Correcting...Business Editors CORRECTION...by Canadian Corporate News VANCOUVER, British Columbia--(BUSINESS WIRE)--March 28, 2000 In the news release transmitted earlier today, March 28, 2000, there was an error in the three months earnings per share price (fully diluted). The correct price should read $0.05. The complete and corrected news release follows: CORRECTION FROM SOURCE: Concert's 1999 Earnings More Than Triple Concert(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ) In the news release transmitted earlier today, March 28, 2000, there was an error in the three months earnings per share price (fully diluted). The correct price should read $0.05. The complete and corrected news release follows: Concert Industries Ltd. ("Concert") announces that for the year ended December 31, 1999, consolidated net income was $5.4 million ($0.55 basic earnings per share, $0.30 fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ), up from $1.5 million ($0.18 basic earnings per share, $0.15 fully diluted earnings per share) for the year ended December 31, 1998. Consolidated sales and gross profits for the period were $47.7 million and $15.9 million respectively, compared to $12.7 million in sales and $4.6 million in gross profit for the same period for 1998. Consolidated 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 before changes in non-cash working capital generated $7.8 million for the year ended December 31, 1999, up from $2.3 million in 1998 for the same period. 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.
For the three month period ending December 31, 1999, consolidated net income increased to $1.5 million ($0.14 basic earnings per share, $0.09 fully diluted earnings per share) compared to $979,403 ($0.10 basic earnings per share, $0.05 fully diluted earnings per share) for 1998. Consolidated sales and gross profits for the period were $14.8 million and $4.6 million respectively, up from $3.7 million and $1.5 million in the comparable period 1998. "I am very pleased to announce these results to our shareholders", said Dieter Peter, Chairman and Chief Executive Officer of Concert. "Whether Concert is classified "old economy" or "new economy" is irrelevant. The fact remains that Concert is a premier developer and manufacturer of highly sophisticated absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. materials. Concert participates in a multi-billion dollar market demonstrating outstanding sales, earnings and asset growth." To support its continued growth and meet multi-year supply contract commitments, Concert recently announced a major expansion in Gatineau, Quebec, Canada (October 29, 1999). The $127 million project is fully funded with a target startup scheduled for the first half of 2001. With the Falkenhagen, Germany expansion successfully completed to meet increased customer orders in Europe, Gatineau represents the next step in Concert's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. development. Once the plant in Gatineau is completed, Concert will become the second largest manufacturer of air-laid material in the world. Concert Industries Ltd. is an international, technology based company specializing in developing and marketing engineered air-laid materials. Concert's products are key components in a wide range of personal care consumer products including feminine hygiene Feminine hygiene is a general term used to describe products used by women during menstruation, vaginal discharge, and other bodily functions related to the vulva. Sanitary Towels (also known as maxi-pads or napkins), pantiliners, tampons, and feminine wipes are the major and adult incontinence products. Other applications include pre-moistened baby wipes, disposable medical and filtration applications and tabletop products. On behalf of the Board of Directors, John McNicol, President, COO Carey Edwards, Executive Vice President, CFO See Chief Financial Officer. |
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