Correcting...In the news release transmitted on February 20, 1997 for WAJAX LIMITED, an error occurred in the second table for the 1996 long-term debt, it should have read "144,472" instead of "114,472". The complete and corrected version follows:Retransmission: Wajax Announces Record Revenue and Earnings.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)--Feb. 20, 1997-- WAJAX(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). WJX.) Wajax today announced that revenue for the year ended December December: see month. 31, 1996 was a record $675 million, up 30 percent from $521 million in 1995. Net earnings, at $17 million, were 41 percent higher than 1995 and were also a record. Earnings per share were $1.22, up 20 percent from $1.02 ($0.98 per share for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the ) in 1995. Earnings per share are based on an average of 14 million common shares outstanding in 1996 versus an average of 11.7 million common shares outstanding in 1995. Net earnings for the fourth quarter of 1996 were $4.8 million ($0.34 per share), on revenue of $183 million, up from $143 million in the fourth quarter of 1995. Net earnings were $3.3 million or $0.28 per share for the fourth quarter of 1995 ($0.26 per share for continuing operations). The higher earnings for the fourth quarter were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to stronger results across all three of the Company's core businesses. In December, 1996, the Company announced that it had completed the acquisitions of Ray-Gordon Equipment, a construction equipment rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. company with 3 branches in 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. , and of Spencer Spencer, city (1990 pop. 11,066), seat of Clay co., NW Iowa, on the Little Sioux River; inc. 1880. The city lies in a fertile farm area. Beef is processed, and Spencer's manufactures include work clothes, machinery, prefabricated buildings, and metal products. Industries, an industrial components company with 11 branches in the Western U.S. and 3 branches in Western Canada
Western Canada, commonly referred to as the West . These acquisitions were financed out of the Company's internally- generated cash flow and by drawing down a portion of the Company's unused bank facilities. Subsequent to the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the Company announced that it had signed an agreement to acquire Pacific North Equipment, a mobile equipment distributor with 8 branches in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States , as well as a branch in Eastern Russia Eastern Russia is the region of Russia between the Ural Mountains and the Pacific Ocean.
The acquisitions of Spencer and Pacific North provide Wajax with good strategic positions from which to pursue its ongoing growth strategy in the U.S., as well as in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The Company intends to continue to seek complementary acquisition opportunities in all three of its core distribution businesses, which are engaged in the sales and after-sale parts and service support of mobile equipment, diesel engines and industrial components. -0-
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in thousands of dollars, except per share data)
Three months ended Year ended
December 31 December 31
1996 1995 1996 1995
___________________ ________________
Revenue $182,939 $143,298 $675,065 $520,942
________ ________ ________ ________
________ ________ ________ ________
Earnings before
interest and income
taxes 11,314 8,148 41,114 28,375
Interest expense 2,499 2,044 9,675 7,702
________ _______ _________ _______
Earnings before income
taxes 8,815 6,104 31,439 20,673
Income taxes 4,055 2,563 14,462 9,208
________ _______ _________ _______
Earnings from continuing
operations 4,760 3,541 16,977 11,465
Discontinued operations - (209) - 534
________ _______ _________ _______
Net Earnings $4,760 $3,332 $16,977 $11,999
________ _______ _________ _______
________ _______ _________ _______
Earnings per common share
Earnings from continuing
operations $0.34 $0.28 $1.22 $0.98
Net earnings $0.34 $0.26 $1.22 $1.02
________ _______ _________ ______
Weighted average number
of common shares outstanding 13,972,083 11,707,744
__________ __________
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
As at December 31
(in thousands of dollars)
1996 1995
_________ _________
Current assets
Cash $1,715 $ -
Accounts receivable 113,704 87,488
Inventories 179,211 147,981
Other 9,241 8,829
_________ _________
303,871 244,298
_________ _________
Non-current assets
Rental equipment 19,292 14,110
Capital assets 31,588 27,754
Goodwill and other assets 49,723 17,060
_________ _________
100,603 58,924
_________ _________
$404,474 $303,222
_________ _________
_________ _________
Current liabilities
Bank indebtedness $ - $5,032
Accounts payable and accrued
liabilities 110,720 104,303
Current portion of
long-term debt 4,189 977
_________ _________
114,909 110,312
Long-term debt 144,472 68,618
_________ _________
259,381 178,930
Equity
Capital stock 75,454 71,630
Retained esrnings 69,639 52,662
_________ _________
145,093 124,292
_________ _________
$404,474 $303,222
_________ _________
_________ _________
CONSOLIDATED STATEMENTS OF CHANGES
IN CASH POSITION
(unaudited)
For the year ended December 31
(in thousands of dollars,
except per share data) 1996 1995
________ ________
Operating activities
Earnings $16,977 $11,465
Items not affecting cash flow
Amortization 10,973 9,100
Deferred income tax 706 1,148
_______ ______
Cash flow before changes
in non-cash working capital 28,656 21,713
_______ ______
Changes in non-cash working capital
Accounts receivable (8,757) (12,028)
Inventories 2,200 (16,190)
Prepaid expenses (977) (665)
Accounts payable and accrued
liabilities (6,522) 8,886
Income taxes payable (5,176) 4,476
________ ________
(19,232) (15,521)
________ ________
Cash provided by continuing operating
activities 9,424 6,192
________ _______
Cash used in discontinued operations - (3,087)
________ _______
Investing activities
Net rental equipment additions (6,609) (7,906)
Net capital asset additions (4,422) (2,651)
Acquisition of businesses
Working capital (33,223) (19,539)
Rental equipment (2,991) -
Capital assets (3,849) (6,207)
Goodwill (34,220) (7,462)
Sale of businesses - 14,794
________ ________
(85,314) (28,971)
________ ________
Cash flow before financing activities(75,890) (25,866)
________ ________
Financing activities
Increase in long-term bank loan 56,403 8,500
Issue of debentures 20,000 -
Repayment of debentures (727) (655)
Notes payable on acquisition 3,639 (700)
Issue of capital stock 3,824 20,900
Other (502) (598)
_________ ________
82,637 27,447
_________ ________
Decrease in current bank
indebtedness 6,747 1,581
Current bank indebtedness - beginning of
year (5,032) (6,613)
_________ ________
Cash (current bank indebtedness)
- end of year $1,715 $(5,032)
_________ ________
_________ ________
Cash flow per common share from continuing
operations before changes in non-cash
working capital $2.05 $1.85
_________ _________
CONTACT: Wajax Limited John A. Powell Powell See Osceola. , 604/946-1171 or Wajax Limited Laurence Laurence is the surname or the given name of several people: Surname
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