Brampton Brick Limited Announces Increase In Second Quarter Earnings.BRAMPTON, ONTARIO--(BUSINESS WIRE)--Aug. 14, 1997--Brampton Brick Limit(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME BBL "Be back later." See digispeak. (chat) BBL - (I will) be back later. .A., OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. BMPAF. ) Brampton Brick Limited today reported net income of $2,210,000, or 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the second quarter ended June 30, 1997. This is an increase of $1,426,000, or 13 cents per share, over the same period last year. On the strength of higher shipping volumes, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased to $10,903,000 from $7,433,000. Higher gross margins and lower interest expenses also contributed to the increase in net income. For the six months to June 30, net income is $2,234,000, or 20 cents per share, compared to a loss of $1,170,000, or 11 cents per share, for the corresponding period in 1996. Net sales are $16,191,000 compared to $9,265,000 last year. The turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in operating results reflects higher margins, improved productivity and the increase in new home construction. The Company s 1996 results were also adversely affected by a bricklayers strike during the first quarter. Due to the increase in profitability, the Company must now record provisions for deferred income taxes. The charge against earnings amounts to 8 cents per share, almost all of which occurred in the second quarter. There was no similar charge against earnings in 1996. Statistics on new home sales New Home Sales An economic indicator that measures sales of newly built homes. Released by the U.S. Department of Commerce's Census Bureau, it includes both quantity and price statistics. continue to be positive. Consequently, the Company expects to record strong shipping levels through the balance of the year. Brampton Brick is Canada s Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of second largest producer of clay bricks. The Company s products are used in residential construction and industrial, commercial, and institutional building projects. In addition, the Company owns a 38.2 percent interest in Richvale York Block Inc., the largest producer of concrete block in Ontario Brampton Brick builds a better brick A clay brick. -0-
BRAMPTON BRICK LIMITED
SELECTED FINANCIAL INFORMATION
FOR THE PERIODS ENDED JUNE 30
(Thousands of dollars, except per share amounts)
Three Months Six Months
1997 1996 1997 1996
Net Sales $10,903 $ 7,433 $ 16,191 $ 9,265
Operating Income $ 3,304 $ 1,621 $ 3,614 $ 477
Net Income (Loss)
for the Period $ 2,210 $ 784 $ 2,234 $(1,170)
Net Income (Loss)
per Class A and B Share $ 0.20 $ 0.07 $ 0.20 $ (0.11)
Weighted Average Class
A and B Shares
Outstanding (000's) 11,060 11,053 11,058 11,053
CONTACT: Brampton Brick Limited Ken Mondor, 905/840-1011 |
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