Admiral Sanitation Inc. Announces Operating Results for Fiscal 1996.ETOBICOKE, Ontario--(BUSINESS WIRE)--Feb. 4, 1997--(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :ADS) Admiral Sanitation sanitation: see plumbing; sanitary science. Inc. ("Admiral") today released its 1996 Annual Report for the year ended September 30, 1996. This Report covered Admiral's first year as a public company pursuant to its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in April of 1996. Financial highlights include: Sales of $3,306,540, an increase of 55 percent from $2,129,445 for the same period in 1995. Operating Cash Flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased 22 percent to $169,464 from $138,670 in the prior period while Working Capital increased 8 percent to $242,194 from 223,637 a year earlier. Total Assets moved ahead 75 percent to $1,811,933 in 1996 from $1,030,217 in 1995. Shareholder's Equity soared 101 percent to $803,688 for 1996 from $398,662 in 1995. Prior to the current fiscal year, Admiral was a private company, but in it's first year as a Public Company, Admiral posted Net Earnings of $55,454. Growth was due to four factors; consistent contributions from current products to existing customers of the Company; the signing of a number of major new contracts, including multi-year deals to service the internal needs of major supermarket chains in Ontario and the Maritimes; the development of new environmentally-friendly products; and the introduction of a range of bio-remediation and water treatment products as a result of the Company's acquisition of Kem East Sales Ltd. in April of the year. In the Annual Report, Mr. Edward A. Bayer, Chairman and 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 Admiral, stated that the financial focus for 1997 is to see sales grow by 30 percent, while doubling earnings. Management believes these results will come from continuing the program of factory- direct sales coupled to internal cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. , in addition to 1997 seeing the Company's first truly national sales force as well as the first full year of results in the high-growth industrial water-treatment niche. To accommodate growth, the Company intends to relocate to a larger facility in 1997 which will benefit all areas of the business from administrative and sales systems to R&D manufacturing, warehousing and shipping. Finally, Mr. Bayer states Admiral also expects 1997 to bring positive developments from the Company's continuing search for compatible candidates for acquisition. Admiral is a manufacturer and supplier of over 200 environmentally- friendly sanitation and maintenance products targeting commercial applications: Food Service, including food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. processing plants, restaurants, banquet halls Definition A banquet hall is a room used for social gatherings like receptions, reunions, parties, and business events. , cafeterias, supermarkets and similar operations Maintenance, including products directed to the treatment of water - primarily in boiler, cooling tower and water- waste applications - as well as a line of specialized lubricants lubricants preparations for the lubrication of passages to reduce frictional injury, e.g. oily preparations, including petroleum jelly, lanolin or water-soluble preparations such as methyl cellulose. and engineering-oriented products, and; Sanitation covering a complete line of cleaners, floor care and carpet care products. Customers include industry, particularly food service; municipalities and government departments, and; institutions including hospitals, health care facilities and school boards. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Bond Strategic Communications Herb Bond, 905/ 945-7221 905/945-8486 (FAX) jhbond@bondcreates.com |
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