CamVec Corporation Reports Increased First Quarter Earnings.TORONTO--(BUSINESS WIRE)--Aug. 26, 1997--CamVec Corporation(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CV. ) Operations of CamVec Corporation for the three months ended June June: see month. 30, 1997, generated net earnings of $647,170 (11 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) for a 13 percent increase of $73,206 over net earnings of $573,964 (11 cents per share) for the same period in 1996. The average number of shares outstanding in the current year was increased by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 14 percent through last year's June 27, 1996 acquisition of Kord KORD O'Hare International Airport (Chicago Illinois USA) Products Limited. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues for the three months increased to $36.0 Million in 1997 from $7.6 Million in 1996 with the increase being primarily related to the fact that last year's first quarter did not include any revenues from newly-acquired Kord Products Limited. First quarter results of the 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 Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. Van Lines Division were once again ahead of those of previous years. Record volume and earnings were achieved, reflecting strength in the general economy as well as AMJ Campbell's continued leadership in providing its broad 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. client base with the highest levels of coast to coast quality and service. A favourable outlook for increased household moving and office relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. activities prevails over the major summer and early fall months now in progress. The business of Kord Products Limited is counter-seasonal to that of AMJ Campbell Van Lines. Past experience shows that Kord will generate its principal returns during the January January: see month. - March fourth quarter of CamVec's fiscal year. Revenues to date have been in line with budget expectations as Kord produces for the major 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. volume season ahead. New products developed over the past year to meet the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. needs of greenhouse greenhouse, enclosed glass house used for growing plants in regulated temperatures, humidity, and ventilation. A greenhouse can range from a small room carrying a few plants over the winter, to an immense heated glass building called a hothouse or conservatory, growers Growers are the people, animals, plants, and various living creatures that assist in the growing of plants and other living creatures. More specifically, the term "growers" refers to individual people who put forth effort to grow plants for food and medicinal use, including the and potted pot·ted adj. 1. a. Placed in a pot. b. Grown in a pot: many potted plants in the study. 2. Preserved in a pot, can, or jar. 3. Slang a. plant retailers are being well received and should contribute to improved results in this Kord's first full twelve month fiscal year under CamVec ownership and direction. On July July: see month. 15, 1997, the Board of Directors approved, subject to 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. approval, a normal course issuer bid by the Company to purchase up to 200,000 common shares of the Company through the facilities of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. at the market price of the shares at the time of acquisition. On August 18, 1997 Exchange approval was granted for related purchases over the twelve month period ending August 19, 1998. CamVec's activities are focused on two principal businesses. Kord Products Limited is a leader in the design and production of plastic and moulded fibre containers, and holds important interests in horticultural distribution. AMJ Campbell Van Lines is Canada's largest household and corporate office moving company. CamVec's shares trade on The Toronto Stock Exchange. Comparative financial data for the periods covered is attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. .
CamVec Corporation
CONSOLIDATED BALANCE SHEET
AS AT JUNE 30
(unaudited)
1997 1996
$ $
ASSETS
Current Assets
Cash and short term investments 2,125,146
Accounts receivable 19,742,335 14,491,230
Inventory 24,205,709 12,115,327
Income taxes recoverable 426,951 162,826
Prepaid expenses 1,216,827 488,095
----------- ----------
45,591,822 29,382,624
Fixed Assets, net 27,897,205 22,796,440
Goodwill And Other Assets, net 3,233,331 4,181,965
----------- ----------
76,722,358 56,361,029
LIABILITIES
Current Liabilities
Bank indebtedness 14,069,149 5,550,999
Accounts payable and accrued
liabilities 21,989,851 16,155,341
Current portion of long-term debt 1,875,239 1,480,752
Current portion of deferred items 250,000 250,000
----------- ----------
38,184,239 23,437,092
Long-Term Debt 9,033,376 9,329,964
Deferred Income Taxes 1,038,682 1,423,361
Deferred Items 2,897,589 3,053,578
Minority Interest 5,237,967 2,086,905
----------- ----------
56,391,853 39,330,900
SHAREHOLDERS' EQUITY 20,330,505 17,030,129
----------- ----------
76,722,358 56,361,029
----------- ----------
----------- ----------
SHAREHOLDERS' EQUITY PER SHARE $3.34 $2.87
The 1997 figures include the assets and liabilities of V-J
Growers Supply Inc., shares of which were acquired in February
1997.
CamVec Corporation
CONSOLIDATED STATEMENT OF INCOME
FOR 3 MONTHS ENDED JUNE 30, 1997
(unaudited)
1997 1996
$ $
REVENUE 36,002,874 7,590,100
Direct costs and other expenses (34,159,099) (6,565,765)
Depreciation and amortization (588,291) (182,515)
---------- ----------
Earnings from operations before
minority interest 1,255,484 841,820
Minority interest (302,689) (301,979)
---------- ----------
EARNINGS FROM OPERATIONS 952,795 539,841
Interest expense (408,715) 34,123
---------- ----------
NET EARNINGS BEFORE INCOME TAXES 544,080 573,964
Recovery Of income taxes 103,090
---------- ----------
NET EARNINGS FOR THE PERIOD 647,170 573,964
---------- ----------
---------- ----------
NET EARNINGS PER SHARE $ .11 $ .11
Number of Shares Outstanding
As At June 30 6,078,202 5,936,402
---------- ----------
---------- ----------
Earnings per share have been calculated on the weighted average
number of shares outstanding during the period - 6,078,202 shares
(1996-5,340,593)
CamVec Corporation
CONSOLIDATED STATEMENT OF CASH FLOW
FOR 3 MONTHS ENDED JUNE 30, 1997
(unaudited)
1997 1996
$ $
CASH PROVIDED BY (USED FOR):
Operations
Net earnings for the period 647,170 573,964
Items not involving cash
Depreciation and amortization 588,291 182,515
Minority interest 302,689 301,979
---------- ----------
1,538,150 1,058,458
Increase in other non-cash working
capital items (2,455,821) (1,568,126)
---------- ----------
(917,671) (509,668)
----------- ----------
Financing
Proceeds on net common shares issued 0 1,800,000
Purchase of common shares 0 (30,342)
Portion of inducement paid to franchisees 0 (112,442)
Long-term debt incurred 0 7,000,000
Repayment of long-term debt (330,423) (2,501)
----------- ----------
(330,423) 8,654,715
------------------------
Investments
Acquisitions 0 (16,099,084)
Additions to fixed assets (895,457) (284,875)
Distributions to minority interest 0 (39,127)
---------- ------------
(895,457) (16,423,086)
--------- ------------
Decrease in cash position (2,143,551) (8,278,039)
Cash Position-Beginning of Year (11,925,598) 4,852,186
------------ ------------
Cash Position-End of Period (14,069,149) (3,425,853)
-------------------------
-------------------------
Cash Position-End of Period is
Represented By:
Cash and short-term investments 2,125,146
Bank indebtedness (14,069,149) (5,550,999)
-------------------------
(14,069,149) (3,425,853)
-------------------------
-------------------------
CONTACT: CamVec Corporation Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism W. Walker, 905/ 795-3456 |
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