ALGO GROUP REPORTS IMPROVED THIRD QUARTER RESULTS.MONTREAL, Quebec--(BUSINESS WIRE)--Nov. 14, 1995--ALGO GROUP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AO.A) An all encompassing belt tightening exercise helped boost third quarter earnings at Montreal based Algo Group Inc. Net earnings for the three months ended September 30, 1995 were $5.7 million or $0.28 per share on sales of $90 million. This compares with net earnings of $2.8 million or $0.14 per share on sales of $102.9 million for the corresponding period a year ago. This brought net earnings for the nine month period to $1.8 million or $0.09 per share compared with net earnings of $726 thousand or $0.04 per share for the corresponding period last year. Sales for the nine months ended September 30, 1995 totaled $221.1 million, compared to $250.0 million last year. This year's results have not been tax affected due to the availability of tax losses to the company. Net earnings before provision for income taxes for last year's third quarter and nine month period were $4.6 million and $1.2 million respectively. Net earnings before losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the three month and the nine month period ending September 30, 1995 were $6.0 million and $3.9 million respectively. Comparative earnings before provision for income taxes for 1994 are $4.4 million and $2.4 million respectively. The lower sales for this quarter and the nine month period are a reflection of the eight divisions closed by the company during the past year. The average number of shares outstanding increased to 20,285,720 from 20,260,898 for the corresponding period last year. Algo Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Jack Wiltzer noted that these latest results include the write-off necessitated by the recent financial difficulties experienced by a major women's clothing retailer. "Given the on-going downturn in retail, we are encouraged that Algo was able to post this substantial iimprovement," added Wiltzer, "I attribute this progress to the aggressive program of reducing overheads at all levels. We are now left with a solid core of businesses which are expected to take us profitably into the next year." Wiltzer stated the company is hopeful that it will show a profit from operations during the current fiscal year. Algo Group is a major Canadian manufacturer and importer of ladies' and children's fashion apparel which is marketed throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. The company also designs and imports fabric marketed through North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. apparel manufacturers and retail outlets. Algo also owns two retail chains, La Vie en Rose Lingerie Canada Inc. and One Plus One Fashions Inc. Company shares trade publicly on both the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg under the stock symbol AO.A. CONTACT: ALGO GROUP INC. Sol Chankowsky, (514) 382-1240 or Maison Brison Rick Leckner (514) 731-0000 INDUSTRY KEYWORD: APPAREL/TEXTILES EARNINGS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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