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Atlas Engineered Products Reports 2020 Year End Financial and Operating Results and Record Fourth Quarter Revenues NANAIMO , BC , April 15 , 2021 / CNW / - Atlas Engineered Products ( " AEP " or the " Company " ) ( TSX- V : AEP ) ( OTC Markets : APEUF ) is pleased to announce its financial and operating results for the year ended December 31 , 2020. All amounts are presented in Canadian dollars . " 2020 presented many challenges for AEP brought on by the COVID - 19 pandemic . Rapidly increasing material prices , shipping logistic difficulties , and social distancing were only some of the challenges faced in 2020 and ongoing to 2021. Throughout this , the health of our employees and customers was always our main focus , " said Hadi Abassi , CEO & President , Founder . " Despite the obstacles of 2020 , the entire Company has worked hard to improve profitability and to position itself to take advantage of the strong demand for our products through organic growth and diversity . " Financial Highlights for Fourth Quarter and Fiscal 2020 : • Fourth quarter results for the three months ended December 31 , 2020 compared to the three months ended December 31 , 2019 resulted in the Company's best fourth quarter to date . The following table demonstrates the improvements in revenue , operating expenses , and net income after adjustments and taxes . This also highlights the substantial drop in operating expenses of $ 948,912 through the Company's cost cutting strategies . The majority of these cost cutting strategies are permanent and include contract cancellations for substantially completed projects , staffing restructuring , and bringing projects in house where staff had the skill and capacity to complete efficiently . Quarterly Comparison Revenue from the Business Cost of Sales Three Months Three Months Ended Dec 2020 $ 11,057,939 8,867,583 Ended Dec 2019 $ 9,027,723 6,878,726 Gross Profit 2,190,356 2,148,997 Gross Margin % 20 % 24 % Operating Expenses 1,574,547 2,523,459 Operating Income Net Income ( Loss ) After Adjustments and Taxes 615,809 351,757 ( 374,462 ) ( 1,010,096 ) • During December 2020 , the Company signed a new credit facility agreement with TD Canada Trust . The new agreement has three facilities and updated covenants offering the Company greater flexibility for future M & A activities and equipment upgrades . Excess funds were used to pay off additional debt and lease facilities during this refinancing which improved the Company's balance sheet and reduced the interest cost to the Company . • Revenue increased 22 % to $ 11,057,939 for the three months ended December 31 , 2020 from $ 9,027,723 for the three months ended December 31 , 2019. This increase represents the Company's best fourth quarter to date . Overall revenue for the year ended December 31 , 2020 was $ 35,734,415 , representing a 3 % improvement compared to revenue of $ 34,763,527 for the year ended December 31 , 2019 despite the COVID - 19 pandemic . • During the year ended December 31 , 2020 , AEP completed the acquisition of the assets of Trusstem Industries Inc and began operations as Novum Building Components Ltd ( " Novum " ) on July 20 , 2020 in Abbotsford , British Columbia .