AZCAR: Third Quarter Results Announced -- Earnings Up 11% From Previous Year.Business Editors TORONTO--(BUSINESS WIRE)--Nov. 29, 2000 AZCAR Technologies Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AZZ.) today announced sales and income for third quarter and operating results for the nine months ended September September: see month. 30, 2000.
Condensed Consolidated Statements of Income
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(Cdn$000's) Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
------------ ------------ ------------ ------------
2000 1999 2000 1999
---- ---- ---- ----
Sales $8,131 $5,262 $23,139 $20,785
Cost of goods sold 5,488 3,353 16,427 14,738
---- ---- ---- ----
Gross margin 2,643 1,909 6,712 6,047
Operating expenses 1,151 837 3,738 3,283
Amortization 185 172 536 527
---- ---- ---- ----
1,336 1,009 4,274 3,810
---- ---- ---- ----
Net Income before
tax 1,307 900 2,438 2,237
Income taxes 645 450 1,260 1,194
---- ---- ---- ----
Net income (loss) $662 $450 $1,178 $1,043
---- ---- ---- ----
Earnings per share
- basic (CDN
cents) 4.7 3.2 8.4 7.5
Earnings per share
- diluted (CDN
cents) 4.2 3.0 7.8 7.0
Condensed Consolidated Balance Sheets
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(Cdn$000's) As at As at
September 30, 2000 December 31, 1999
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Current assets $20,471 $18,977
Goodwill 5,311 5,417
Property and equipment 1,441 1,181
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Total assets $27,222 $25,575
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Current liabilities $5,227 $6,497
Shareholders' equity 21,995 19,078
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Total liabilities and equity $27,222 $25,575
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HIGHLIGHTS Sales for the nine months ended September 30 of $23.1 million are 11 per cent ahead of the same nine months last year. Sales for the third quarter were up $2.9 million compared to the 3rd quarter of 1999 due to delivery of equipment and ongoing billings Billings, city (1990 pop. 81,151), seat of Yellowstone co., S Mont., on the Yellowstone River, in a valley surrounded by seven mountain ranges; inc. as a city 1885. for contracts announced previously. Gross margins for 2000 remain consistent with the previous year at 29%. AZCAR has also been successful in maintaining its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. at 16% of sales despite its steady growth. Net income for the quarter after tax was $662,000, or 4.2 cents per shares Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , bringing earnings per share to a total of 7.8 cents year to date compared to 7 cents for the same period in the previous year. "Revenues for year to date at $23.1 million are well ahead of last year," said Rich Bisignano, President and Chief Executive Officer of AZCAR. "I am very pleased that our clients are expressing continuing confidence in our work which is resulting in additional business. We continue to see steady progress in our performance despite a very competitive environment." Third quarter results do not reflect the recent acquisition of Synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. Technologies Inc. (STI STI systolic time intervals. ) completed November November: see month. 14th. AZCAR is the largest, publicly-traded independent technology integration company serving the broadcast and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. by providing systems design, integration, project management and solutions for content management and distribution. The stock trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol: AZZ. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. |
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