Emco Forecasts Lower Second Quarter Earnings.LONDON, Ontario--(BUSINESS WIRE)--June 12, 1998--Emco Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EMLTF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EML EML - Extended ML. A language for formally specifying SML programs. ["Formal Program Development in Extended ML for the Working Programmer", D. Sannella, Proc 3rd BCS/FACS Workshop on Refinement", Springer 1990]. .) (ME:EML.) announced today that as a result of unexpected slow down in demand for certain construction related products, 1998 second quarter earnings are expected to fall short of 1997 earnings for the same period. While sales of roofing products rebounded as expected, demand for plumbing and related products has been affected by a number of factors. The construction trade strike in Ontario, the impact of weak demand for products for the resource sector and the slow down in the number of new housing starts are contributing factors. As recently reported by Canada Mortgage and Housing Corporation Canada Mortgage and Housing Corporation (CMHC) is a Canadian government agency. The agency is responsible for the housing industry in Canada. Its main duty is currently to ensure low cost mortgage loans are available to Canadians by providing insurance to lenders in case of , national housing starts in May fell to their lowest level in almost two years. Douglas E. Speers, president and chief executive officers stated, "The unexpected softness in demand is disappointing but we expect that once the strike is settled in Ontario and with the positive economic forecasts, housing starts will rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective resulting in stronger results for the second half of 1998." Emco Limited is one of Canada's leading distributors and manufacturers of building products for the residential, commercial and industrial construction markets. CONTACT: Emco Limited Richard B. Grogan, 519/645-3926 or Emco Limited Dan Boyd, 519/645-3911 |
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