Cabano Kingsway Announces its Financial Results for 1996.MONTREAL--(BUSINESS WIRE)--Sept. 18, 1996--CABANO KINGSWAY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME: KBN KBN Khwaja Bande Nawaz (Muslim holy shrine in India) KBN Klaatu Barada Nikto (gaming clan) ) -- Cabano Kingsway today announced that for the fiscal period ending April 27, 1996, the company suffered a loss of $6,654,000 compared with a loss of $6,827,000 for the previous fiscal period, representing a loss per share of $0.49 compared with $0.51 in 1995. During the first nine months of the fiscal year, the company's cargo tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and number of billings were comparable with those of the same period for the previous year. By exercising tighter control over operating costs operating costs npl → gastos mpl operacionales and through a substantial reduction in administrative expenses, the company was able to maintain a level of profitability only slightly lower than that of the previous year, despite pressure that resulted in an 8 percent reduction in rates industry-wide. However, a six-week labor dispute in Ontario at the beginning of the fourth quarter further affected Cabano Kingsway's financial performance. The company's operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $1,851,000 in 1995 were transformed into a loss of $5,752,000 as at April 27, 1996. The 1996 sales figure was $118,957,000 compared with $137,773,000 twelve months earlier, i.e., a 13.7 percent reduction. This deterioration in the sales figure was reflected in an operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: of 101,6 percent, compared with a 96 percent operating ratio for the previous year. The company's outstanding long-term loans continued to decrease and the company was able to reduce its fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). and overhead by more than $5,000,000. In the interests of increased convoy efficiency and productivity, significant amounts were allocated to renewal of the company's automotive equipment. More specifically, $6,500,000 was spent on purchasing new tractors and trailers, or reconditioning existing ones. These steps, central to a plan aimed at strengthening Cabano Kingsway's image and presence throughout its network, necessitated borrowings in the order of $3,000,000. During the 1996 fiscal period the company's board of directors appointed Alain Bedard as Cabano Kingsway's new president and head of operations. For the past few years, Mr. Bedard has been a member of the company's executive committee. He has already initiated a management reorganization as part of a new market expansion strategy. CONTACT: Cabano Kingsway Inc. Alain Bedard, 514/332-4341 or Opsis Communications Francois Perreault, 514/393-8998 |
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