Benvest Capital Announces Its Six Months Results.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Results for six months ended October October: see month. 31st, 2004: Benvest Capital (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ) today reported a significant increase in revenues and net income over the comparable period last year driven by strong second quarter results. Revenues for the quarter ending October 31st, 2004 were $9,652,000 compared to $8,035,000 for the comparable period last year (3 months ended November November: see month. 30th, 2003). System-wide sales as compared to last year were up a strong 11.6%. Earnings before amortization, financial expenses and income taxes increased 100.2% to $1,674,000 from $836,000 and net earnings increased to $687,000 or $0.073 per share, up from $49,000 or $0.005 per share for the comparable quarter last year. Revenues for the six months ended October 31st, 2004 were $18,998,000 compared to $8,302,000 for the comparable period last year (6 months ended November 30th, 2003). Earnings before amortization, financial expenses and income taxes were $3,051,000 compared to $617,000 and net earnings were $1,141,000 or $0.122 per share compared to a loss of $262,000 or $0.028 per share for the comparable period last year. The positive variances are mainly due to the inclusion of Lunetterie New Look International Inc.'s results in the consolidated statements for a period of six months this year compared to a period of three months last year, as well as the improvement of New Look's performances in the second quarter compared to last year. Until August 31st, 2003, Benvest Capital Inc. was a merchant bank with a diverse portfolio of assets in various service industries. Its new corporate mission is as an operating public company with New Look as its base. New Look is a leading enterprise in the eye care industry in Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
Effective November 30th, 2004, Benvest sold its investment in CMN CMN Common CMN Children's Miracle Network (since 1983; Salt Lake City, Utah) CMN Certificate of Medical Necessity CMN Canadian Museum of Nature CMN Community Mapping Network CMN Common Information International Inc. (real estate services industry) for a consideration of US$14,995,000. The profit on this transaction will be reported in the third quarter results. Post-closing of the above transaction, Benvest holds one significant non-strategic asset: The Fitness Company (82%), a US health and fitness club company. Benvest Capital Inc. trades on the Toronto Exchange (under the symbol "BCI"). BENVEST CAPITAL INC. (TSX:BCI) |
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