Brio Industries Inc. Reports a $0.06 Per Share Profit for First Quarter.VANCOUVER, British Columbia--(BUSINESS WIRE)--July 14, 1997--Brio Industries Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BRIO-F) reported a profit of $361,944(a) or $0.06 per share for its first quarter ended May 31, 1997. this compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to a loss of $461,739 or ($0.08) per share for the same quarter last year. Revenues for the period were $8,555,000 (versus $13,601,000 in the first quarter of last year). The decrease in revenues was a direct result of the sale of the company's carbonated car·bon·ate tr.v. car·bon·at·ed, car·bon·at·ing, car·bon·ates 1. To charge (a beverage, for example) with carbon dioxide gas. 2. To burn to carbon; carbonize. 3. To change into a carbonate. soft drink division to Cott Corp. during 1996. Included in this period is one full quarter of the entitlement An individual's right to receive a value or benefit provided by law. Commonly recognized entitlements are benefits, such as those provided by Social Security or Workers' Compensation. of the earnout Earnout A contractual provision stating that the seller of a business is to obtain additional future compensation based on the business achieving certain future financial goals. Notes: The financial goals are usually stated as a percentage of gross sales or earnings. from Cott. More importantly, revenues at the company's core juice, water and new age beverage divisions have more than doubled in the aggregate over the past year. This growth is primarily attributable to increased sales from both new and existing customers and new product development. In reporting on the results, Brio (Brio Technology, Palo Alto, CA, www.brio.com) A software company founded in 1989 and acquired by Hyperion Solutions Corporation in 2003 that specialized in enterprise analysis and reporting programs that run on several platforms. chariman and C.E.O. Ralph D. McRae said, "We are extremely pleased with our performance for the quarter. The changes we implemented over the preceding twelve months are producing results in the way we expected. "During the quarter, orders by our major packaging customers ran between 30% and 40% ahead of forecast and those forecasts anticipated a doubling of packaging volumes. Our new plant in Vancouver and new distribution centers in Edmonton and Vancouver are all performing exceptionally well with the addition of more than 1,500 new distribution customers since February alone." Brio and its subsidiaries are engaged in the packaging, distribution and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. of juices, water and new age beverages in Western Canada
Western Canada, commonly referred to as the West and into the Northwestern United States Noun 1. northwestern United States - the northwestern region of the United States Northwest western United States, West - the region of the United States lying to the west of the Mississippi River . (a) all amounts in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . -0-
BRIO INDUSTRIES INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Expressed in Canadian Dollars)
Three Month Three Month
Period Ending Period Ending
May 31, 1997 May 31, 1996
SALES $ 8,554,657 $ 13,600,808
COST OF SALES 6,694,169 11,600,601
GROSS PROFIT 1,860,488 2,000,207
Selling, general and
administrative expenses 1,440,771 1,765,672
Depreciation and amortization 324,252 576,005
Interest expense and other(net) 46,020 120,269
Cott Earn-Out (312,500) --
--------- ---------
1,498,544 2,461,946
INCOME (LOSS) BEFORE
INCOME TAXES 361,944 (461,739)
INCOME TAXES (EXPENSE)
RECOVERY
Current -- --
Deferred -- --
-- --
INCOME(LOSS) FOR THE PERIOD $ 361,944 ($ 461,739)
INCOME(LOSS) PER SHARE
Basic $ 0.06 ($ 0.08)
Fully Diluted $ 0.04 ($ 0.08)
Weighted average number
of shares 6,432,869 5,762,008
CONTACT: Brio Industries Inc. Susan Kirk, 604/214-9722 or Strategic Growth International Richard Cooper/Stan Altschuler 516/829-7111 |
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