CCGC Reports First Quarter Results.SIMCOE Simcoe, town (1991 pop. 15,539), S Ont., Canada, on the Lynn River SW of Hamilton. It is a market center for a region producing fruit, vegetables, and tobacco. There are food-processing and canning plants in Simcoe. , ONTARIO--(BUSINESS WIRE)--May 30, 1997--(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). CR. ) Custom Cryogenic Grinding  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Corporation (CCGC CCGC Canadian Coast Guard College CCGC Canadian Coast Guard Cutter ) today announced its first quarter results for the three-month period ended March 31. Revenues were $1.43 million compared with $1.576 million for the same period in 1996. The net loss for the period was $179,000 ($0.02per share) compared with earnings of $25,681 (nil per share) in 1996. "The first-quarter results were weaker than anticipated," said Joseph Kosalle, President and CFO See Chief Financial Officer. of CCGC. "Volumes from some of our major PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. and other product accounts did not meet expectations. "Trials continue on new product blends, but have not yet been finalized See finalization. . Our basic rubber grinding grinding, process by which surface material is removed from an object, usually metal, by the abrasive action of a rotating wheel or a moving belt that contains abrasive grains. volume exceeded plan, despite a strike at a major customer. However, volume output for our new De-Vulc rubber business only started in the second quarter, with three significant accounts now in regular production. "We focused significant effort in the first quarter on developing suitable product mixes for our business with Royal EcoProducts (part of Royal Group Technologies Limited). This development work is now concluding, and regular shipments will begin in the first week of June June: see month. ," Mr. Kosalle continued. CCGC said that its proposed business combination with the rubber division of Mining Technologies International, announced May 14, is proceeding well and is subject to the standard regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. review. As previously announced, the transaction is proposed to be effected by the issuance of about 28 million common shares of CCGC, directly or indirectly, to the shareholders of MTI MTI Ministry of Trade and Industry (Singapore) MTI Metal Treating Institute MTI Moving Target Indicator (radar) MTI Magyar Távirati Iroda (news agency in Budapest, Hungary) . Following completion of the combination, and prior to any additional financing, the shareholders of MTI will own, directly or indirectly, about 70 percent of the total of approximately 40 million issued and outstanding shares of CCGC, on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. Once the regulatory review is complete, CCGC will set a date for its Annual and Special Meeting of Shareholders, at which the companies expect to conclude the combination. As is standard in such situations, the Alberta Stock Exchange is maintaining a trading halt Trading Halt A pause in the trading of a particular security on one or more exchanges, usually in anticipation of a news announcement or to correct an order imbalance. During a trading halt, open orders may be cancelled and options may be exercised. on CCGC's shares. Custom Cryogenic Grinding Corporation (CCGC) is a fully integrated and diversified diversified (di·verˑ·s Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. reprocessing Reprocessing may refer to:
manufacturing industries npl → industries fpl de transformation around the world. CCGC also provides its customers with R&D and engineering services. The company is the leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of cryogenically ground rubber and plastic powders produced by its unique proprietary system, which uses approximately 50 percent less nitrogen than conventional methods. CCGC provides a cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] alternative of waste handling versus the high transportation and landfill costs currently incurred by many industries. -0-
CUSTOM CRYOGENIC GRINDING CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
Three Months Ended March 31, 1997
(Unaudited)
March March
1997 1996
--------- ---------
NET INFLOW (OUTFLOW) OF CASH
RELATED TO THE FOLLOWING
ACTIVITIES:
OPERATING
Net earnings (179) 26
Items not affecting cash
Amortization 113 88
Gain (Loss) on Disposal
of Capital Asset - (1)
Amortization of Deferred
Financing Costs 3 -
--------- ---------
(63) 113
--------- ---------
Changes in non-cash operating
working capital items (18) 161
--------- ---------
(81) 274
--------- ---------
INVESTING
Proceeds from Disposal - 14
Investment in Deferred Development - (72)
Acquisition of property, plant
and equipment (24) (117)
--------- ---------
(24) (175)
--------- ---------
FINANCING
Subscriptions on Shares 250
Increased borrowings of
long-term debt - 7
--------- ---------
Repayment of long-term debt (213) (143)
--------- ---------
Directors' loans received
(repaid) - -
--------- ---------
37 (136)
--------- ---------
NET CASH INFLOW (OUTFLOW) (68) (37)
CASH POSITION, BEGINNING OF YEAR (815) (1,045)
--------- ---------
CASH POSITION, END OF YEAR (883) (1,082)
--------- ---------
--------- ---------
CUSTOM CRYOGENIC GRINDING CORPORATION
CONSOLIDATED BALANCE SHEET (Unaudited)
as at March 31, 1997
Consolidated Consolidated
Mar Mar
1997 1996
ASSETS (000's) (000's)
Bank 0 0
Accounts Receivable 584 725
Inventory 1,115 1,419
Prepaid Expense 82 57
Income Taxes Recoverable 3 23
-------- --------
1,785 2,224
OTHER ASSETS 397 252
DEFERRED INCOME TAXES RECOVERABLE 0 0
PROPERTY, PLANT AND EQUIPMENT 4,527 5,001
-------- --------
6,708 7,477
-------- --------
-------- --------
LIABILITIES
Bank Indebtedness 883 82
Operating Loan 0 1,000
Accounts payable and accrued
liabilities 1,165 1,111
Deferred Income taxes 0 20
Current portion of long term debt 3,611 673
-------- --------
5,659 2,886
LONG-TERM DEBT 199 2,404
NET SHAREHOLDERS' LOANS 144 144
DEFERRED INCOME TAXES 0 37
-------- --------
6,002 5,471
-------- --------
SHAREHOLDERS' EQUITY
Share capital 1,568 1,210
Retained Earnings (862) 766
-------- --------
706 1,976
-------- --------
6,708 7,447
-------- --------
-------- --------
CUSTOM CRYOGENIC GRINDING CORPORATION
CONSOLIDATED INCOME STATEMENT
Three Months Ended March 31, 1997
(Unaudited)
1st 1st Year Year
Quarter Quarter To Date To Date
Mar Mar Mar Mar
1997 1996 1997 1996
------- ------- ------- -------
SALES 1,430 1,576 1,430 1,576
COST OF SALES 1,337 1,338 1,337 1,338
------- ------- ------- -------
INCOME BEFORE EXPENSES 92 238 92 238
OTHER EXPENSES
Selling 29 27 29 27
Administrative 156 97 156 97
Interest 86 89 86 89
------- ------- ------- -------
271 212 271 212
------- ------- ------- -------
INCOME BEFORE TAXES (179) 26 (179) 26
Deferred Income Tax 0 0 0 0
------- ------- ------- -------
NET EARNINGS (179) 26 (179) 26
Retained Earnings,
Beginning of Yr (586) 739 (586) 739
Retained Earnings,
End of Period (765) 765 (765) 765
Basic Earnings per
Share 0.02 nil 0.02 nil
Number of Shares
Outstanding 11,752,150 9,611,950 11,752,150 9,611,950
-0- The Alberta Stock Exchange has neither approved nor disapproved this news release. CONTACT: Custom Cryogenic Grinding Corporation Joseph Kosalle, 519/426-5544, Ext.225 ccgc@netroute.net or Wertheim Wertheim may refer to:
Lisa Tait n. 1. (Zool.) A small nocturnal and arboreal Australian marsupial (Tarsipes rostratus) about the size of a mouse. It has a long muzzle, a long tongue, and very few teeth, and feeds upon honey and insects. Called also noolbenger ltname>. or Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Wertheim, 416/594-1600 wertheim@inforamp.net |
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