Camvec Corporation Reports 52 Percent Increase in Net Earnings for the Year Ended March 31, 1996.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)--June 6, 1996--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 year ended March 31, 1996, generated net earnings of $2,287,635 (43 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 an increase of 52 percent over net earnings of $1,506,781 (28 cents per share) for the 1995 year. This substantial increase in net earnings is primarily the result of increased commercial 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. and household moving activities in 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. 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 rose to $28,163,571 for the 1996 fiscal year for an increase of 23 percent over comparable 1995 revenues of $22,922,029. Through its 34 branch coast to coast network of company-operated or franchised locations, AMJ Campbell Van Lines continues to expand its position as Canada's largest household goods carrier. After 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. retirements of $3,104,678 during the year, working capital at March 31, 1996, stood at $8,119,309 by comparison with $8,235,481 at the 1995 fiscal year end. Net interest income of $30,387 earned during fiscal 1996 compared with net interest expense of $231,164 incurred in 1995 for an improvement of $261,551 reflecting CamVec's significantly strengthened financial position. Comparative financial data for the two years 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-
CAMVEC CORPORATION
CONSOLIDATED STATEMENT OF INCOME
3 MONTHS
ENDED
MARCH 31
1996 1995
$ $
REVENUE 6,988,510 5,200,581
Direct costs and other expenses (6,107,605) (4,640,253)
Depreciation and amortization (182,645) (201,995)
--------- ---------
Earnings from operations before
interest 698,260 358,333
Minority interest in partnerships (200,079) (80,849)
--------- ---------
EARNINGS FROM OPERATIONS 498,181 277,484
Interest income (expense) - net (1,553) (75,190)
Gain on sale of assets 64,347 37,548
--------- ---------
NET EARNINGS FOR THE PERIOD 560,975 239,842
--------- ---------
--------- ---------
NET EARNINGS PER SHARE $.11 $.04
YEAR
ENDED
MARCH 31
1996 1995
$ $
REVENUE 28,163,571 22,922,029
Direct costs and other expenses (24,383,997) (20,050,205)
Depreciation and amortization (681,203) (613,330)
---------- ----------
Earnings from operations before
interest 3,098,371 2,258,494
Minority interest in partnerships (1,039,835) (711,995)
---------- ----------
EARNINGS FROM OPERATIONS 2,058,536 1,546,499
Interest income (expense) - net 30,387 (231,164)
Gain on sale of assets 198,712 191,446
---------- ----------
NET EARNINGS FOR THE PERIOD 2,287,635 1,506,781
---------- ----------
---------- ----------
NET EARNINGS PER SHARE $.43 $.28
CONSOLIDATED BALANCE SHEET
AS AT MARCH 31,
1996 1995
$ $
ASSETS
Current Assets
Cash and short term investments 5,213,823 6,537,474
Accounts and notes receivable 5,351,379 3,657,206
Income taxes recoverable 162,826 162,826
Prepaid expenses 144,853 199,018
----------- -----------
10,872,881 10,556,524
Fixed Assets, net 6,969,748 6,931,072
Goodwill And Other Assets, net 3,087,641 3,212,796
----------- -----------
20,930,270 20,700,392
----------- -----------
----------- -----------
LIABILITIES
Current Liabilities
Bank indebtedness 361,637
Accounts payable and accrued charges 2,128,222 1,480,645
Current portion of long-term debt 13,713 590,398
Current portion of deferred items 250,000 250,000
----------- -----------
2,753,572 2,321,043
Minority Interest in Partnerships 890,053 600,536
Long-Term Debt 600,138 3,128,130
Deferred Income and Other Items 2,000,000 2,250,000
----------- -----------
6,243,763 8,299,709
SHAREHOLDERS' EQUITY 14,686,507 12,400,683
----------- -----------
20,930,270 20,700,392
----------- -----------
----------- -----------
SHAREHOLDERS' EQUITY PER SHARE $2.75 $2.32
CAMVEC CORPORATION CONSOLIDATED STATEMENT OF CASH FLOW
3 MONTHS
ENDED
MARCH 31
1996 1995
$ $
CASH PROVIDED BY
(USED FOR):
Operations
Net earnings for the period 560,975 239,842
Items not involving cash
Depreciation and amortization 182,645 201,995
Minority interest in partnerships 200,079 80,849
Gain on sale of assets (68,347) (64,953)
---------- ----------
875,352 457,733
Increase in other non-cash
working capital items 651,723 504,048
---------- ----------
1,527,075 961,781
---------- ----------
YEAR
ENDED
MARCH 31
1996 1995
$ $
CASH PROVIDED BY
(USED FOR):
Operations
Net earnings for the period 2,287,635 1,506,781
Items not involving cash
Depreciation and amortization 681,203 613,330
Minority interest in partnerships 1,039,835 711,995
Gain on sale of assets (229,370) (238,243)
---------- ----------
3,779,303 2,593,863
Increase in other non-cash
working capital items (793,719) 987,615
---------- ----------
2,985,584 3,581,478
---------- ----------
Financing
Inducement received from
Atlas Van Lines
(Canada) Ltd. 2,250,000
Portion of inducement paid
to franchisees
Repayment of long-term debt 1,647 43,528
---------- ----------
1,647 2,293,528
---------- ----------
Investments
Proceeds on sale of partnerships
and investments 164,000
Additions to fixed assets (377,322) (235,313)
Distributions to minority interest (137,835) (205,000)
Purchase of common shares of
the Company (1,811) (5,576)
---------- ----------
(516,968) (281,889)
---------- ----------
Increase in cash position 1,011,754 2,973,420
Cash Position - Beginning of
Period 3,840,432 3,564,054
---------- ----------
Cash Position - End of Period 4,852,186 6,537,474
---------- ----------
---------- ----------
Financing
Inducement received from
Atlas Van Lines
(Canada) Ltd. 2,500,000
Portion of inducement paid
to franchisees (114,075)
Repayment of long-term debt (3,104,678) (599,408)
---------- ----------
(3,218,753) 1,900,592
---------- ----------
Investments
Proceeds on sale of partnerships
and investments 164,000
Additions to fixed assets (699,990) (775,071)
Distributions to minority interest (750,318) (499,489)
Purchase of common shares of
the Company (1,811) (5,576)
---------- ----------
(1,452,119) (1,116,136)
---------- ----------
Increase in cash position (1,685,288) 4,365,934
Cash Position - Beginning of
Period 6,537,474 2,171,540
---------- ----------
Cash Position - End of Period 4,852,186 6,537,474
---------- ----------
---------- ----------
Cash Position - End of Period Is
Represented By:
Cash and short term investments 5,213,823 6,537,474
Bank indebtedness (361,637)
---------- ----------
4,852,186 6,537,474
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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