Cedar Group reports record revenues for the second quarter ended March 31, 1996.MONTREAL--(BUSINESS WIRE)--May 13, 1996--Cedar Group Inc. ("CEDAR") (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 second quarter ended March 31, 1996. Cedar Group reported record revenues of $53,517,000 for the second quarter ended March 31, 1996 compared with $25,703,000 for the same period a year earlier. During this quarter, the company earned $2,180,000, or 13 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) compared with $2,072,000, or 14 cents per share, (fully diluted) for the same period the previous year. The number of fully diluted shares increased from 14,464,624 to 17,357,811 for the period ended March 31, 1996. Consolidated revenues for the first six months of the fiscal year increased from $60 million in 1995 to $104.9 million in 1996. During this period, the company earned $4,159,000, or 24 cents per share (fully diluted) as compared to $3,055,000, or 22 cents per share (fully diluted) for the first half of the previous year. This 75% (percent) increase is attributable to the inclusion of Steen's results of $27.0 million for fiscal 1996 and the balance of approximately $18 million to the increased volume of work completed by Dominion Bridge. When compared to the same quarter of fiscal year 1995, Dominion Bridge showed strong performance with internal growth of $12.8 million and gross margins for the first six months of fiscal 1996 increasing to 14.7% (percent) from 11.3% (percent) for the first six months of fiscal 1995. During the quarter the company significantly increased its cash and working capital balances from its previously reported period due to the inclusion in its balance sheet of both McConnell Dowell Corp. ("MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ") and Groupe MIL Inc. ("MIL"). Due to the timing of the closing of the acquisitions of both MDC and MIL, the company will only begin to reflect their revenues and earnings in its third quarter ending June 30, 1996. 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. of Cedar stated that, "The incremental growth of both Dominion Bridge and Steen and the strong momemtum of MDC and MIL bodes well for the future of Cedar Group and its shareholders. The company today has the depth, resources and the ability to execute its game plan on a global scale and is very fortunate to have Mr. Pierre L. Roy join the team as its Chief Financial Officer." 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, Pa., 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. All figures stated are in U.S. dollars -0- 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). . CONTACT: Cedar Group Inc. Eric Boyd 514/634-3550 or Strategic Growth International Inc. Stan Altschuler, 516/829-7111 |
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