Algo's reports first quarter results -- performance ahead of plan, improved 1997 forecast.MONTREAL--(BUSINESS WIRE)--May 13, 1997--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) Algo Group Inc. today reported first quarter results for the period ended March 31, 1997. Net profit for the three month period was $547 thousand or $0.03 per share, ($0.02 per share fully diluted). This compares with a net profit of $1.2 million or $0.06 per share, ($0.04 per share fully diluted) for the same period last year. First quarter sales were $41.7 million, compared to $48.3 million a year ago. Algo President Jack Wiltzer stated the results were better than planned. "Last month, upon the release of our year-end results, we indicated that the current first quarter would be less profitable than in 1996 due to last year's contribution from U.S.-based Algo Apparel. "While this is indeed the case, our performance for the first quarter was nonetheless significantly ahead of forecast. The various changes we have made, coupled with aggressive marketing are having the desired results." Wiltzer explained that while Algo Apparel, which was disposed of in 1996, increased 1996's first quarter profitability, the division lost (U.S.) $1.6 million during the balance of the year. "We have had a strong start to our second quarter and all indications continue to point to a solid performance for the year," stated Wiltzer. Algo earned $2.2 million in 1996, or $0.11 per share ($0.07 per share fully diluted). The average number of shares outstanding for the first quarter increased to 20,382,892 from 20,272,666 for the corresponding period last year. Algo Group is the leading Canadian manufacturer and importer of ladies', men's 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. . The company also markets dresses in Europe. As well, Algo designs and imports fashion 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 retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → . 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. Jack Wiltzer, 514/382-1240 or Maison Brison Rick Leckner, 514/731-0000 |
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