Algo Group financial results.MONTREAL, Quebec--(BUSINESS WIRE)--May 14, 1996--Algo Group Inc. today reported an improved financial position, the result of a series of corporate changes implemented over the past 18 months. Net profit for the first quarter ended March 31, 1996 doubled to $1.2 million or $0.06 per share, compared to $0.6 million or $0.03 per share for the first quarter a year ago. Sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the period were $48.3 million, compared to $62.9 million for the first quarter a year ago. Net loss for the year ended December 31, 1995 was reduced substantially. The loss from continuing operations amounted to $4.2 million or $0.21 per share, compared to a loss of $10.3 million or $0.51 per share last year. The loss from discontinued retail operations was $2.1 million, compared to $0.7 million for 1994. This brought the net loss for 1995 to $6.3 million or $0.31 per share, compared with a net loss of $11.1 million or $0.55 per share last year. Sales from continuing operations for the year were $233.2 million, as compared to $280.1 million in 1994. The decrease in sales is a reflection of the divisions closed by the company during the past year. "The divisions we closed no longer met our corporate objectives for profitability. This action, however, took longer than expected and came at a somewhat greater cost because of the difficult retail environment, both in Canada and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We also exited the retail sector, as reported in February. We are now left with a series of core businesses that are strong and that will return Algo to a profitable position after two very difficult years," stated Wiltzer, Algo's 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. . "As well, the restructuring program has contributed to a significant strengthening of the company's balance sheet. During 1995, working capital was increased by almost $5 million and total debt was reduced by $28 million," concluded Wiltzer. 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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