Canadian Bank Note Co. Ltd. announces third-quarter results.TORONTO--(BUSINESS WIRE)--Nov. 6, 1995--Canadian Bank Note Co. Ltd. announced its third-quarter results: -0- 3 months to Sept. 30, 1995 Year ago Sales $25,604,000 $15,289,000 Net earnings 2,568,000 120,000 Weighted average number of shares 24,050,000 24,050,000 Net earnings/share 0.11 0.01 9 months to Sept. 30, 1995 Year ago Sales $57,835,000 $48,916,000 Net earnings 2,871,000 3,021,000 Weighted average number of shares 24,050,000 24,050,000 Net earnings/share 0.12 0.13 Sales for the third quarter of 1995 were up 27% from sales in the second quarter and up 67% from the comparable period last year. Sales for the first 3 quarters of 1995 were up 18% from the comparable period for 1994, reflecting growth in all market areas as well as the inclusion of revenues of Creative Games, in which the company acquired a 81% interest early in the second quarter. Earnings were $2,568,000 for the third quarter of 1995 on sales of $25,604,000, in contrast to earnings of $120,000 on sales of $15,289,000 in the corresponding period in 1994. Sales of all products in the third quarter of 1995 were stronger than in the third quarter of 1994 and the margin improvement was principally caused by the fact that overheads were spread over a 60% larger sales base. Based on its outstanding orders and projected trends, the company is confident that full year 1995 sales will exceed $80 million and 1995 earnings, excluding the expected receipt of significant litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. proceeds, will exceed 1994 earnings. New multi-year project startups in the fourth quarter should provide the base for sales and earnings growth in 1996. The company's gross profit improved to 31% in the first 9 months of 1995 from 28% in the comparable period last year. This largely reflects the historical ability of the company to improve margins by spreading its fixed manufacturing overheads over a greater sales base. General and administrative expenses in the third quarter were stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. at the level of the second quarter for the first nine months of 1994 and were up 38% over the same period in 1994 reflecting the incorporation of the operations of Creative Games and Wann Connection Devices, as well as the continued expansion of the company's international marketing activities. The sales increase from quarter-to-quarter and year-over-year is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to our increased foreign presence. The company's 15% increase in depreciation and amortization charges for the first nine months of 1995 over the comparable period in 1994 reflect the ongoing investment in turnkey See turnkey system. start-up Start-up The earliest stage of a new business venture. projects and printing capabilities. Depreciation and amortization charges for the full 1995 year are expected to be more than 50% above the 1994 full year level as a result of starting to amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. turnkey projects that will be onstream OnStream Holdings of the Netherlands was spun off from Philips in 1998 and went bankrupt for a second time in 2003. [1] As a result of its first bankruptcy in 2001, the company was split into two parts, OnStream Data and OnStream MST. in the fourth quarter of 1995. The company spent $15,132,000 on capital equipment, technology development, startups and acquisitions in the first 3 quarters of 1995 vs. $6,786,000 in the comparable period last year. Six million dollars of the expenditures were related to the acquisition and financing of Creative Games and Wann Connection Devices, while a further $3 million was spent on turnkey startups. The board of directors has approved a quarterly dividend of 50 per share to shareholders of record as at Dec. 29, 1995, payable Jan. 15, 1996. -0-
Canadian Bank Note Co. Ltd.
Consolidated Statement of Income
(Thousands of Canadian dollars, except per-share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Sales $ 25,604 $ 15,289 $ 57,835 $ 48,916 Cost of sales 16,068 11,664 39,870 35,645 Gross profit 9,536 3,625 17,965 13,721 General and administrative expenses 4,053 2,657 10,964 7,923 Earnings before interest, taxes, depreciation and amortization 5,483 968 7,001 5,348 Depreciation and amortization 1,233 1,233 3,468 3,025 Earnings (loss) before interest and taxes 4,250 (265) 3,533 2,323 Interest income (expense) 132 280 599 892 Earnings before income taxes 4,382 15 4,132 3,215 Income taxes 1,912 (105) 1,322 194 Earnings before minority interest 2,470 120 2,810 3,021 Minority interest (98) - (61) - Net earnings 2,568 120 2,871 3,021 Earnings per share 0.11 0.01 0.12 0.13 Weighted average number of shares (thousands) 24,050 24,050 24,050 24,050
Consolidated Statement of Changes in Financial Position
(Thousands of Canadian dollars)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 3O,
1995 1994 1995 1994
Cash provided
(used in) operations:
Net earnings $2,568 120 $ 2,871 $ 3,021
Item not involving cash:
Depreciation and
amortization 1,233 1,233 3,468 3,025
Deferred income taxes 126 (14) 561 (15)
Changes in non-cash
operating
working capital (5,572) (924) (6,364) (8,471)
(1,645) 415 566 (2,440)
Investments:
Additions to capital
assets (1,063) (1,526) (9,496) (4,656)
(Increase) decrease in
advance to affiliates - (8) - -
(Increase) decrease in
long-term receivables - - 423 -
(Increase) decrease in
deferred charges (2,370) (753) (4,159) (2,130)
(Increase) decrease in
goodwill (342) - (1,477) -
(Increase) decrease in
other assets (127) (73) (382) (373)
Increase (decrease) in
due to affiliate - (28) - 10
(Increase) decrease in
equity investments 124 (17) (276)
(5,423) (2,405) (14,801) (7,149)
Financing:
Increase (decrease) in
long term liabilities (44) (3) 1,577 (7)
(Increase) decrease in
minority interest (98) - (23) -
Other:
Dividends (1,203) (1,203) (3,606) (3,608)
Increase (decrease) in
cash position (6,768) (3,196) (16,853) (13,204)
Cash position,
beginning
of period 11,008 25,371 21,093 35,379
Cash position, end
of period 4,240 22,175 4,240 22,175
CONTACT: 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. Bank Note Co. Ltd., Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing Michael Ryan There are many notable people with the name Michael Ryan:
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion