Concert Industries Reports Positive Growth and Strong Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 6, 1996--CONCERT INDUSTRIES (ME, VSE See DOS/VSE. VSE - Virtual Storage Extended : CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ) Concert Industries Ltd.'s (the "Company") wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Concert Fabrication Ltee (Fabrication) is pleased to announce that sales for the year ended February 29, 1996 were $5,283,279, significantly more than twice the previous year sales of $2,216,993. This increase is attributed to a broadening of the customer base and the introduction of several innovative products. Fabrications completed the year with its first month of positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . Results have steadily improved during the year as a result of reorganization, with fourth quarter sales totalling $1,300,267. The gross margin also improved substantially in 1996 to 20 percent from 15 percent in 1995. This increase is due to better utilization of capacity and the decrease in pulp prices. Concert is confident that the gross margin will continue to improve as pulp prices have continued to decrease and volume increases. Expenses attributable to operations increased from $2,193,606 in 1995 to $2,611,157 in 1996. These costs increased due to higher interest costs caused by increases in operating loan levels during the year and higher sales and marketing expenses due to increased sales. The improvement in sales and tight control on expenses resulted in a decrease in operating losses from $1,859,405 to $1,557,326 in 1996. For clearer presentation Concert has adopted the accounting policy of expensing all business development expenses as incurred. Taking these expenses into account the Company's net loss for the current was $2,615,742 compared to $2,943,324 in 1995. First quarter results for 1997 are expected to follow the recent trend and show significant improvement in gross margin and operating results. The company is continuing to work towards its European expansion, with permitting, and building modification and equipment layout plans completed. The trading symbol Trading symbol See: Ticker symbol on The Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and 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). is "CNG". CONTACT: Concert Industries Ltd. Dieter Peter, 604/681-1008 604/681-2627 (Fax) Web Site: http://www.air-laid.com/ |
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