Benvest Capital Announces its Eight Months Results.MONTREAL -- Benvest Capital Inc. (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 ) announces its financial results for the eight months fiscal period ending April 30th, 2004. April 30th is the Company's new fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. . Revenues for the eight months were $22,414,914 vis-a-vis $921,941 for the twelve months ending August 31st, 2003, the previous fiscal year. Earnings before amortization, financial expenses, special provisions and income taxes were $2,378,555 vis-a-vis a loss of $290,505 for the previous year. The principal reason for the positive variances is the consolidation of the financial results of the Company's operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Lunetterie New Look International Inc. After a special provision, a premium paid on acquisition and income taxes, the Company reported a net loss of $998,623 or $0.106 per Series A share vis-a-vis a net loss of $628,268 or $0.067 per Series A share last year. The Company announces the highlights of the eight months are as follows: a) The Company is now fully consolidating the results of its principal operating business, Lunetterie New Look International Inc. ("New Look"). b) New bank financing in the amount of $13,000,000 was obtained to take Benvest/New Look successfully forward. c) The 20% minority interest in New Look held by outside investors was purchased. d) New Look has made remarkable progress in profitability and growing its business. e) The Company's year-end was changed to coincide with that of New Look. f) 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., in which the Company holds a 20% interest, had a very strong first six months. The Chairman, John Bennett noted that: "We continue to drive down the strategic road previously outlined for unlocking shareholder value. The objective going forward is to have Benvest's shares trade on the basis of the results of an operating business with New Look as the base. The strong operating results generated by New Look have had a positive impact on the Company's reported revenues and profitability." Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. currently held by the Company include 20% of CMN International Inc. (real estate services industry) and 82% of The Fitness Company (health and fitness clubs in the Eastern United States). The Company views its investments in CMN and The Fitness Company as non-strategic and will continue to account for these investments at the lower of cost or net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. , pending their disposition. Benvest Capital's common shares are listed for trading 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 "BCI". |
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