5N Plus Inc. Reports Record Sales and Earnings for the First Quarter Ended August 31, 2008

5N Plus Inc. announced financial results for the first quarter of its fiscal year ended August 31, 2008.

Net earnings, EBITDA and sales all reached record levels reflecting a continuing trend of strong financial performance. For the quarter, net earnings reached $4,329,085, or $0.10 per share, which is 293.8% higher than net earnings of $1,099,256, or $0.04 per share, for the first quarter of the previous fiscal year. EBITDA increased by 194.6% to $6,169,004 up from $2,093,758 during the corresponding period of the previous fiscal year. Sales also strengthened in the quarter reaching a level of $14,029,875, a 119.4% increase over the level of $6,394,473 recorded in the first quarter of the previous fiscal year.

“We are pleased to report the results of the first quarter of our 2009 fiscal year with record breaking levels for earnings, EBITDA and sales. This quarter has been characterized by continuing strong operational performance and our ability to execute and begin operations at our German facility according to schedule. Both factors have enabled us to improve sales while maintaining strong margins. Demand for our products continued to increase in the quarter as reflected by the strong increase in our 12-month backlog of orders, which reached a record level of $53,646,727 at the end of the quarter. We also managed to extend our supply agreements by one year with our key customer and increase by 50% the minimum prescribed quantities of cadmium telluride to be procured from us for most of the remaining term of the agreements. We believe that this is a strong indication of the forthcoming widespread deployment of CdTe solar cells which should lead to further increases in the demand for the products we manufacture.” commented Jacques L’Écuyer, president and EO. He added, “We are also extremely pleased by the performance of our German facility which positively contributed to our financial results during the quarter.”