CamVec Corporation Reports Fourth Quarter Loss.MISSISSAUGA, Ontario--(BUSINESS WIRE)--June 9, 1998-- CamVec Corporation (ToSE:CV) today announced a loss for the fourth quarter and a related loss for the year in the operating results of its Kord plastic products subsidiary. In consequence of the Kord results, CamVec's consolidated net earnings for the fiscal year ended March 31, 1998, will be impacted by approximately $2 Million. On a preliminary unaudited basis it is anticipated that CamVec's consolidated net earnings for fiscal 1998 will amount to approximately $1 Million by comparison with consolidated net earnings of $3 Million reported for the 1997 fiscal year. Audited 1998 fiscal year end results are scheduled for release during the fourth week of June. The loss at Kord is attributed by management to excess manufacturing costs arising from reduced production volume during the early part of what is normally Kord's peak volume quarter. Early curtailments in horticultural hor·ti·cul·ture n. 1. The science or art of cultivating fruits, vegetables, flowers, or ornamental plants. 2. The cultivation of a garden. inventory buildup build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. were implemented in reaction to delayed seasonal activity patterns reported in December of 1997 and January of 1998 throughout the entire North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. horticultural industry. Although there was a subsequent unprecedented record surge in horticultural demand during the latter six weeks of the quarter, Kord was unable to recover originally planned shipment and production volumes for the quarter and for the fiscal year. It is believed that such unusual conditions are not likely to recur. Steps have been taken which Kord management believes should alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied any recurrence recurrence /re·cur·rence/ (-ker´ens) the return of symptoms after a remission.recur´rent re·cur·rence n. 1. of the unusual factors which impacted 1998 results. Operations of CamVec's 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 Van Lines Division performed positively throughout the 1998 fiscal year and the Division continues to report favourable activity levels and results in the current year.
CONTACT: CamVec Corporation
Arthur W. Walker, 905/ 795-3456
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