CamVec Corporation reports 33 percent increase in 6 months earnings per share.MISSISSAUGA Mississauga (mĭsĭsaw`gə), city (1991 pop. 463,388), S Ont., Canada, 12 mi (20 km) W of Toronto on Lake Ontario. A residential suburb of Toronto and a growing transportation and industrial center, it is one of Canada's fastest-growing , Ontario--(BUSINESS WIRE)--Nov. 21, 1996--CamVec Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CV., OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. CVEDF.) Net earnings of CamVec Corporation for the six months ended September September: see month. 30, 1996 totalled $1,824,107 (32 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. ) against net earnings of $1,291,032 (24 cents per share) for the comparable six months in 1995 for an increase of 33 percent in earnings per share. For the three months ended September 30, 1996, net earnings of $1,250,143 (21 cents per share) represented an increase of 18 percent in earnings per share over net earnings of $930,197 (17 cents per share) for the same period in 1995. Revenues in the current year increased substantially over the comparable 1995 revenues reflecting CamVec's consolidation for the first time of three months revenues and operating results of Kord KORD O'Hare International Airport (Chicago Illinois USA) Products Limited which was acquired on June June: see month. 27, 1996. Earnings from Operations for the first six months of the current fiscal year were $2,138,686 for a 69 percent increase over earnings from operations of $1,268,123 for the same period in 1995. The improvement in net earnings for the period is primarily attributed to the performance 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 which continues to generate higher revenues through further growth in its position as Canada's leading household goods carrier 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. mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. . Historically, the highest revenue periods for Kord products occur during the six months preceding March 31, when shipments of plastic and fibre containers to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. 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. and nursery nursery, in horticulture, an establishment or area for the propagation, breeding, and early cultivation of plants. In North America the term nursery originally specified a place where hardy woody plants, especially fruit trees, were started; but as the market trades reach their peak. A similar pattern is being experienced this year with the result that Kord operations contributed only modestly to CamVec's 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: net earnings for the most recent quarter. During the three month period ended September 30, 1996, through normal course issuer bid purchases CamVec acquired 24,200 common shares of the Company for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. at an average price of $3.39 per share bringing the total of such purchases for cancellation to 34,700 common shares in the current fiscal year at an average price of $3.24 per share. 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. . -0-
CONSOLIDATED BALANCE SHEET
AS AT SEPTEMBER 30,
(unaudited)
1996 1995
$ $
ASSETS
Current Assets
Cash and short term investments 2,144,981 6,813,870
Accounts receivable 17,449,683 5,897,260
Inventory 15,519,111
Income taxes recoverable 162,826 162,826
Prepaid expenses 493,245 137,289
__________ __________
35,769,846 13,011,245
Fixed Assets, net 23,711,766 6,786,201
Goodwill And Other Assets, net 4,216,831 3,150,219
__________ __________
63,698,443 22,947,665
__________ __________
__________ __________
LIABILITIES
Current Liabilities
Bank indebtedness 11,223,559
Accounts payable and accrued charges 17,113,553 2,251,196
Current portion of long-term debt 976,092 590,398
Current portion of deferred items 250,000 250,000
__________ __________
29,563,204 3,091,594
Minority Interest In Partnerships
And Subsidiary 2,247,078 1,012,265
Long-term Debt 9,246,909 3,084,128
Deferred Income Taxes 1,423,361
Deferred Income And Other Items 3,019,597 2,067,963
__________ __________
45,500,149 9,255,950
SHAREHOLDERS' EQUITY 18,198,294 13,691,715
__________ __________
63,698,443 22,947,665
__________ __________
__________ __________
NUMBER OF SHARES OUTSTANDING 5,912,202 5,347,902
SHAREHOLDERS' EQUITY PER SHARE $3.08 $2.56
CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
3 MONTHS 6 MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1996 1995 1996 1995
$ $ $ $
REVENUE 31,852,461 8,537,545 39,442,561 14,479,988
Direct costs
and other
expenses (28,993,115) (7,056,920) (35,558,880) (12,325,431)
Depreciation
and
amortization (602,573) (108,505) (785,088) (257,939)
____________ ___________ ____________ ___________
Earnings from
operations
before
interest 2,256,773 1,372,120 3,098,593 1,896,618
Minority
interest in
partnerships
and subsidiary (657,928) (433,346) (959,907) (628,495)
__________ __________ __________ ___________
EARNINGS FROM
OPERATIONS 1,598,845 938,774 2,138,686 1,268,123
Interest income
(expense)-net (348,702) (8,577) (314,579) 22,909
__________ __________ __________ ___________
NET EARNINGS
FOR THE PERIOD 1,250,143 930,197 1,824,107 1,291,032
__________ __________ __________ ___________
__________ __________ __________ ___________
NET EARNINGS
PER SHARE $.21 $.17 $.32 $.24
Earnings per share have been calculated on the weighted
average number of shares outstanding during the period-
5,645,207, shares (1995 - 5,347,902)
CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOW
(unaudited)
3 MONTHS 6 MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1996 1995 1996 1995
$ $ $ $
CASH PROVIDED BY
(USED FOR):
Operations
Net earnings
for the period 1,250,143 930,197 1,824,107 1,291,032
Items not
involving cash
Depreciation
and amortization 534,611 176,467 717,126 325,901
Minority interest
in partnerships and
subsidiary 657,928 433,346 959,907 628,495
_________ _________ _________ _________
2,442,682 1,540,010 3,501,140 2,245,428
Increase in other
non-cash working
capital items (5,391,001) (472,765) (6,621,113)(1,419,499)
____________ _________ __________ __________
(2,948,319) 1,067,245 (3,119,973) 825,929
____________ _________ __________ __________
Financing
Acquisition of Kord
Products Limited (1,800,000)
Current bank
indebtedness
assumed on
acquisition (7,637,098)
Portion of
inducement paid
to franchisees (112,442) (114,075)
Repayment of
long-term debt (582,718) (22,002) (585,219) (44,002)
__________ _________ __________ ________
(582,718) (22,002)(10,134,759) (158,077)
__________ _________ ___________ ________
Investments
Proceeds on issue
of common shares
used as
consideration for
the purchase of
Kord Products
Limited 1,800,000
Additions to fixed
assets (1,587,148) (34,303) (1,872,023) (174,690)
Distributions to
minority interest (452,562) (2,569) (491,689) (216,766)
Purchase of common
shares of the
company (81,978) (112,320)
___________ ________ ___________ _________
(2,121,688) (36,872) (676,032) (391,456)
___________ ________ ___________ _________
Increase in cash
position (5,652,725) 1,008,371 (13,930,764) 276,396
Cash Position-
Beginning Of
Period (3,425,853) 5,805,499 4,852,186 6,537,474
___________ _________ ___________ __________
Cash Position-
End of Period (9,078,578) 6,813,870 (9,078,578) 6,813,870
___________ _________ ___________ __________
___________ _________ ___________ __________
Cash Position-
End of Period Is
Represented By:
Cash and short
term investments 2,144,981 6,813,870
Bank indebtedness (11,223,559)
____________ __________
(9,078,578) 6,813,870
____________ __________
____________ __________
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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