Algonquin Mercantile Corporation Announces Financial Reports.TORONTO--(BUSINESS WIRE)--Aug. 27, 1996--ALGONQUIN MERCANTILE Relating to trade or commerce; commercial; having to do with the business of buying and selling; relating to merchants. A mercantile agency is an individual or company in the business of collecting data about the financial status, ability, and credit of individuals (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AM) Algonquin Algonquin (ălgŏng`kwĭn, -kĭn), small group of Native North Americans. The name of the Algonquian branch of the Algonquian-Wakashan linguistic stock (to which they belonged) is derived from their name (see Native American languages). Mercantile Corporation reports net income of $9.8 million or $1.46 per share for the six months ended July July: see month. 28, 1996, up from $2.1 million or $0.36 per share last year. Included in the current year earnings is a gain of $7.8 million arising from the sale of Algonquin's interests in Pharmx Rexall Rexall was the name of a chain of North American drugstores, as well as the name of their store-branded products. Today it is the name of over-the-counter drugs and drugstores in Canada and healthsupplements in the United States. Founding In 1902 Louis K. Drug Stores Ltd. which closed May 1, 1996. Sales for the six months were $41 million, down from $51 million (adjusted for the Rexall sale) last year. The decline is a reflection of soft prices in substantially all commodity markets served by Algonquin's produce operations. As a result of the sale of Rexall, Algonquin has a clean balance sheet Clean Balance Sheet Refers to a company whose balance sheet has very little or no debt. Notes: A company is told to "clean up" its balance sheet if they are exposed to large amounts of debt. with 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 in excess of $12 million. Algonquin has begun the process of identifying acquisition opportunities in new areas of business, and will keep shareholders apprised of any developments which arise. The outlook for the remainder of the year is for profitable performance in continued soft markets. -0-
3 months ended July 28, 1996 ($ in Millions)
1996 1995
Sales 22.3 27.2 Earnings before Discontinued Operations 0.5 1.0 Earnings of Discontinued Operations 0 0.1 Gain on Sale of Discontinued Operations 0.1 0 Net Income 0.5 1.1 E.P.S. (in $) 0.08 0.16
6 months ended July 28, 1996 ($ in Millions)
1996 1995
Sales 41.0 50.8 Earnings before Discontinued Operations 1.9 2.0 Earnings of Discontinued Operations 0.1 0.1 Gain on Sale of Discontinued Operations 7.8 0 Net Income 9.8 2.1 E.P.S. (in $) 1.46 0.36 CONTACT: Algonquin Mercantile Corporation Winston Ash, 905/660-7688 |
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