year due to the negative impact of a scheduled shutdown from the company's main customer; however, the company can confirm the return of orders from this customer from October, 2014, and into the next fiscal year.

During the quarter, the company agreed new annual sale prices with both of its two main customers and is now finalizing a further five-year lease with Glencore for its facility.

The company continues to work with potential new customers and remains focused on expanding it current business. The company is also working closely with engineering companies with the prospect of introducing a new, more efficient calcining plant into the business; this would increase capacity and reduce operating costs.

During the quarter, the company further reduced its related party debt by $48,000. Remaining related party debt and debentures totalling $100,000 will be paid off in full by the end of the current fiscal year.

The company continues to receive new enquiries in its coke replacement product and is confident that the demand will remain strong in the long term. Subsequently, the company is actively looking to engage with strategic partners in expanding its existing business.

As well as continuing to focus on growing positive free cash flow, the company is actively looking to expand into related businesses within the anthracite and coke market in South Africa, through potential investments in existing operations and anthracite mines.

The financial statements and management's discussion and analysis can be viewed on SEDAR or the company's website.

We seek Safe Harbor.

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