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Gemini Corporation is headquartered in Calgary, Alberta and is publicly traded on the TSX Venture Exchange under the symbol “GKX”. Gemini is committed to providing timely, accurate and balanced disclosure of all material information about the company, and to providing fair and equal access to such information.
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Message from the President
Gemini had a humbling year. Despite closing out 2015 with record setting revenue, our financial results were altered negatively by cost overruns in the completion of the rail loading terminal project. Although the project has been completed and has passed performance tests, meaning our contractual requirements have been met; the unanticipated complications leading up to completion generated significant losses for the year. As the rail loading project was the largest project we have ever undertaken, it is with a strong desire to learn from our challenges that we face the aftermath of this defining 2015 experience and progress better equipped into the future.
To this end, we are taking proactive measures to effectively Recover, Restore, and Revitalize our organization so we can emerge from this current industry downturn positioned for success.
Recovery in this sense depends heavily on our backlog; both in the execution of our existing projects, as well as a strong focus on the buildup of additional backlog. In addition, a number of initiatives have been implemented to better align our costs to the market and fine tune our project execution.
Restoring confidence in our performance will be achieved with the implementation of these initiatives and by strengthening our project delivery systems. Creating an environment of efficient and effective project delivery will not only establish the excellent service reputation we are working towards but also assist in reducing our costs.
Revitalization of the organization will be achieved by successfully executing and building our backlog and with it, our reputation. We are optimistic about this eventuality based on what we consider our greatest asset: our people. The exceptional team work and effort put forth by our people will insure success in 2016. In addition, our team embraced creative and innovative approaches to lowering our costs and aligning our services to the changing market which delivers value to the execution of our clients’ projects.
As cuts in capital spending restrict the project opportunities for the near future, we intend to leverage the key client relationships that have been developed and solidified over several years. It is advocacy from established clients that has already proven to assist in building new client relationships as we head into 2016. Our diversity of service capability thanks to the integrated model is advantageous in times of uncertain demand since it enables us to shift our emphasis to the current needs of the industry.
The foundation we have begun to build in 2016 will help us utilize our strengths and better serve our clients with confidence and proven results.
President and Chief Executive Officer
April 27, 2016
400 – 839 – 5 Avenue SW
Calgary, AB T2P 3C8
Investor Relations Contact
Chris Podolsky, CPA, CA
Chief Financial Officer
Ernst & Young LLP
Ernst & Young Tower, 1000, 440 2nd Avenue S.W., Calgary, AB T2P 5E9 Canada
Canadian Western Bank
Registrar and Transfer Agent
Gemini shares are listed on the TSX Venture Exchange under the symbol GKX
Gemini was recognized as a TSX Venture 50® company in 2014. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.