Concert Industries: Second Quarter Results, June 30, 1997.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 26, 1997-- Concert Industries (ME:CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ) Sales for the six month period ended June 30, 1997 were $4,022,053 an increase of 32 percent from the six month sales ending May 31, 1996 of $3,054,810. Contribution to fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). was $ 1,303,454 a margin of 32.4 percent compared to a contribution of $ 939,243 with a margin of 30.7 percent for May 31, 1996. Fixed expenses for the first six months were $ 1,164,272 slightly lower than those for the six months ended May 31, 1996 of $ 1,258,916. The operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the period was $139,182 compared to a loss of $ 319,673 for 1996. The net loss for the period was $1,957,554 compared to a loss of $ 712,852 for 1996. The higher losses are attributable to firstly, a loss of $ 605,881 on the settlement and refinancing Refinancing An extension and/or increase in amount of existing debt. of the convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. previously issued to I.C.E.C. Holdings s.r.o. and repaid through the Mercer mer·cer n. Chiefly British A dealer in textiles, especially silks. [Middle English, from Old French mercier, trader, from merz, merchandise, from Latin merx financing, and secondly to the Company's share of start-up costs incurred at its new facility in Germany. These start-up costs relate to the installation phase of the project, commercial production is expected to start in the first quarter of 1998. The German expansion is continuing on time and within budget. The net cash loss for the six month period ended June 30, 1997 was $ 1,450,334 compared to a cash loss of $ 440,112 for the six month period ended May 31, 1996. On behalf of the Board of Directors Dieter Peter, President and C.E.O. CONTACT: Concert Industries Ltd. Dieter Peter, 604/681-1008 604/681-2626 (fax) E-mail: invrel@air-laid.com http://www.air-laid.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion