Andaurex Reports 75 Percent Increase in First Quarter Revenues.TORONTO--(BUSINESS WIRE)--May 30, 1997--ANDAUREX(VSE See DOS/VSE. VSE - Virtual Storage Extended AWX AWX All Weather Fighter .) Andaurex Industries Inc. today announced results for the first quarter of 1997. Following is a summary of results for the three months ended March 31, 1997 compared with March 31, 1996. - Revenues increased to $3.6 million from $2.0 million. - Net earnings were $13,000 compared with $15,000. - Net earnings per share were nil in both periods. Gregory B. Bowes, President, said the Company's solid performance during the first quarter of 1997, including a 75 percent increase in revenues compared with the same period last year and a return to profitability, primarily reflects the addition of wholly-owned Provincial International Cranes and highly successful bidding on new projects in the latter part of 1996. The recent award of a US$19.8 million project in the Bahamas to wholly-owned Markham Markham City (pop., 1991: 154,000), southeastern Ontario. It is situated on the Rouge River, northeast of Toronto. Settled in 1794, the town was named for William Markham, archbishop of York. It annexed the nearby township of Markham in 1971. Electric and its joint venture partner is one example of the Company's successful bidding during 1996. Subsequent to the end of the first quarter, the Export Development Corp. provided the US$3.9 million bonding guarantee required for the Bahamas project. Provincial continued its strong performance in the first quarter. The crane engineering unit successfully completed a $1.3 million contract for two steel mill cranes in Iran and bids were submitted for several new projects. Provincial is also working to establish joint ventures to design and manufacture cranes in Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. and Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , two rapidly expanding areas with significant infrastructure requirements. Discussions are proceeding positively, with the fourth quarter being targeted for commencement of project bidding by the joint ventures. The Bahamas and other new projects have positioned the Company for record results in 1997, in addition to building the order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for 1998 to a healthy $15 million. The outlook for the balance of 1997 is for strong growth in revenues and earnings, accelerating in the later part of the year. Andaurex is a rapidly growing knowledge based company that is successfully exporting Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. engineering, design and project management expertise to developing countries and emerging markets. The Company's shares trade on the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). under the symbol AWX. CONTACT: Andaurex Industries Inc. Gregory B. Bowes, 905/470-0104 or Hume, Kieran Inc. Marla Gale, 416/868-1079 or Hume, Kieran Inc. Cathy Hume, 416/868-1079 |
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