Aeroquest International Limited Announces Financial Results for the Six Months Ended October 31, 2004.MILTON, Ontario -- Aeroquest International Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AQL (language) AQL - A picture query language, extension of APL. ["AQL: A Relational Database Management System and Its Geographical Applications", F. Antonacci et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 569-599]. ) is pleased to announce the financial results for the six months ended October 31, 2004, including its 100% owned subsidiary, Aeroquest Limited ("Aeroquest") which have been filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). During the six month period ended October 31st, 2004, Aeroquest continued to fly its proprietary AeroTEM II airborne electromagnetic systems successfully, contributing revenues of $4.4 million. Revenue almost doubled to $2.85 million in the second quarter compared to $1.55 million in the first quarter. Gross margins also increased from 42% in the first quarter to 50% in the second quarter, for an average of 47% for the first six months. Cash flow (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) was $828,956 for the first six months, increasing significantly from $150,477 in the first quarter to $678,479 in the second quarter. Net income after tax was $591,347 for the first six months, increasing substantially from $25,967 in the first quarter to $565,380 in the second quarter. Selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. were higher than normal for the first six months due to higher legal and accounting costs in connection with AQL's qualifying transaction and concurrent financing completed on October 28, 2004. The focus continued on building additional AeroTEM II systems, research and development, and adding additional staff to strengthen operations. Currently, Aeroquest has several AeroTEM II systems operating and revenue continues to increase significantly due to strong mineral exploration demand. Aeroquest is earning an increasing share of the airborne geophysical business as it continues to discover new mineral deposits. Within the last 12 months 10 deposits of significance have been uncovered by AeroTEM II, far above the industry average. AQL's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. remained strong at the end of October, 2004, with working capital of over $5.28 million, including over $5.6 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has and is essentially free of debt except for trade payable. Aeroquest International Limited (TSX VENTURE:AQL) is the parent company of Aeroquest Limited, a world leader in the development and operation of innovative and proprietary airborne geophysical surveying platforms servicing the mineral exploration, oil and gas, and environmental industries. AQL has 15,829,162 shares outstanding. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of the release. Aeroquest International Limited (TSX VENTURE:AQL) |
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