AZCAR Announces Record Revenue, For The Third Consecutive Quarter, In Q1 2005.MARKHAM, Ontario -- Stephen F. Pumple, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AZCAR (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AZZ) today announced first quarter revenues of C$16.8 million, representing a 68% increase over Q1 2004. The increase is attributable to AZCAR's success in expanding its equipment business with clients such as the University of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Television, Medcom in Panama and other customers. The sales mix sales mix See product mix. shift reflects an increase in revenue from lower margin equipment, thereby decreasing the Company's average gross margin rate. The net income of $122,000 or 0.8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , while an improvement over the corresponding period in 2004, continues to fall below the Company's objectives. The mandate of the management team is to improve on the bottom line performance of the company.
AZCAR TECHNOLOGIES INCORPORATED
Consolidated Statement of Operations
Variance
2005 2004 - Better (Worse)
First Quarter Ended March 31 March 31 C$ %
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(Canadian $000's) (unaudited) (unaudited)
Revenue 16,807 10,021 6,786 68%
Gross margin 1,856 1,574 282 18%
Gross margin % 11.0% 15.7%
Operating expenses 1,719 1,522 (197) -13%
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Income (loss) before taxes 137 52 85 163%
Income taxes (payable)
recoverable (49) (71) (22) 31%
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Net income (loss) before
minority interest 88 (19) 107
Minority interest 34 (18) 52
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Net income (loss) 122 (37) 159
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In March, the Company borrowed $2 million in accordance with the term credit facility arranged with the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , in order to support the cash flow demands of the University of North Carolina Television project. AZCAR is an independent technology integration company providing the broadcast and communications industries with value-driven solutions, consulting, engineering, systems design, integration, project management and the supply of related materials and equipment. 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. This review contains Management's discussion of the AZCAR's operational results and financial condition, and should be read in conjunction with the audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended December 31, 2004, and the related "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial " (MD&A). The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. AZCAR Technologies Incorporated (TSX:AZZ) |
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