Conor Pacific Announces First Quarter Results.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--May 27, 1999-- Conor Conor is an Irish male first name that may have been derived either from the Irish name Conchubhair. The name "Conchobhar" literally translates as "Consciousness like a Barr (top of a hill or a hill fort) (in modern spelling Conchúr or Cnochúr Pacific(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. .) Conor Pacific Environmental Technologies Inc. ("Conor Pacific") today announced its results for its first quarter ended March 31, 1999. Revenue increased by 30 percent to $9,124,258 from $7,013,980 for the same period in 1998. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Conor Pacific generated positive cash flow of $358,228 in the first quarter of 1999, compared to negative cash flow of $931,169 during the same period in 1998. "We are very pleased to report increased revenues for the period," said Bob Nowack, Chairman & Chief Executive Officer. "We have now completed our restructuring based on the acquisitions made in 1997 and 1998, reflecting our decision to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the efficiencies of our growing national operation. As part of this restructuring, our Southern Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. operations are being centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. into our Sheridan Sheridan, city (1990 pop. 13,900), seat of Sheridan co., N Wyo., on Goose Creek E of the Bighorn Mts., in a mineral, livestock, and irrigated farm region; inc. 1884. It is a regional trade and market hub. Park facility. The Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. location has now been vacated, and we have satisfactorily resolved all matters with Environment Canada Environment Canada (EC), legally incorporated as the Department of the Environment under the Department of the Environment Act ( R.S., 1985, c. E-10 ), is the department of the Government of Canada with responsibility for coordinating environmental policies and with regard to the contract that was mutually terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: on March 31, 1999." Conor Pacific is one of Canada's leading environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, and technology firms, providing its customers with complete environmental solutions. With over 25 proprietary technologies, and offices in 14 locations in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. , the Company is a leader in the assessment, remediation and development of contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. real estate, water and wastewater Wastewater is any water that has been adversely affected in quality by anthropogenic influence. It comprises liquid waste discharged by domestic residences, commercial properties, industry, and/or agriculture and can encompass a wide range of potential contaminants and treatment and air quality and environmental risk assessment. -0-
CONOR PACIFIC ENVIRONMENTAL TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
---------------------------------------------------------------
March 31, 1999 March 31, 1998
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ASSETS
---------------------------------------------------------------
CURRENT ASSETS:
Cash $880,863 $4,762,964
Accounts receivable 9,188,358 6,834,600
Unbilled receivables 1,945,708 2,311,380
Investment tax credits
receivable 1,646,469 2,617,196
Inventories 623,936 41,205
Prepaid expenses 456,549 443,548
Brownfield property
development 1,842,644 -
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16,584,527 17,010,893
TECHNOLOGY 15,291,101 12,577,080
MACHINERY AND EQUIPMENT 10,696,926 8,377,686
OTHER ASSETS 4,170,076 4,021,628
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$46,742,630 $41,987,287
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LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------
CURRENT LIABILITIES:
Bank indebtedness $3,506,394 $1,073,165
Accounts payable and
accrued liabilities 5,519,702 4,978,382
Current portion of
long-term debt 1,249,373 1,701,674
Unearned revenue 5,426 276,354
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10,280,895 8,029,575
Acquisition costs payable 1,976,453 1,142,529
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12,257,348 9,172,104
LONG-TERM DEBT AND OBLIGATIONS 6,621,950 6,106,343
OTHER LIABILITIES 751,664 475,873
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19,630,962 15,754,320
---------------------------------------------------------------
SHAREHOLDERS' EQUITY:
Common Shares 17,618,050 16,301,598
Convertible debentures,
net of issue costs 8,094,372 8,020,000
Contributed surplus 718,273 718,273
Retained earnings 321,414 1,089,089
Cumulative foreign currency
translation adjustments 359,559 104,007
---------------------------------------------------------------
27,111,668 26,232,967
---------------------------------------------------------------
$46,742,630 $41,987,287
---------------------------------------------------------------
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CONOR PACIFIC ENVIRONMENTAL TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
---------------------------------------------------------------
Three Months Ended Three Months Ended
March 31, 1999 March 31, 1998
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REVENUE $9,124,258 $7,013,980
DIRECT COSTS 5,480,897 4,056,839
---------------------------------------------------------------
Gross profit 3,643,361 2,957,141
---------------------------------------------------------------
EXPENSES
Non-billable professional
salaries 938,367 915,018
Administrative salaries,
wages and benefits 833,218 506,929
Insurance 213,601 93,088
General, administrative and
selling 1,435,360 857,886
--------------------------------------------------------------
3,420,546 2,372,921
--------------------------------------------------------------
EARNINGS BEFORE INTEREST,
TAXES, DEPRECIATION,
AMORTIZATION AND UNUSUAL
ITEMS 222,815 584,220
Interest and bank charges 10,577 69,477
Depreciation and amortization 323,759 198,296
Restructuring costs 265,000 -
---------------------------------------------------------------
INCOME BEFORE TAXES (376,521) 316,447
Income tax expense 23,500 15,000
---------------------------------------------------------------
NET INCOME (LOSS) (400,021) 301,447
RETAINED EARNINGS,
beginning of year 740,245 787,642
EQUITY ACCRETION (18,810) -
---------------------------------------------------------------
RETAINED EARNINGS,
end of period $321,414 $1,089,089
---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
BASIC EARNINGS (LOSS) PER
SHARE $(0.01) $0.01
---------------------------------------------------------------
---------------------------------------------------------------
CONOR PACIFIC ENVIRONMENTAL TECHNOLOGIES INC.
CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
---------------------------------------------------------------
Three Months Ended Three Months Ended
March 31, 1999 March 31, 1998
---------------------------------------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Cash receipts from
customers $9,942,562 $6,508,965
Cash paid to suppliers
and employees
Direct operating and
administrative expenses (8,173,391) (5,944,247)
Non-billable professional
salaries (938,367) (915,018)
Head office general and
administrative expenses (461,999) (511,392)
---------------------------------------------------------------
Operating cash flow 368,805 (861,692)
Interest and bank charges (300,577) (219,477)
Interest capitalized for
technologies 290,000 150,000
---------------------------------------------------------------
358,228 (931,169)
---------------------------------------------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Technology development
expenditures (526,053) (463,680)
Additions of machinery
and equipment (56,357) (54,284)
Other asset additions,net (53,703) (60,216)
Brownfield property
development (253,633) -
---------------------------------------------------------------
(889,746) (578,180)
---------------------------------------------------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Net increase (decrease)
in long-term debt 757,518 (756,945)
Acquisition costs payable (816,705) (931,371)
Other liabilities repayment 12,037 (362,500)
Issue of common shares 46,378 -
Convertible debenture
financing - 12,000,000
Debenture issue costs - (700,000)
Redemption of preferred shares - (2,059,080)
---------------------------------------------------------------
(772) 7,190,104
---------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (532,290) 5,680,755
CASH, BEGINNING OF YEAR (2,093,241) (1,990,956)
----------------------------------------------------------------
CASH, END OF PERIOD $(2,625,531) $3,689,799
---------------------------------------------------------------
---------------------------------------------------------------
Cash represented by:
Cash and short term
investments $880,863 $4,762,964
Bank indebtedness (3,506,394) (1,073,165)
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$(2,625,531) $3,689,799
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