ZCL Composites reports strong 2012

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Net income was $13.5 million for the year ended 31 December 2012, up from $3.3 million in the prior year. EBITDA was $22.5 million, up 118%.

"ZCL celebrated its 25th anniversary in 2012 with a very strong year," says Ron Bachmeier, President and CEO.

"We achieved record revenue and earnings and we improved operating efficiency, clearly demonstrating the successful execution of our "simplify to grow" strategy and our success in moving the company forward. As a result of this strong performance, our Board has elected to increase the quarterly dividend by 25% to $0.025 per share."

The increase in revenue for 2012 was attributable to both the Underground and Aboveground operating segments. The Petroleum and Corrosion Products groups achieved record revenue with Petroleum Products up 14% from a year earlier and Corrosion Products up 120% from a year earlier. The Water Products group realised moderate revenue growth in 2012 with a 5% increase over the revenue earned in 2011.

For 2013, ZCL, headquartered in Canada, says it will continue to drive toward annual organic revenue growth, however its strategic objectives are now more directly focused on improving profitability.