Canadian Chemical Reclaiming Announces 2nd Quarter 1998 Financial Results.CALGARY, ALBERTA--(BUSINESS WIRE)--July 28, 1998--Canadian Chemical(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CRL CRL - Carnegie Representation Language. Carnegie Group, Inc. Frame language derived from SRL. Written in Common LISP. Used in the product Knowledge Craft. .) Revenues in the 2nd quarter of 1998 were $2,337,000 which is a 117 percent increase over the same period in 1997. Income for the 2nd quarter of 1998 before income taxes was $1,347,000 ($789,000 after income tax provision) compared to income of $47,000 in the same period of 1997.
SUMMARY OF FINANCIAL RESULTS
(Thousands of Canadian Dollars - except per share amounts)
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2nd Quarter 2nd Quarter
30-June-98 30-June-97
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Revenue 2,337 1,075
Operating Costs 603 622
G&A 376 350
Depreciation 59 40
Income Before Interest, Taxes &
Other income/(expense) 1,299 63
Interest 1 1
Currency gains(loss) 47 (15)
Sale of Fixed Assets 0 (2)
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Income (Loss) Before Taxes 1,347 47
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Provision of Income Taxes 558 0
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Net Income (Loss) After Taxes 789 47
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Earnings (loss) per Common Share .037 .002
Common Shares Outstanding 21,610,075 20,886,075
Deferred Development Costs 0 75
Patent Application costs
(Capitalized) 0 47
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SIX MONTHS 1998 RESULTS Revenues in the 1st half of 1998 were $3,339,000 which is a 117 percent increase over the same period in 1997. Income for the 1st half of 1998 before income taxes was $1,489,000 ($931,000 after income tax provision) compared to a loss of $208,000 in the same period of 1997. The significant positive changes in revenues and profits are attributable to the improvements in CCR's business including increased utilization of the mobile reclaiming equipment.
FINANCIAL RESULTS
(Thousands of Canadian Dollars - except per share amounts)
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1st 2nd Year to date ended
Quarter Quarter
31-Mar-98 30-June-98 30-June-98 30-June-97
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Revenue 1,002 2,337 3,339 1,538
Operating Costs 441 603 1,044 1,042
G&A 367 376 743 611
Depreciation 49 59 108 85
Income Before Interest,
Taxes & Other income/
(expenses) 145 1,299 1,444 (200)
Interest 0 1 1 2
Currency gains(loss) (3) 47 44 (8)
Sale of Fixed Assets 0 0 0 (2)
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Income (Loss)
Before Taxes 142 1,347 1,489 (208)
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Provision for
Income Taxes 0 558 558 0
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Net Income (Loss)
After Taxes 142 789 931 (208)
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Earnings (loss)
per Common Share .007 .037 .043 (.012)
Common Shares
Outstanding 21,486,075 21,610,075 21,610,075 20,886,075
Deferred Development
Costs 0 0 0 143
Patent Application costs
(Capitalized) 0 0 0 47
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OUTLOOK Management expects revenues and profits to continue to be strong in the 3rd quarter of 1998. The mobile reclaiming services business is expected to continue to generate increased revenue and profits for the remainder of 1998. CCR 1. CCR - condition code register. 2. CCR - (Database) concurrency control and recovery. has commissioned the design and construction of a third mobile reclaiming unit to capture additional market opportunities and increase operating efficiencies. This unit will include the latest improvements in CCR technology in a highly portable configuration which will be responsive to market opportunities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This unit is expected to come into service early in 1999. CCR is continuing to develop opportunities in Canada, U.S.A. and Worldwide for licensing its technology and offering permanent skid mounted modules. Expansion of the deepwater offshore gas production industry creates new opportunities for CCR's Technology, which is effective in regenerating re·gen·er·ate v. re·gen·er·at·ed, re·gen·er·at·ing, re·gen·er·ates v.tr. 1. To reform spiritually or morally. 2. To form, construct, or create anew, especially in an improved state. and reclaiming hydrate hydrate (hī`drāt), chemical compound that contains water. A common hydrate is the familiar blue vitriol, a crystalline form of cupric sulfate. Chemically, it is cupric sulfate pentahydrate, CuSO4·5H2O. control chemicals. Prospects include the major deepwater offshore gas fields located in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , North Sea, Australia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Canadian Chemical Reclaiming Ltd. (CCR) is an Alberta based corporation listed on the Alberta Stock Exchange (symbol CRL) which owns proven proprietary patented technology and mobile processing equipment used for the purification and reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. of amines amines (  mēnz´),n.pl organic compounds that contain nitrogen. and glycols in the refining, natural gas processing Natural gas processing plants, or fractionators, are used to purify the raw natural gas extracted from underground gas fields and brought up to the surface by gas wells. The processed natural gas, used as fuel by residential, commercial and industial consumers, is almost pure , petrochemicals manufacturing, offshore gas processing, automotive antifreeze antifreeze, substance added to a solvent to lower its freezing point. The solution formed is called an antifreeze mixture. Antifreeze is typically added to water in the cooling system of an internal-combustion engine so that it may be cooled below the freezing point recycling and aircraft deicing De-icing is the process of removing ice from a surface. Anti-icing is the process of preventing ice from forming on a surface. Deicing can be accomplished by mechanical methods (scraping), through the application of heat, by use of chemicals designed to lower industries. CCR provides reclamation services to major Canadian, U.S. and International Corporations. CCR also provides new fixed skid mounted processing modules to these industries, which include the technology component through licensing agreements. In deepwater offshore gas production CCR's technology simultaneously regenerates and reclaims hydrate control chemicals, providing producers with an efficient, economical and environmentally sound solution to their hydrate control needs. Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , CataChem Inc., CCR is engaged in providing a proprietary additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and to reduce corrosion in amine amine (əmēn`, ăm`ēn): see under amino group. amine Any of a class of nitrogen-containing organic compounds derived, either in principle or in practice, from ammonia (NH3). systems. Canadian Chemical Reclaiming has offices in Calgary, Alberta and Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Canadian Chemical Reclaiming Ltd. shares are traded on the Alberta Stock Exchange under the symbol CRL. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE. CONTACT: Canadian Chemical Reclaiming Ltd. Mike Fillipoff, 403/543-6699 403/232-0203 (FAX) http://www.reclaim.com |
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