Enscor Inc. Reports Fiscal 1997 Net Loss Of $0.9 Million U.S. Or $0.04 U.S. Per Common Share.TORONTO--(BUSINESS WIRE)--Oct. 30, 1997--Enscor Inc. ("Enscor") today announced its consolidated results for the year ended July 31, 1997. All dollar amounts are in $U.S. Enscor's net loss was $0.9 million or $0.04 per common share on revenues of $21 million for the year ended July 31, 1997, compared with a net loss of $4.2 million or $0.18 per common share on revenues of $57 million for the year ended July 31, 1996. Since 1993, the Company's operations have been concentrated in the automotive and industrial sector in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Most of these U.S. operations were sold between July 1995 and December 1996, resulting in the substantial revenue decrease during fiscal 1997. The remaining U.S. operation, Hayden Industrial Products of Corona, California Corona is a city in Riverside County, California, United States. As of the 2000 census, the city had a total population of 124,966; a 2004 special census put the fast-growing city's population at 144,274. , manufactures and markets heat exchangers heat exchanger Any of several devices that transfer heat from a hot to a cold fluid. In many engineering applications, one fluid needs to be heated and another cooled, a requirement economically accomplished by a heat exchanger. for industrial and mobile applications and for the heavy-duty truck industry. In May 1997, the Company announced that it would offer merchant banking services in the real estate development industry. Initially, the Company committed to three loans. The Company reported that it would assess these loans and any others completed in the near term in determining whether to pursue real estate merchant banking as a core business. Since May, the Company has committed to provide financing for four additional projects. Based on the experience to date and an assessment of conditions and prospects in both the real estate development industry and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. finance markets, the Company has concluded that its real estate investment strategy should employ both long and short-term components. The transactions which have been completed or committed represent the short-term side of the business. They are expected to provide a profitable earnings base and may create opportunities for more permanent investment. The long-term component of the business will involve investment in certain specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. , income producing and growth real estate assets such as assisted care adult living centres, self-storage mini-warehouse facilities, and hotels. The Company is presently considering a number of such long-term investment opportunities. TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). SYMBOL: ENZ 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 SYMBOL: ENCRF CONTACT: Enscor Inc. Stephen Morrison, (416) 449-3335 or Martin Simon, (416) 449-3535 |
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