Chai-Na-Ta announces results for first fiscal quarter ended Feb. 28, 1995; suspends stock dividend.LANGLEY Lang·ley , Mount A peak, 4,227.9 m (14,026 ft) high, in the Sierra Nevada of southern California. lang·ley n. pl. , British Columbia--(BUSINESS WIRE)--May 1, 1995--Gerry Gill, president and chief executive officer of Chai-Na-Ta Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CCCFF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CC), one of the world's largest producers and marketers of ginseng ginseng (jĭn`sĕng), common name for the Araliaceae, a family of tropical herbs, shrubs, and trees that are often prickly and sometimes grow as climbing forms. root, and a worldwide distributor of value-added products, Monday announced results for the company's first fiscal quarter of 1995. For the three-month period ended Feb. 28, 1995, the company had net earnings of $960,000 ($687,000 US) or 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. $0.05 ($0.04 US) per share on revenues of $4.9 million ($3.5 million US) compared to net income of $1.8 million ($1.4 million US) or fully diluted $0.12 ($0.09 US) per share on revenues of $4.8 million ($3.6 million US) for the like period a year ago. The period ended Feb. 28, 1994, included a "one-time" gain of $639,407 ($481,155 US) attributable to the restructuring of ownership of two of the company's operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Chai-Na-Ta (Asia) Ltd. and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Ginseng Enterprises Ltd. (NAGEL). Numbers in parentheses See parenthesis. parentheses - See left parenthesis, right parenthesis. set forth U.S. Dollar equivalent averaged for the periods ended Feb. 28, 1995 and 1994. Despite somewhat higher revenues, lower margins during the most recent quarter versus the like period last year were attributed to a number of factors, including a greater ratio of bulk ginseng root sales to processed, graded or value-added sales, and a greater ratio of ginseng root sales purchased from other growers and sold by the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. subsidiary, NAGEL. Gill also announced that Chai-Na-Ta's board of directors has voted not to declare dividends for the year ending Nov. 30, 1994. The company's most recent previous stock dividend (1.67 percent) was paid on Aug. 5, 1994. "While we recognize that some investors may value the dividend as a stock ownership incentive, the board is of the opinion that corporate resources will be most wisely allocated at this time toward genuine growth opportunities," said Gill. "We have entered into a very dynamic period in the company's evolution, and we aim to maximize our ability to grow the company for the longer term and optimize shareowner share·own·er n. See shareholder. Noun 1. shareowner - someone who holds shares of stock in a corporation shareholder, stockholder investor - someone who commits capital in order to gain financial returns value in that way," he said. -0-
Chai-Na-Ta Corp.
Consolidated Financial Highlights
For the Periods Ended Feb. 28, 1995 and 1994
(Unaudited)
Three Months Ended Three Months Ended
Feb. 28, Feb. 28,
1995 1994 1995 1994
(Canadian $) (US $ Equivalents)(a)
Revenues $4,862,815 $4,786,219 $3,480,151 $3,601,640 Income before taxes 1,386,462 2,439,092 992,244 1,835,422 Net income for the period $960,462 $1,802,092 $687,370 $1,356,078 Net earnings per share - basic $0.07 $0.13 $0.05 $0.10 fully diluted $0.05 $0.12 $0.04 $0.09 Weighted average shares outstanding basic 14,410,434 13,134,146 fully diluted 15,929,289 16,516,936 (a) For period ended Feb. 28, 1995, conversion rate used is 1.3973 (0.715666); for period ended Feb. 28, 1994, conversion rate used is 1.3289 (0.752502). CONTACT: Chai-Na-Ta Corp. G.A. (Gerry) Gill or Russell G. Vatcher, 604/533-8883 or Jordan Richard Assoc. Madeleine Franco or Richard Bernot, 801/595-8611 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion