Cascades Inc. And Perkins Papers Ltd. - A Turn Around At Perkins.KINGSEY Kingsey is a small village in Buckinghamshire, England. It is located near the border with Oxfordshire, about two miles east of Thame, a mile south of Haddenham. The village name is of 12th century origin and means 'king's island', referring to a piece of dry land that FALLS, Quebec--(BUSINESS WIRE)--Nov. 27, 1995--CASCADES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: CAS ME: PKN PKN Polish Committee for Standardization PKN Protestantse Kerk Van Nederland (Dutch church) ) As previously announced, Cascades Inc. ("Cascades") became the controlling shareholder of Perkins Per·kins , Frances 1882-1965. American social reformer and public official. As U.S. secretary of labor (1933-1945) she was the first woman to hold a cabinet position. Papers Ltd ("Perkins") after Perkins acquired two of Cascades subsidiaries, namely Industries Cascades Inc. and Cascades Industries, Inc. ("Industries") on August 25, 1995. Under the existing accounting principles, this transaction must be treated as a reverse takeover A reverse takeover occurs when a publicly-traded smaller company acquires ownership of a larger company. It typically requires reorganization of capitalization of the acquiring company. of Perkins by Industries. As a consequence, the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of Perkins are the continuity of those of Industries and include the results of Perkins since it was acquired by Industries, on August 25, 1995. Perkins is therefore announcing, for the 9 month period ended September September: see month. 30, 1995, consolidated net earnings of $1,246,000 ($0.05 per share) and for the quarter ended September 30, 1995, consolidated net earnings of $1,985,000 ($0.08 per share). Consolidated sales for the nine month period ended September 30, 1995 are $89,143,000 and for the quarter ended September 30, 1995, consolidated sales are $40,305,000. Management believes the accounting principles applicable in the event of reverse takeover do not allow for a complete disclosure of the results of Perkins. To remedy this, we are also including the unconsolidated results of Perkins for the first nine months of 1995 and of 1994. These results do not include those of Industries. On an unconsolidated basis, Perkins shows a net loss of $12,293,000 for the nine month period ended September 30, 1995, compared to $3,957,000 for the same period in 1994. The unconsolidated net loss for the quarter ended September 30, 1995, is $4,398,000 compared to $1,517,000 for the same period in 1994. Unconsolidated sales for the 9 month period ended September 30, 1995 are $116,919,000 compared to $78,303,000 for the same period in 1994. For the quarter ended September 30, 1995, unconsolidated sales are $41,492,000 compared to $33,804,000 for the same period in 1994. These disappointing results are attributable to the increased cost of raw materials which occurred during the first half of the year. The situation improved significantly in September with continued price increases for finished goods and an important reduction in the cost of waste paper. These favourable conditions and the synergies resulting from grouping the company with Industries allow us to look to the future with optimism. Moreover, it is expected that the improved production efficiency combined with the efforts of our sales team will allow Perkins to return to profitability over the next quarters.
9 MONTH PERIOD QUARTER
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($000) 09/30/95 09/30/94 09/30/95 09/30/94 ---------------------- -------- -------- -------- -------- Sales 89,143 56,670 40,305 20,582 Net earnings 1,246 2,513 1,985 721 Per share $0.05 $0.10 $0.08 $0.03 Cash flow from operations 5,499 6,511 3,999 2,151 Per share $0.20 $0.25 $0.14 $0.08 CONTACT: Perkins Papers Ltd Laurent Laurent may refer to: Geography
or Cascades Inc. Andre Belzile, 819/363-5140 |
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