Commercial Solutions Inc. (TSX:CSA) announced its first quarter results and financial results for the three months ended December 31st.
As quoted in the press release:
Commercial reported revenues of $27.4 million, a $2.1 million decline from the same period in the prior year. EBITDA for the quarter was $0.4 million in comparison to $1.3 million in the same period last year, representing a $0.9 million decline. The Company reported net loss of $0.2 million for the quarter compared to net earnings of $0.4 million during the same quarter of fiscal 2012 representing a $0.6 million decline.
Commercial Solutions, President and CEO, Jim Barker, commented:
We are disappointed in IDG’s decision to withdraw its offer to purchase Commercial Solutions. While no detailed reasons were forthcoming, we will continue to run our business to enhance profitability by maintaining a strong balance sheet and a cost structure that helps withstand the ongoing volatility in our key markets. We have built an enterprise with a fundamentally sound business model with high quality people and excellent relationships with our senior lender, key vendors, and customers. We believe that we are well positioned to continue to support ongoing operations in our business driving organic growth as well as opportunistically pursue selective acquisitions. Due to recent events, our Board of Directors and Officers of the Company will be reviewing strategic alternatives with a serious examination of options that would provide additional value to all shareholders. The review of these alternatives will start immediately and is expected to be ongoing over the next two quarters. Updates will be provided as appropriate.