Benvest Capital Announces its First Quarter Results.MONTREAL -- 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 ): Results for first quarter ended July 31st, 2004: Revenues amounted to $9,345,695 compared to $266,155 for the comparable period last year (the three months ended August 31st, 2003). Earnings before amortization, financial expenses and income taxes were $1,377,123 vis-a-vis a loss of $218,711 last year. Net earnings were $453,780 vis-a-vis a loss of $310,386 last year which included a provision of $165,000. The positive variances are due to the consolidation of the results of New Look International Inc. and its strong performance. The Company continues 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. 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:
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 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) 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 Inc. trades on the Toronto Exchange (under the symbol "BCI"). |
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