DOMCO INDUSTRIES LTD REPORTS SECOND QUARTER RESULTS.MONTREAL, QUEBEC--(BUSINESS WIRE)--JULY 24, 1995--DOMCO INDUSTRIES(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: DOC) The Board of Directors of Domco Industries Ltd (Symbol - DOC) approved the consolidated unaudited statements unaudited statement A financial statement prepared by an auditor but not in accordance with generally accepted auditing standards. Unaudited statements are prepared to less rigorous standards than audited statements. Compare audited statement. for the second quarter ended June 24, 1995. For the three months ended June 24, 1995, revenues increased by 11.7 percent to $83.1 million primarily due to the full three-month contribution of Nafco, acquired in May 1994, as well as increased sales of commercial flooring. The Corporation's gross margin remained at a healthy level of 42.0 percent of sales, thanks to a better product mix. Partially offsetting these positive factors was an increase in interest expenses to $2.8 million versus $1.8 million for the same three-month period last year. As a result, net income of $5.3 million for the quarter was only 3.2 percent higher than the $5.1 million earned in the second quarter a year ago. Earnings per share amounted to $0.77 or $0.68 fully diluted, versus basic and fully-diluted earnings of $0.74 per share last year. The dilutive factor arises from the potential conversion of $41.2 million in convertible debentures 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. which were sold during the quarter. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this issue were used to re-finance a portion of the debt related to the Nafco acquisition. For the six month period, revenues were $157.6 million, up 33.0 percent from the previous year, mainly due to a full six-month contribution from Nafco, versus only two months a year earlier. Net income was $9.6 million versus $7.5 million in the prior year mainly due to strong sales of higher-margin products and an overall improved product mix. The gross margin was 42.6 percent of sales for the six months, versus 39.9 percent for the same period in 1994. Management noted that these results were consistent with the forecast included in the Corporation's prospectus dated March 31, 1995. Profile ------- Domco Industries Ltd, headquartered in Farnham, Canada, is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of vinyl floorcovering. Through its three product groups -- Domco Residential Flooring, Azrock Commercial Flooring and Nafco Luxury Vinyl Tile -- Domco Industries Ltd offers one of the most extensive, high quality product lines in the flooring industry. CONTACT: DOMCO INDUSTRIES LTD Robert Van Buren President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 514/293-3173 Robert O. Desautels Senior Vice-President of Finance & CFO See Chief Financial Officer. 514/293-3173 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion