Cedar Group reports financial results for the first quarter ended Dec. 31, 1995.MONTREAL--(BUSINESS WIRE)--Feb. 8, 1996--Cedar Group Inc. (NASDAQ/NMS:CGMV; VSE See DOS/VSE. VSE - Virtual Storage Extended :CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ) today reported its financial results for the first quarter ended Dec. 31, 1995. During this quarter, the company earned 11 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. (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) or net income of $1,979,000(a) compared to 7 cents per share (fully diluted) or net income of $983,000 for the same period the previous year. Sales for the first quarter increased by 50% to $51,441,000 from $34,387,000 for the same period the previous year. The number of fully diluted shares increased from 13,754,241 to 17,984,225 for the period ended Dec. 31, 1995. The increase in consolidated revenues for the period represents management's objective of improving the internal growth of Cedar's principal subsidiaries. Dominion Bridge Inc. and Steen Contractors Ltd. which was acquired effective April 1, 1995. In January 1996, the company announced its acquisition of 19.9% of the McConnell Dowell Corp. ("MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ") from Morrison Knudsen Corp. of Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. . 5% of the initial equity investment in MDC is subject Australia's Foreign Investment Review Board ("FIRB FIRB Foreign Investment Review Board (Australia) FIRB Far Infrared Background FIRB Flight Information Region Boundary ") approval. MDC is a publicly listed Australian infrastructure engineering and construction group, with operations throughout Asia, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . Reported sales for fiscal year ended June 30, 1995 were $237 million and currently MDC has a backlog of more than $150 million. The balance of shares will be acquired for cash pursuant to a full takeover offer and will be subject to FIRB approval and to Cedar Group Inc. acquiring an aggregate minimum 60% of the shares of MDC. On January 18, 1996, Dominion Bridge Inc., was granted a 60 day exclusive period to review its proposed acquisition of MIL Davie Inc. in order to conform its operational capabilities and economic viability in light of Cedar Group Inc.'s strategic objectives. The proposed acquisition is subject to final approval by the Board of Directors of Cedar Group Inc. If Dominion Bridge proceeds with the acquisition, it intends to continue with the existing shipbuilding and ship repair activities of MIL Davie while extending MIL Davie's capabilities to the manufacturing of offshore platforms, supply vessels and large scale container handling systems. Nicolas Matossian, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. commented, "The spending strategic acquisitions, together with the recent signing of contracts totalling approximately $41 million, are contributing significantly to the realization of Cedar's overall business plan for a worldscale engineering infrastructure company." Cedar Group Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. registered in Conshohocken, Penn., is an international, engineering, infrastructure company, employing advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, technology with operations and projects 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. , Europe and Asia. -0- (a) All figures stated are in U.S. dollars. This news release is neither approved nor disapproved by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . Cedar Group Inc. Unaudited Consolidated Statement of Operations Three Months Ended December 31, 1995 and 1994 (In thousands of U.S. dollars, except share data)
3 months 3 months
ended ended
Dec. 31, Dec. 31,
1995 1994
Sales 51,441 34,387 Cost of sales 43,093 30,776 Gross profit 8,348 3,611 Selling, general and administrative (4,833) (1,322) Income-operations from joint-venture 488 0 Other income 173 256 Profit (loss) from operations (EBITDA) 4,176 2,545 EBITDA PER COMMON SHARE AND EQUIVALENT 0.23 0.19 Depreciation and amortization (819) (1,122) Profit (loss) before interest and taxes (EBIT) 3,357 1,423 EBIT PER COMMON SHARE AND EQUIVALENT 0.19 0.10 Interest income (expenses), net 46 16 Income taxes Current (1,198) (500) Deferred (113) 0 Net income (loss) before minority interest 2,092 939 Minority interest (113) 44 Net income (loss) 1,979 983 Net income per common share and common share equivalent Primary 0.12 0.07 Fully diluted 0.11 0.07 Weighted average number of common shares and common share equivalent outstanding Primary 16,300,013 13,754,241 Fully diluted 17,984,225 13,754,241 CONTACT: Cedar Group Inc. Nicolas Matossian, 514/634-3550 or Strategic Growth International Stan Altschuler/Richard Cooper, 516/829-7111 |
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