1997 Third Quarter Results of Needler Group Limited.BRANTFORD Brantford, city (1991 pop. 81,997), S Ont., Canada, on the Grand River. It is a leading manufacturing city, noted particularly for its large farm implement factories. , ONTARIO--(BUSINESS WIRE)--Nov. 21, 1997--Needler Group Limite(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :NGL NGL - A dialect of IGL. .) Needler Group realized a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profit of $3.1 million for the third quarter of 1997 compared to a pre-tax profit of $2.4 million in the same quarter last year, resulting mainly from improved volumes in the concrete products, asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. and construction operations. Net income increased to $2.1 million (10.9 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) in the quarter compared to $1.5 million (7.7 cents per share) in the third quarter of 1996. For the nine months ended Sept. 30, 1997 pre-tax profit improved over 1996 by $1.1 million to $1,261,000 in 1997 from $179,000 in 1996 while net income improved by $798,000 from $89,000 in 1996 to $887,000 in 1997. Activity levels for the fourth quarter to date have continued to be strong. -0-
Consolidated Statements of Operations
Three months Nine months Year
ended ended ended
September 30 September 30 December 31
(Unaudited) (Unaudited) (Audited)
-------------- ------------ -----------
($000's) 1997 1996 1997 1996 1996
------------------------------------------------------------
Sales 18,600 15,589 35,821 32,206 44,105
Cost of sales 13,479 11,063 28,591 25,534 34,642
-------------- ------------ -----------
Gross profit 5,121 4,526 7,230 6,672 9,463
-------------- ------------ -----------
Selling expenses 603 730 1,978 2,119 2,798
Administrative
expenses 915 819 2,704 2,758 3,504
Interest expense
-Current 95 88 217 196 255
-Long-term 390 465 1,249 1,462 1,905
-------------- ------------ -----------
2,003 2,102 6,148 6,535 8,462
-------------- ------------ -----------
Income from
operations 3,118 2,424 1,082 137 1,001
Gain (loss) on
disposal of
capital assets 22 (1) 68 (26) (30)
Gain on foreign
currency exchange 15 0 110 90 105
Minority interest
in loss (income)
of subsidiary (31) (14) 1 (22) (24)
-------------- ------------ -----------
Income before taxes 3,124 2,409 1,261 179 1,052
Tax provision 1,048 934 374 90 270
-------------- ------------ -----------
Net income for
period 2,076 1,475 887 89 782
-------------- ------------ -----------
Earnings per share 10.9 7.7 4.6 0.5 4.1
cents cents cents cents cents
-------------- ------------ -----------
Consolidated Statements of Cash Flows
Three months Nine months Year
ended ended ended
September 30 September 30 December 31
(Unaudited) (Unaudited) (Audited)
-------------- ------------ ----------
($000's) 1997 1996 1997 1996 1996
--------------------------------------------------------------
Operating activities:
Net income for
period 2,076 1,475 887 89 782
Depreciation,
depletion and
amortization 1,283 1,233 2,660 2,543 3,460
Deferred income
taxes 71 89 135 118 (12)
Increase in prepaid
pension costs (45) (82) (136) (133) (105)
Loss (gain) on
disposal of
capital assets (22) 1 (68) 26 30
Gain on foreign
currency exchange (15) 0 (110) (90) (105)
Minority interest
in income (loss)
of subsidiary 31 14 (1) 22 24
Net change to
non-cash working
capital balances
related to
operations (804) (1,026) (1,956)(3,243) (372)
-------------- ------------ ----------
Cash provided by (used
in) operating
activities 2,575 1,704 1,411 (668) 3,702
-------------- ------------ ----------
Investing activities:
Acquisition of
concrete block
facility 0 0 0 0 (4,161)
Purchase of
capital assets (465) (297) (2,158)(1,713) (2,513)
Proceeds on
disposal of
capital assets 21 30 71 147 173
Cash effect of
translation of
foreign investment 0 0 (2) 0 0
Decrease (increase)
in rehabilitation
deposits 6 2 30 (67) (81)
-------------- ------------ ----------
Cash used in investing
activities (438) (265) (2,059) (1,633)(6,582)
-------------- ------------ ----------
Financing activities:
Issue of long-term
debt 0 0 0 0 2,500
Repayment of
long-term debt (647) (723) (2,230) (2,490)(3,018)
Issue of common
shares 0 0 0 500 500
Investment by
minority interest
in subsidiary 0 0 0 530 530
-------------- ------------ ----------
Cash provided by
(used in) financing
activities (647) (723) (2,230) (1,460) 512
-------------- ------------ ----------
Increase (decrease)
in cash during
period 1,490 716 (2,878) (3,761)(2,368)
Cash position at
beginning of period (8,728) (6,469) (4,360) (1,992)(1,992)
-------------- ------------ ----------
Cash position at
end of period (7,238) (5,753) (7,238) (5,753)(4,360)
-------------- ------------ ----------
Cash position is
comprised of:
Cash 305 191 305 191 614
Bank
indebtedness (7,543) (5,944) (7,543) (5,944)(4,974)
-------------- ------------ ----------
Cash position at end
of period (7,238) (5,753) (7,238) (5,753)(4,360)
-------------- ------------ ----------
CONTACT: Needler Group Limited David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Sterrett, 519/753-3408 519/753-2912 (FAX) or Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. O. Mackey Mackey can refer to: People
519/753-2912 (FAX) |
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