BOVAR Reports Third Quarter 1997 Results.CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 13, 1997--BOVAR Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVR BVR Beyond Visual Range BVR Business Valuation Review (journal) BVR Biliverdin Reductase BVR Bureau of Vocational Rehabilitation BVR Bulletin de Versement (French) ) BOVAR Inc. reported that revenues declined 26.7 percent to $16.5 million for the third quarter ending Sept. 30, 1997 from $22.5 million in 1996. Net income for the third quarter was $0.1 million ($0.00 per share) compared to $2.4 million ($0.03 per share) for the same period in 1996. For the first nine months of 1997 revenues were comparable to levels in 1996. Net income for the first nine months declined 36.2 percent to $3.4 million ($0.04 per share) compared to $5.4 million ($0.07 per share) for the same period in 1996. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the third quarter declined from the same period in 1996 reflecting income arising from the amortization of deferred revenues which does not result in cash flow. -0-
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Three Months Ended Nine Months Ended
September 30 September 30
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(thousands of dollars
except per share data) 1997 1996 1997 1996
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Revenues $16,486 $22,476 $58,304 $57,547
Operating income 725 2,516 3,996 7,541
Income from continuing
operations 1,179 2,689 5,246 5,593
Loss from discontinued
operations (1,047) (254) (1,812) (207)
Net income 132 2,435 3,434 5,386
Net income (loss)
per share:
Continuing operations 0.01 0.03 0.06 0.07
Discontinued operations (0.01) (0.00) (0.02) (0.00)
------- ------- ------- -------
0.00 0.03 0.04 0.07
Cash provided by (used in)
continuing operations (102) 2,122 506 11,489
Cash provided by (used in)
discontinued operations (189) (85) (585) 305
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On Oct. 10, 1997 BOVAR sold its Canadian environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. business for proceeds of $4.9 million. Included in third quarter results is an after-tax loss on sale of the business of $0.7 million. Revenues and expenses associated with this business for 1997 and 1996 have been restated as Loss from Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Revenues of the Waste Management segment declined 32.8 percent to $10.5 million in the third quarter of 1997 from $15.6 million in the third quarter of 1996. Revenues for the first nine months of 1997 decreased 4.3 percent to $39.0 million from $40.7 million in 1996. The decrease reflects the July shutdown of the large kiln at the Swan Hills Treatment Centre ("Treatment Centre"). Commissioning of an auxiliary kiln at the Treatment Centre is expected to be complete during November and the main kiln is expected to be back on line during January of 1998. Repairs to both of these units are covered by insurance. The company carries business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril for this facility and has recorded $3.5 million in income under this policy in the third quarter. Revenues of the Engineered Products segment decreased 12.8 percent to $5.5 million in the third quarter of 1997 from $6.3 million in the third quarter of 1996. Revenues for the first nine months of 1997 increased 10.5 percent to $18.0 million from $16.3 million in 1996. Increased revenues reflect a significant sale to Mexico and generally strong performance 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. . BOVAR Inc., listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BVR, is one of Canada's leading international providers of environmental and waste management products and services. BOVAR operates and is the owner of Canada's only fully integrated hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. treatment facility which is located near Swan Hills, Alberta Swan Hills is a town (incorporated January 1, 1967) in northern Alberta, Canada. It is located km ( mi) north of Whitecourt at the junction of Highway 32 and Grizzly Trail. Swan Hills is located in Municipal District of Big Lakes within census Division No. 17, Alberta. . BOVAR's services are provided through BOVAR Waste Management and BOVAR Western Research. CONTACT: BOVAR Inc. Monty (programming, abuse) monty - /mon'tee/ Any program with a ludicrously complex user interface that performs a trivial task. An example would be a menu-driven, button clicking, pulldown, pop-up windows program for listing directories. L. Davis, 403/235-8302 or Daryl W. Ferko, 403/235-8329 |
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