Cabano Kingsway Announces its 1996-97 Third Quarter Results.MONTREAL--(BUSINESS WIRE)--March 4, 1997-- CABANO KINGSWAY Kingsway may refer to:
KBN Klaatu Barada Nikto (gaming clan) . ) During its third quarter ended January January: see month. 4, 1997, Cabano Kingsway registered an increase in its market share, however its revenues for this quarter fell by 7.6 percent to $25,624,000 compared to $27,743,000 for the same period last year. Since the volume of transported merchandise remained basically unchanged, this decline resulted primarily from a reduction in rates in the industry. Its reduced revenues did not interfere with the Company's ability to make significant gains in its cost management and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities. Accordingly, the Company recorded an improvement in its financial results - the net loss for the last quarter was $479,000, or $0.04 per share, compared with a net loss in the third quarter last year of $1,374,000, or $0.10 per share - a 65 percent improvement. Since the beginning of this fiscal year, revenues and net losses have totalled $80,755,000 and $1,861,000 respectively, or $0.14 per share. During the same period last year, the Company recorded revenues of $90,268,000 and a net loss of $392,000, or $0.03 per share. The cash flow generated through operations has been positive, totalling $2,460,000 since the beginning of the fiscal year. During the last quarter, the Company invested some $4,489,000 in its capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) program, purchasing new tractors as well as new equipment as part of its on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" fleet renewal program. More than half of our highway tractors have now been replaced, and Cabano Kingsway plans to continue this process in coming quarters. Furthermore, this quarter was a particularly active one for Cabano Kingsway. During the last quarter, the Company announced several new measures designed to meet changing market requirements, improve the Company's competitive position, and provide more efficient customer service through restructuring: - a $300,000 investment in the construction of a new terminal in the Drummondville's industrial park leading to the creation of 12 new jobs; the transfer of transhipment TRANSHIPMENT, mar. law. The act of taking the cargo out of one ship and loading it in another. 2. When this is done from necessity, it does not affect the liability of an insurer on the goods. 1 Marsh. Ins. 166; Abbott on Ship. 240. activities from the Sarnia to the London terminal, which thereby becomes one of the Company's traffic exchange points in Ontario; and the closing of three U.S. terminals due to high operating costs operating costs npl → gastos mpl operacionales and insufficient development potential. Cabano Kingsway shows by these equipment renewal and cost-control programs, its firm commitment to take back its position as an industry leader. CONTACT: Opsis Communications Francois Perreault, 514/ 393-8998 or Cabano Kingsway Alain Bedard, 514/ 332-4341 |
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