Frisco Bay Posts Record Results With Significant Gains in Revenues and Profits.MONTREAL--(BUSINESS WIRE)--May 20, 1999-- (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 :FBAYF) Frisco Bay Industries Ltd. (NASDAQ: FBAYF), an international provider of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. financial transaction and integrated security systems for financial institutions, government agencies and major industrial corporations, today reported significant gains for its fiscal year ended January January: see month. 31, 1999. For the twelve month period ended January 31, 1999, total revenues from 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 were CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $32.4 million dollars, up 36 percent from revenues of CDN$23.8 million dollars for the same period last year. Net earnings from continuing operations for the twelve months was CDN$940,000 or CDN$0.42 per share as compared to a loss of CDN$3.4 million or CDN$1.51 per share for the comparable period in the previous year. The Company also reported additional earnings and a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain from the disposal of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of CDN$1.2 million, or CDN$0.51 per share, resulting in a total profit for the year of CDN$2.1 million, or CDN$0.93 per share. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Katsof, Chairman and Chief Executive Officer, stated, "as customer demand for the Company's products is greater now than it was last year at this time, we anticipate having another strong financial performance in fiscal 2000." Frisco Bay Industries Ltd. markets its products throughout 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 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. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. where it is recognized as an integrated solutions expert. Statements made in this press release, other than historical financial results, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements express the current beliefs and expectations of Frisco Bay's management group about the Company's future results and performance. However, they are subject to a number of known and unknown risks that could cause actual results to differ materially from those projected or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in forward-looking statements. These risks and uncertainties are described in detail from time to time in the Company's filings with the Securities and Exchange Commission. -0-
FRISCO BAY INDUSTRIES LTD.
CONSOLIDATED BALANCE SHEET
As at As at
January 31st January 31st
1999 1998
$CDN $CDN
---------------------------------------------------------------
ASSETS
Current
Cash 281,478 -
Marketable securities 2,719,531 -
Accounts receivable 8,228,600 6,449,748
Inventories 4,911,048 4,016,352
---------------------------------------------------------------
Total current assets 16,140,657 10,466,100
---------------------------------------------------------------
Loan receivable 46,077 46,077
Capital assets 1,029,879 852,434
Deferred charges - 54,124
Goodwill - 1,396,098
---------------------------------------------------------------
17,216,613 12,814,833
===============================================================
LIABILITIES
Current
Bank indebtedness 1,053,061 1,282,202
Accounts payable and
accrued liabilities 6,579,634 4,416,595
Deferred revenue 1,463,834 1,109,564
---------------------------------------------------------------
Total current liabilities 9,096,529 6,808,361
---------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital Stock 14,863,875 14,841,999
Contributed Surplus 97,605 97,605
Deficit (6,841,396) (8,933,132)
---------------------------------------------------------------
8,120,084 6,006,472
---------------------------------------------------------------
17,216,613 12,814,833
===============================================================
FRISCO BAY INDUSTRIES LTD.
CONSOLIDATED STATEMENT OF EARNINGS
Year Year
ended ended
January 31st January 31st
1999 1998
$CDN $CDN
---------------------------------------------------------------
SALES FROM CONTINUING OPERATIONS 32,419,955 23,819,167
---------------------------------------------------------------
COST OF SALES
Inventories - beginning
of period 4,016,352 3,974,470
Purchases 17,255,615 11,552,774
Shop, installation wages
and wage levies 6,044,949 5,685,827
---------------------------------------------------------------
27,316,916 21,213,071
Inventories - end of period 4,911,048 4,016,352
---------------------------------------------------------------
22,405,867 17,196,719
---------------------------------------------------------------
GROSS PROFIT FROM
CONTINUING OPERATIONS 10,014,088 6,622,448
---------------------------------------------------------------
30.89 percent 27.80 percent
EXPENSES
Selling 3,001,752 2,381,545
Administrative 5,936,003 5,738,807
Financial 114,218 149,353
Writedown of goodwill
and deferred charges - 1,712,403
---------------------------------------------------------------
9,051,973 9,982,108
---------------------------------------------------------------
EARNINGS (LOSS)
BEFORE THE DENOTED 962,115 (3,359,660)
Income taxes payable 22,415 -
---------------------------------------------------------------
EARNINGS (LOSS) FROM
CONTINUING OPERATIONS 939,700 (3,359,660)
Earnings from discontinued
operations 31,328 57,625
Gain on disposal of discontinued
operations, net of taxes
of $150,000 1,120,708 -
---------------------------------------------------------------
NET EARNINGS (LOSS) 2,091,736 (3,302,035)
===============================================================
Earnings(loss) from continuing
operations per share $0.42 ($1.51)
Net earnings(loss) per share $0.93 ($1.49)
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