SkiDoo makers first financial report as public company shows sales and revenue

VALCOURT, Que. — BRP Inc. had $804.3 million of revenue in the first quarter — up 5.5% from the same time last year and a record for the Quebec-based maker of specialized off-road and highway vehicles.The Quebec-based company says the sale of its sport boat business last fall resulted in a decline in revenue from seasonal products, which include Ski-Doo and Lynx snowmobiles and Sea-Doo personal watercraft.But that was offset by higher sales of year-round products such as its Can-Am three-wheeled Spyder cycles and the impact of favourable currency exchange rates due to a stronger U.S. dollar.BRP’s net income fell year-to-year but its adjusted profit was up.Net income fell to $25.7 million from $54.6 million while BRP’s normalized net income, which adjusts for the impact of foreign exchange and other items, rose by 7.7% to $53.4 million or 52 cents per share.BRP also said its outlook for the 2014 financial year calls for annual normalized profit of between $1.45 and $1.50 per share.It’s the first financial report since the company, based In Valcourt, Que., listed its shares on the Toronto Stock Exchange. They closed Wednesday at $24.50.The stock’s has traded between $22.61 and $25.55 per share over the two-week period, well above the IPO price of $21.50 per share. read more

IUSF accuse police of abducting two people

The Inter University Student’s Federation (IUSF) has accused the police of “abducting” two people following a demonstration staged in Colombo yesterday.According to the IUSF, the police had arrested a student and a driver of a vehicle used by the students at the end of the demonstration in Fort. The police have also seized loudspeakers used during the demonstration to draw attention to several demands of the university students. IUSF convener Najith Indika said that the policemen who made the arrest were dressed in civil clothes and had arrived in a double cab. He said that following the incident the students had visited the Fort police station and sough information about the arrest but the police had insisted that no such arrest was made.The students had later staged a protest outside the Fort police station and after nearly two hours the two people had been released. “The two people had told us they were taken in a normal double cab by plain clothed policemen and were threatened while being kept at the Fort police station,” Najith Indika said.The IUSF said that this was a serious incident as the police have a procedure to follow when arresting people and they cannot simply drag people off the street. (Colombo Gazette) read more