Algo's restructuring program helps second quarter; new president appointed.MONTREAL--(BUSINESS WIRE)--Aug. 15, 1996--Algo Group (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 said that year over year, it has reduced its net loss by half for the second quarter ended June 30, 1996. Company officials forsee a profit for the current fiscal year. It was also revealed that a new President has been appointed, effective immediately. Net loss for the three month period was $2.2 million or $0.11 per share. This compares with a $4.5 million loss or $0.22 per share for the same period last year. Second quarter sales were $41.1 million, compared to $60.5 million. This brought the net loss for the first half to $996 thousand or $0.05 per share compared with a net loss of $3.9 million or $0.19 per share for the corresponding period last year. Sales for the first half of the year totaled $89.4 million, compared to $131.1 million last year. The average number of shares outstanding increased to 21,248,665 from 20,285,720 for the corresponding period last year. It was also announced that Joseph Schaffer has relinquished his title as President. The Board of Directors has appointed Jack Wiltzer as President of Algo Group Inc. He retains his position of Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . In addition, the Board appointed Elliot Lifson as Vice-Chairman to replace the late Ben Schaffer. Mr. Wiltzer stated the improvement reflects the initiatives undertaken over the past two years. "Algo's recovery stage is proceeding as planned. We are now fully focused on our strong core businesses. We are confident of a return to profitability this year." The company also continued to strengthen its balance sheet. Bank indebtedness at the end of the first half was $40.5 million, significantly reduced from the $60.6 million at this time last year. Algo Group is a major 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. and Europe. The company also designs and ~ imports 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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