CAMVEC Corporation reports 40 percent increase in net earnings for the 6 months ended September 30, 1995.MISSISSAUGA Mississauga (mĭsĭsaw`gə), city (1991 pop. 463,388), S Ont., Canada, 12 mi (20 km) W of Toronto on Lake Ontario. A residential suburb of Toronto and a growing transportation and industrial center, it is one of Canada's fastest-growing , Ontario--(BUSINESS WIRE)--Nov. 8, 1995--CAMVEC CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CV) Operations of CamVec Corporation for the three months ended September September: see month. 30, 1995, generated net earnings of $930,197 (17 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 an increase of 35 percent over net earnings of $690,213 (13 cents per share) for the same period in 1994. Revenues for the most recent quarter totalled $8,537,545 for a 21 percent increase over revenues of $7,048,466 recorded during last year's corresponding period reflecting generally increased activity throughout the AMJ AMJ Academy of Management Journal AMJ American Muslims for Jerusalem AMJ Advisory Material Joint AMJ Ahmadiyya Muslim Jamaat AMJ Ahmadiyya Muslim Jama'at Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. Van Lines Division. For the first half of the current fiscal year net earnings totalled $1,291,032 (24 cents per share) for an increase of $365,429 or 40 percent over net earnings of $925,603 (17 cents per share) for the comparable six months in 1994. Revenue was $14,479,988 and $12,154,044 respectively for these periods for an increase of 19 percent in 1995 over 1994. Net interest income of $22,909 for the six month period in 1995 compared with net interest expense of $110,836 in 1994 for an improvement of $133,745, reflecting the substantial increase of $4,677,479 in the company's mid year cash position. Working capital at September 30, 1995, stood at $9,689,579 for improvements of $3,888,490 and $1,771,546 respectively over the September 30, 1994 and March 31, 1995 fiscal year end positions. The outlook for positive activity levels over the balance of the current fiscal year remains favourable. Comparative financial data for the two years is attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . -0-
CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
3 MONTHS 6 MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994 1995 1994
$ $ $ $
REVENUE 8,537,545 7,048,466 14,479,988 12,154,044
Direct costs
and other
expenses (7,096,608) (5,942,337) (12,409,237) (10,463,307)
Depreciation
and
amortization (108,505) (134,938) (257,939) (259,223)
----------- ----------- ----------- -----------
Earnings from
operations
before
interest 1,332,432 971,191 1,812,812 1,431,514
Minority
interest
in
partnerships (433,346) (281,347) (628,495) (487,243)
----------- ----------- ----------- -----------
EARNINGS FROM
OPERATIONS 899,086 689,844 1,184,317 944,271
Interest
income
(expense)-net (8,577) (47,636) 22,909 (110,836)
Gain on
sale
of assets 39,688 48,005 83,806 92,168
----------- ----------- ----------- -----------
NET EARNINGS
FOR THE
PERIOD 930,197 690,213 1,291,032 925,603
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
NET EARNINGS
PER SHARE $.17 $.13 $.24 $.17
CONSOLIDATED BALANCE SHEET
AS AT SEPTEMBER 30,
(unaudited)
1995 1994
$ $
ASSETS
Current Assets
Cash and short term investments 6,813,870 3,945,382
Accounts receivable 5,667,188 5,704,400
Income taxes recoverable 162,826 182,048
Prepaid expenses 137,289 160,323
---------- -----------
2,781,173 9,992,153
Notes Receivable 230,072 232,815
Fixed Assets, net 6,786,201 6,913,285
Goodwill And Other Assets, net 3,150,219 3,413,434
----------- -----------
22,947,665 20,551,687
----------- -----------
----------- -----------
LIABILITIES
Current Liabilities
Bank indebtedness 1,808,991
Accounts payable and
accrued charges 2,251,196 1,738,209
Current portion of long-term debt 590,398 596,989
Current portion of deferred items 250,000 46,875
----------- -----------
3,091,594 4,191,064
Minority Interest In Partnerships 1,012,265 659,886
Long-Term Debt 3,084,128 3,625,656
Deferred Income And Other Items 2,067,963 250,000
----------- -----------
9,255,950 8,726,606
SHAREHOLDERS' EQUITY 13,691,715 11,825,081
----------- -----------
22,947,665 20,551,687
----------- -----------
----------- -----------
SHAREHOLDERS' EQUITY PER SHARE $2.56 $2.21
CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOW
(unaudited)
3 MONTHS 6 MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994 1995 1994
$ $ $ $
CASH PROVIDED BY (USED FOR):
Operations
Net earnings
for the period 930,197 690,213 1,291,032 925,603
Items not involving cash
Depreciation
and amortization 176,467 134,938 325,901 259,223
Minority interest
in partners 433,346 281,347 628,495 487,243
Gain on sale
of assets (51,413) (67,297) (95,531) (111,460)
----------- ---------- --------- ---------
1,488,597 1,039,201 2,149,897 1,560,609
Increase in
other non-cash
working capital
items (536,001) (792,081)(1,495,150)(1,242,320)
----------- --------- ----------- -----------
952,596 247,120 654,747 318,289
----------- --------- ----------- -----------
Financing
Inducement received from Atlas Van Lines
(Canada) Ltd. 250,000
Portion of inducement
paid to franchisees (114,075)
Repayment of
long-term debt (22,002) (47,645) (44,002) (95,291)
----------- --------- ----------- ----------
(22,002) (47,645) (158,077) 154,709
----------- --------- ----------- ----------
Investments
Payments on
notes receivable 114,649 75,190 171,182 119,353
Additions to
fixed assets (34,303) (98,815) (174,690) (414,011)
Distributions
to minority
interests (2,569) (10,060) (216,766) (213,489)
----------- --------- ----------- ----------
77,777 (33,685) (220,274) (508,147)
----------- --------- ----------- ----------
Increase in
cash position 1,008,371 165,790 276,396 (35,149)
Cash Position
- Beginning
Of Period 5,805,499 1,970,601 6,537,474 2,171,540
----------- --------- ----------- ----------
Cash Position
- End Of Period 6,813,870 2,136,391 6,813,870 2,136,391
----------- --------- ----------- ----------
----------- --------- ----------- ----------
Cash Position - End Of Period Is
Represented By:
Cash and short term investments 6,813,870 3,945,382
Bank indebtedness (1,808,991)
----------- -----------
6,813,870 2,136,391
----------- -----------
----------- -----------
CONTACT: Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism W. Walker, 905/795-3456 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-236-4266 or 80 |
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