Algonquin Mercantile Corporation First Quarter Results.TORONTO--(BUSINESS WIRE)--May 7, 1997--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 Corporation ('Algonquin') (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AM.) reports sales for the first quarter of $22 million, up 17 percent from $18.7 million in the prior year. Earnings from operations totaled $1.4 million for the quarter, equal to last year. Net income in the current period was $1.4 million or $0.20 per share. Last year, 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). reported net income in the first quarter of $9.2 million, which included a $7.7 million gain on the sale of 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. and a substantial tax recovery in operations. The outlook for the balance of the year is positive. During the current period, Algonquin sold 217,000 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Consolidated Enfield Enfield, borough, Greater London, England Enfield, outer borough (1991 pop. 249,100) of Greater London, SE England. It is residential, with important concentrations of industry. Corporation realizing a gain of $1.1 million. On April 21, 1997, Algonquin mailed circular offering to exchange 1 million common shares of Algonquin for 10 million common shares of DurKin Hayes Publishing Ltd. If successful, this offer will increase Algonquin's holdings in Durkin Hayes from 26 percent to 77 percent. -0-
Algonquin First Quarter Operations
3 months ended April 27,1997 ($ in Millions)
1997 1996
Sales 22.0 18.7
Earnings before Discontinued
Operations 1.4 1.4
Earnings of Discontinued
Operations - 0.1
Gain on Sale of Discontinued
Operation - 7.7
Net Income $1.4 $9.2
Net income per share $0.20 $1.38
CONTACT: Algonquin Mercantile Corporation Winston Ash, 905/841-4473 |
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