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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Tree Island Announces Third Quarter 2012 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Tree Island Steel Ltd. (TSX:TSL)(TSX:TSL.DB) -

Q3 2012 Financial Highlights:


--  Sales amount to $34.0 million 
--  Gross Profit of $3.5 million or 10% of revenues 
--  EBITDA(3) (before foreign exchange) at $1.0 million 

Tree Island Steel Ltd. (formerly Tree Island Wire Income Fund or the "Fund") ("Tree Island"(1) or the "Company")) (TSX:TSL)(TSX:TSL.DB) announced today its financial results for the three and nine-month periods ended September 30, 2012.

For the three-month period ended September 30, 2012(2), sales totaled $34.0 million versus $38.0 million during the corresponding period in 2011, while gross profit increased to $3.5 million from $1.4 million mainly due to Tree Island's ongoing focus on profitable growth. Gross profit per ton also improved to $144 per ton, compared to $51 per ton in the same period in 2011. Gross profit and gross profit per ton continued to demonstrate improvement on a consecutive quarter basis as the Company maintained price discipline and further improved operational efficiencies. As a result of Tree Island's ongoing focus on pricing and cost management, EBITDA increased to $1.0 million during the third quarter of 2012, which compares to an EBITDA loss of $1.3 million during the corresponding period in 2011.

For the nine-month period ended September 30, 2012(2), despite a 5% decrease in sales volume, Tree Island's revenues increased by 2% to $117.6 million from $114.9 million during the same period in 2011. Gross profit and EBITDA also increased to $11.7 million and $4.7 million, respectively. The year-over-year improvement in financial results is largely the result of focused management initiatives.

During the nine-month period ended September 30, 2012, Tree Island purchased 1,018,500 units at an average price of $0.30 per unit, under its previously announced normal course issuer bid. These units were cancelled by the Company at the end of the month of purchase. On September 6, 2012, the normal course issuer bid was extended to September 6, 2013. Under the renewed normal course issuer bid the Company may purchase up to 1,700,000 units.

"I am encouraged with our overall business strategy demonstrating strength and resilience in a business environment where price volatility and overall visibility continue to be a challenge," said Dale R. MacLean, President and CEO of Tree Island Steel Ltd. "Our financial performance during the third quarter is a clear testament to our focus on profitable growth, and the strength of our underlying business fundamentals evidenced by the meaningful improvement to profit margins on a year-over-year basis despite lower sales volumes."

Amar S. Doman, Chairman of Tree Island Steel Ltd. noted, "The Company continues to demonstrate financial and operational progress with a solid commitment to providing best-in-class product quality and service to customers and partners. The sustained improvement in financial results reflects the hard work and dedication of the Tree Island team during some challenging times, which have led to a stronger Tree Island today."


                               Three Months Ended      Nine Months Ended    
                                  September 30           September 30       
Summary of Results ($000's         2012      2011         2012         2011 
 except for tonnage and per                                                 
 unit amounts)                                                              
----------------------------------------------------------------------------
Sales Volumes - Tons(a)          24,242    27,408       80,825       85,032 
Sales                          $ 33,962  $ 38,005  $   117,581  $   114,949 
Cost of sales                   (29,697)  (35,774)    (103,564)    (103,135)
Depreciation                       (778)     (820)      (2,299)      (2,459)
----------------------------------------------------------------------------
Gross profit                      3,487     1,411       11,718        9,355 
Selling, general and                                                        
 administrative expenses         (3,267)   (3,507)      (9,306)      (9,393)
----------------------------------------------------------------------------
Operating income (loss)             220    (2,096)       2,412          (38)
  Foreign exchange gain (loss)      163    (1,817)          75       (1,239)
  Gain on sale of property,                                                 
   plant and equipment                3        11          430           11 
  Changes in financial                                                      
   liabilities recognized at                                                
   fair value                      (727)    1,414         (727)       2,301 
  Gain (loss) on renegotiated                                               
   debt                               -         -       17,805       (3,234)
  Financing Expenses             (1,422)   (2,153)      (5,975)      (6,259)
----------------------------------------------------------------------------
(Loss) income before income                                                 
 taxes                           (1,763)   (4,641)      14,020       (8,458)
  Income tax (expense)                                                      
   recovery                        (228)       47       (1,304)        (146)
----------------------------------------------------------------------------
Net (loss) income              $ (1,991) $ (4,594) $    12,716  $    (8,604)
----------------------------------------------------------------------------
                                                                            
Operating income (loss)        $    220  $ (2,096) $     2,412  $       (38)
  Add back depreciation             778       820        2,299        2,459 
----------------------------------------------------------------------------
EBITDA(b)                      $    998  $ (1,276) $     4,711  $     2,421 
----------------------------------------------------------------------------
  Foreign exchange gain (loss)      163    (1,817)          75       (1,239)
----------------------------------------------------------------------------
EBITDA including foreign                                                    
 exchange                      $  1,161  $ (3,093) $     4,786  $     1,182 
----------------------------------------------------------------------------
                                                                            
Net (loss) income              $ (1,991) $ (4,594) $    12,716  $    (8,604)
Add back significant non-cash                                               
 items                                                                      
Non-cash financing expenses         634     1,339        3,313        3,962 
Non-cash (gain) loss on                                                     
 renegotiated debt                    -         -      (17,805)       3,234 
Changes in financial                                                        
 liabilities recognized at                                                  
 fair value                         727    (1,414)         727       (2,301)
----------------------------------------------------------------------------
Adjusted net loss(b)           $   (630) $ (4,669) $    (1,049) $    (3,709)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Per unit                                                                    
  Net (loss) income per unit -                                              
   basic                          (0.09)    (0.20)        0.57        (0.38)
  Net (loss) income per unit -                                              
   diluted                        (0.09)    (0.20)        0.27        (0.38)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Per ton                                                                     
  Gross profit per ton              144        51          145          110 
  EBITDA per ton                     41       (47)          58           28 
----------------------------------------------------------------------------
                                                                            
                                                         As at        As at 
                                                  September 30, December 31,
Financial position                                        2012         2011 
----------------------------------------------------------------------------
  Total assets                                     $    94,036  $    91,005 
  Total non-current financial                                               
   liabilities                                     $    29,629  $    42,789 
----------------------------------------------------------------------------

a.  Sales volumes exclude tons which were processed as part of tolling
    arrangements 
b.  See definition of EBITDA and Adjusted Net Loss in footnote 3 to the
    press release 

About Tree Island Steel Ltd.

Tree Island Steel Ltd. has a 100% ownership interest in Tree Island Industries Ltd. and its performance depends on the performance of Tree Island Industries Ltd. Headquartered in Richmond, British Columbia, since 1964, Tree Island Industries Ltd., through its four operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction, agricultural, and specialty applications. Its products include bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The Company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand and Select Brand names. Tree Island also owns and operates a Hong Kong-based company that assists the international sourcing of products to Tree Island Industries Ltd. and its customers.

Forward-Looking Statements

This press release includes forward-looking information with respect to the Tree Island and the Company, including their business, operations and strategies, as well as financial performance and conditions. The use of forward-looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading "Risk Factors" in the Fund's most recent annual information form and management discussion and analysis.

The forward looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Fund's most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company's liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, significant exposure to the Western United States due to lack of geographic diversity, dependence on the construction industry, transportation costs, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, reliance on key customers, intellectual property risks, energy costs, un-insured loss, credit risk, operating risk, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.

This press release has been reviewed by the Company's Board of Directors and its Audit Committee, and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward-looking information and management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.


1.  References to Tree Island include references to Tree Island Industries
    Ltd. as the context may require. 
2.  Please refer to our Q3 2012 MD&A for further information. 
3.  References made above to "EBITDA" are to operating profit plus
    depreciation and references to "Adjusted Net Income (Loss)" are to net
    income (loss) per IFRS adjusted for certain non-cash items including
    non-cash financing expenses, changes in fair value of convertible
    instruments and gain (loss) on renegotiated debt. EBITDA is a measure
    used by many investors to compare issuers on the basis of ability to
    generate cash flows from operations. Adjusted Net Income (Loss) is a
    measure for investors to understand the impact of significant non-cash
    items that affect our results from operations. Neither EBITDA nor
    Adjusted Net Income (Loss) are earnings measures recognized by IFRS and
    do not have a standardized meaning prescribed by IFRS. We believe that
    EBITDA and Adjusted Net Income (Loss) are important supplemental measure
    in evaluating the Fund's performance. You are cautioned that EBITDA and
    Adjusted Net Income (Loss) should not be construed as alternatives to
    net income or loss, determined in accordance with IFRS, or as indicators
    of performance. Our method of calculating EBITDA and Adjusted Net Income
    (Loss) may differ from methods used by other issuers and, accordingly,
    our EBITDA or Adjusted Net Income (Loss) may not be comparable to
    similar measures presented by other issuers. 

Tree Island Wire Income Fund                                                
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION              
(In thousands of Canadian dollars - unaudited)                              
                                                                            
                                                  September 30   December 31
                                                          2012          2011
----------------------------------------------------------------------------
Assets                                                                      
Current                                                                     
  Cash                                                   2,850         3,852
  Accounts receivable                                   14,410        13,835
  Inventories                                           43,021        36,123
  Prepaid expenses                                       1,435         2,533
----------------------------------------------------------------------------
                                                        61,716        56,343
Property, plant and equipment                           32,195        34,303
Other non-current assets                                   125           359
----------------------------------------------------------------------------
                                                        94,036        91,005
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current                                                                     
  Senior Credit Facility                                16,631        11,247
  Accounts payable and accrued liabilities              13,909        13,745
  Income taxes payable                                   1,991         2,093
  Other current liabilities                                129           158
  Fair value of convertible instruments                  1,049           322
  Current portion of long-term debt                      1,734         4,882
----------------------------------------------------------------------------
                                                        35,443        32,447
Convertible Debentures                                  15,391        14,298
Term Loan                                                4,417             -
Long-term debt                                           9,582        28,491
Finance Lease                                              101             -
Other non-current liabilities                              457           364
Deferred income taxes                                    2,172           766
----------------------------------------------------------------------------
                                                        67,563        76,366
----------------------------------------------------------------------------
                                                                            
Unitholders' Equity                                     26,473        14,639
----------------------------------------------------------------------------
                                                        94,036        91,005
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Tree Island Wire Income Fund                                                
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS                      
(In thousands of Canadian dollars, except units and per-unit amounts -      
 unaudited)                                                                 
                                                                            
                             Three Months Ended        Nine Months Ended    
                                September 30              September 30      
                                2012         2011         2012         2011 
----------------------------------------------------------------------------
Sales                    $    33,962  $    38,005  $   117,581  $   114,949 
Cost of goods sold            29,697       35,774      103,564      103,135 
Depreciation                     778          820        2,299        2,459 
-------------------------------------------------- -------------------------
Gross profit                   3,487        1,411       11,718        9,355 
Selling, general and                                                        
 administrative expenses       3,267        3,507        9,306        9,393 
-------------------------------------------------- -------------------------
Operating income (loss)          220       (2,096)       2,412          (38)
Foreign exchange (loss)                                                     
 gain                            163       (1,817)          75       (1,239)
Gain on sale of                                                             
 property, plant and                                                        
 equipment                         3           11          430           11 
Changes in financial                                                        
 liabilities recognized                                                     
 at fair value                  (727)       1,414         (727)       2,301 
Gain (loss) on                                                              
 renegotiated debt                 -            -       17,805       (3,234)
Financing expenses            (1,422)      (2,153)      (5,975)      (6,259)
-------------------------------------------------- -------------------------
(Loss) income before                                                        
 income taxes                 (1,763)      (4,641)      14,020       (8,458)
Income tax (expense)                                                        
 recovery                       (228)          47       (1,304)        (146)
-------------------------------------------------- -------------------------
                                                                            
Net (loss) income for                                                       
 the period              $    (1,991) $    (4,594) $    12,716  $    (8,604)
-------------------------------------------------- -------------------------
-------------------------------------------------- -------------------------
                                                                            
Net (loss) income per                                                       
 unit                                                                       
  Basic                  $     (0.09) $     (0.20) $      0.57  $     (0.38)
  Diluted                $     (0.09) $     (0.20) $      0.27  $     (0.38)
-------------------------------------------------- -------------------------
-------------------------------------------------- -------------------------
                                                                            
Weighted-average number                                                     
 of units                                                                   
  Basic                   21,846,714   22,900,703   22,293,598   22,867,849 
  Diluted                 21,846,714   22,900,703   61,365,072   22,867,849 
-------------------------------------------------- -------------------------
                                                                            
Tree Island Wire Income Fund                                                
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                      
(In thousands of Canadian dollars - unaudited)                              
                                                                            
                                     Three Months Ended   Nine Months Ended 
                                       September 30         September 30    
                                        2012      2011       2012      2011 
------------------------------------------------------- --------------------
Cash flows from operating                                                   
 activities                                                                 
  Net (loss) income for the period  $ (1,991) $ (4,594)  $ 12,716  $ (8,604)
  Adjustments for                                                           
    Depreciation                         778       820      2,299     2,459 
    Changes in financial                                                    
     liabilities recognized at fair                                         
     value                               727    (1,414)       727    (2,301)
    Gain on sale of property, plant                                         
     and equipment                        (3)      (11)      (430)      (11)
    (Gain) loss on renegotiated                                             
     debt                                  -         -    (17,805)    3,234 
    Net finance costs                  1,422     2,153      5,975     6,259 
    Deferred income tax recovery         224        41      1,407        86 
    Fair value change on Phantom                                            
     Units                                47        53         64        49 
    Exchange revaluation on foreign                                         
     denominated debt                   (388)    3,152       (512)    1,958 
  Working capital                       (810)   (2,031)    (6,795)  (11,995)
------------------------------------------------------- --------------------
Net cash provided by (used in)                                              
 operating activities                      6    (1,831)    (2,354)   (8,866)
------------------------------------------------------- --------------------
                                                                            
Cash flows from investing                                                   
 activities                                                                 
  Proceeds on disposal of property,                                         
   plant and equipment                    15        49        487        49 
  Purchase of property, plant and                                           
   equipment                             (23)     (161)      (232)     (319)
------------------------------------------------------- --------------------
Net cash (used in) provided by                                              
 investing activities                     (8)     (112)       255      (270)
------------------------------------------------------- --------------------
                                                                            
Cash flows from financing                                                   
 activities                                                                 
  Term Loan                             (125)        -      4,875         - 
  Repayment of long-term debt           (297)   (1,200)    (6,514)   (2,598)
  Interest paid                         (813)     (728)    (2,321)   (2,088)
  Normal course issuer bid               (39)       (5)      (301)       (5)
  (Repayment of) advance on Senior                                          
   Credit Facility                       (47)    3,890      5,384    11,341 
------------------------------------------------------- --------------------
Net cash (used in) provided by                                              
 financing activities                 (1,321)    1,957      1,123     6,650 
------------------------------------------------------- --------------------
                                                                            
Effect of exchange rate changes on                                          
 cash                                    (28)       53        (26)       (8)
------------------------------------------------------- --------------------
                                                                            
(Decrease) increase in cash           (1,350)       67     (1,001)   (2,494)
Cash, beginning of period              4,201     3,073      3,852     5,634 
------------------------------------------------------- --------------------
Cash, end of period                 $  2,851  $  3,140   $  2,851  $  3,140 
------------------------------------------------------- --------------------

Contacts:
Tree Island Steel Ltd.
Nancy Davies
Chief Financial Officer
(604) 523-4587
ndavies@treeisland.com
www.treeisland.com

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