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Reko reports sales decline but remains profitable

Reko International Group

(Windsor, Ontario – June 4, 2020) – Reko International Group Inc. (TSX-V: REKO) today announced results for its quarter ended April 30, 2020.

Consolidated sales for the third quarter of 2020 were almost $10.0 million compared to $14.3 million in the same period last year, a decrease of $4.3 million, or 30%. The decrease is primarily a result of continued lower volumes in certain sectors, as well as continued challenges with breaking into diversified markets. Sales for the nine months ended April 30, 2020 decreased 23% to $28.9 million, compared to $37.3 million in the same period in the prior year.

Gross profit for the quarter ended April 30, 2020 was $0.7 million compared to $2.7 million for the same period in fiscal 2019. In the third quarter, gross profit declined to 7% of revenue. The weakness was due to a combination of lower levels of orders from traditional sources, and additional costs associated with more specialized or unique programs. For the nine-month period of the current fiscal year, gross profit as a percentage of sales was 11% compared to 16% in the previous year.

Selling and administrative expenses for the third quarter of fiscal 2020 totaled $1.2 million compared to $1.4 million for the same period in fiscal 2019. The company continues to monitor its expenses, with a focus on cost control and reduced spending where possible.

Net income for the three months ended April 30, 2020 was $0.065 million or $0.01 per share compared to $0.6 million or $0.10 per share for the same period in the prior year. For the nine months ended April 30, 2020, net income was $0.26 million or $0.04 per share, compared to $1.05 million or $0.17 per share in the same period last year.

Due to a change in strategy, the Company is also reporting the departure of Mark Read, Director, Automation Division on June 3, 2020. We appreciate his contributions and wish him success in his future endeavours. In the interim, the position will be covered by current team members who have proven skills and experience, while the Company actively seeks an individual with strong strategic sales experience.

“The third quarter of fiscal 2020 will always be remembered for the COVID-19 isolation orders which were enacted near its mid-point. Reko was committed to ensuring the safety of its employees and was able to provide a safe work environment for its team.”, stated Diane Reko, CEO. “I am so proud of how our employees were able to adapt to the circumstance. By continuing to operate during the depths of the pandemic, Reko was able to continue essential work on orders which started in the early part of the quarter as well as COVID-related manufacturing needs. While sales and net income were significantly lower than the prior year’s third quarter, we were pleased to improve our working capital and cash position significantly year over year. This will assist us to weather the economic impact of the pandemic and take advantage of opportunities which may present themselves. We will continue to protect our team and adapt the way that we serve our customers to ensure everyone’s safety and the continued satisfaction of our customers.”

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Reko Announces Second Quarter Results for Fiscal 2020

Reko International Group

(Windsor, Ontario – March 5, 2020) – Reko International Group Inc. (TSX-V: REKO) today announced results for its quarter ended January 31, 2020.

Consolidated sales for the second quarter of 2020 were $9.5 million compared to $11.6 million in the same period last year, a decrease of $2.1 million or 18%. The decrease was primarily the result of weak demand in the automotive sector.

Reko International Group Inc. to Buy Back Up to 316,933 of its Common Shares

Reko International Group

(Lakeshore, Ontario – December 27, 2019) – Reko International Group Inc. (TSX-V:REKO) announced today the approval of a normal course issuer bid for 316,933 of its outstanding common shares.

The notice provides that Reko may, during the 12-month period commencing December 31, 2019 and ending December 30, 2020, purchase on the TSX Venture Exchange up to a total of 316,933 of its common shares, being approximately 5% of the outstanding common shares. To date, there have been 101,400 shares purchased and cancelled under the current bid. Matthew LaRose of National Bank Financial will be the Member acting on behalf of Reko. The price that Reko will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Reko. All purchased shares will be cancelled. There are 6,338,650 common shares of Reko outstanding as of today.

Reko Reports Profitable First Quarter

Reko International Group

(Windsor, Ontario – December 5, 2019) – Reko International Group Inc. (TSX-V: REKO) today announced results for its first quarter ended October 31, 2019.

Consolidated sales for the quarter ended October 31, 2019, were $9.4 million, compared to $11.4 million in the prior year, a decrease of $2.1 million or 18.0%. The decrease in sales was largely related to an overall decline in activity in the automotive industry.

Reko Reports Strong Fiscal Year End

Reko International Group

(Windsor, Ontario – October 2, 2019) – Reko International Group Inc. (TSX-V: REKO) today announced results for its year ended July 31, 2019.

Consolidated sales for the fourth quarter of 2019 were $10.6 million compared to $10.2 million in the same period last year, an increase of $0.5 or 4.4%. The increase in sales was related to improved throughput and a continued strong exchange rate. Consolidated sales for the year ended July 31, 2019, were $47.9 million, compared to $42.2 million in the prior year, an increase of $5.7 million or 13.5%.

Reko International Group Inc. announces new Chief Financial Officer

Reko International Group

Lakeshore, Ontario, June 24, 2019- Reko International Group Inc. (TSX-REKO) (“Reko”) today announced that Ms. Catia Longo has been appointed Chief Financial Officer (CFO) of Reko effective July 24, 2019. Ms. Longo is Chartered Professional Accountant with the Institute of Chartered Accountants of Ontario and brings extensive manufacturing experience to the Company.

“We are excited that Ms. Longo is joining the Reko team, and we know that she will have much success in her new role,” said Ms. Diane Reko, Reko’s President and CEO.

Ms. Longo fills the vacancy created by the resignation of Ms. Marilyn Crowley, who is leaving Reko to pursue other interests after almost four years of service. Ms. Reko continued, “we would like to thank Ms. Crowley for her contributions and wish her the best in her future endeavors.”

For further information:
Contact: Diane Reko, Chief Executive Officer
Telephone: (519) 727-3287

Reko reports highest quarterly profit of the fiscal year

Reko International Group

(Windsor, Ontario – June 6, 2019) – Reko International Group Inc. (TSX-V: REKO) today announced results for its third quarter ended April 30, 2019.

Consolidated sales for the quarter ended April 30, 2019, were $14.3 million, compared to $11.8 million in the prior year, an increase of $2.5 million or 21.2%. The increase in sales was related to improved order volumes, improved throughput and a continued strong exchange rate.

Reko reports profitable quarter while diversification strategy unfolds

Reko International Group

(Windsor, Ontario – March 7, 2019) – Reko International Group Inc. (TSX-V: REKO) today announced results for its quarter ended January 31, 2019.

Consolidated sales for the second quarter of 2019 were $11.6 million compared to $11.5 million in the same period last year, an increase of $0.1 million or 0.1%. Unfortunately, the impact of the expansion of manufacturing capacity in the automation division and higher average exchange was offset by lower volumes in certain sectors.

Reko Reports Profitable Quarter to Begin the New Fiscal Year

Reko International Group

(Windsor, Ontario – December 6, 2018) – Reko International Group Inc. (TSX-V: REKO) today announced results for its quarter ended October 31, 2018.

Consolidated sales for the first quarter of 2019 were $11.4 million compared to $8.8 million in the same period last year, an increase of $2.6 million or 29.5%. This was largely due to the number of projects completed during the quarter and an increase in the average foreign exchange rate compared to the same period in the prior year.

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