Cabano Kingsway Announces its First Quarter Results.MONTREAL--(BUSINESS WIRE)--Sept. 18, 1996--CABANO KINGSWAY (ME:KBN KBN Khwaja Bande Nawaz (Muslim holy shrine in India) KBN Klaatu Barada Nikto (gaming clan) ) -- As of the beginning of this fiscal year, Cabano Kingsway is being guided by a new senior management team. Ever since it commenced its mandate, the team has been faced with the challenge of overcoming the unfortunate effects of a six-week labor stoppage stoppage - /sto'p*j/ Extreme lossage that renders something (usually something vital) completely unusable. "The recent system stoppage was caused by a fried transformer." in Ontario that occurred at the end of the previous fiscal year. As a result, the company suffered a reduction in earnings of 15.2 percent which made itself felt during this quarter, during which the company recorded earnings of $27,146,000 as compared with $32,012,000 for the same period the previous year. Serious efforts were aimed at lessening the repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl of the strike on the company's revenue, and customers who were temporarily deprived of our services are gradually returning. The net loss for this period amounted to $1,000,000 or $0.07 per share, compared with a net earnings of $1,107,000 or $0.08 per share the previous year. The operating ratio Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: , total costs before interest and taxes, expressed as a percentage of the sales figure, rose by a 100.5 percent compared with 93.4 percent for the same period of the previous fiscal year. Despite this reduction in earnings, the company has a positive cash flow of $435,000. Also, it was able to reduce its long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. by $510,000. The company's fixed operating costs operating costs npl → gastos mpl operacionales and administrative expenses were reduced by 12.6 percent from $7,423,000 for the same period last year to $6,487,000 at the end of this quarter, representing a reduction of $936,000. Furthermore, at the beginning of this quarter, Cabano Kingsway ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. a new collective agreement with its Quebec employees, thus harmonizing wages and benefits with those successfully negotiated several weeks later with its Ontario employees. These labor contracts will provide Cabano Kingsway with increased stability and an even greater competitive edge. CONTACT: Cabano Kingsway Inc. Alain Bedard, 514/332-4341 or Source - Opsis Communications Francois Perreault, 514/393-8998 |
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