- Commercial Refrigeration revenue for Q3 was $4.7m, $0.9m less than the $5.7m
recorded in Q3 2012 (excluding Ventilation revenues). Q3 is the company’s
seasonally weakest quarter and that seasonality was worse than 2012;
- Gross Margin increased to 23%, a further improvement over the 17% in the first half
of 2013 and the 2012 margin of 14%. This result was delivered through higher
margin product mix and further flow-through of existing supplier cost reductions;
- Net Profit after Tax (“NPAT”) for the period was a loss of $970,000;
- Earnings before Interest, Tax, Depreciation and Amortisation (“EBITDA”) was a loss
for the period was $841,000;
- Earnings before Interest and Tax (“EBIT”) for the period was a loss of $969,000;
- Progress in the five main priorities for 2013, which have resulted in;
o Announcement of strategic partnership with East West Manufacturing;
o Launch of new FanPack product and a low power EC Motor variant;
o Investing in Asia growth with a new Sales Director based in Shanghai, China.
A little disappointing to see the drop in sales, but more importantly margins continue heading in the right direction which has been more the focus. There's not a lot of point having growth if you aren't making money on what you sell.
On the whole I think WDT continue heading in the right direction and will be one to watch.
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