HARROWSTON INC. REPORTS STRONG FIRST QUARTER EARNINGS OF $4.0 MILLION.TORONTO, ONTARIO--(BUSINESS WIRE)--MAY 11, 1995--HARROWSTON INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : HRW HRW Human Rights Watch HRW Heathrow (London Airport) HRW Heated Rear Window .A) Harrowston Inc. today announced that its earnings for the three months ending March 31, 1995 were $4.0 million ($0.17 per share). Earnings 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 $3.0 million ($0.13 per share). Net earnings also included earnings of $1.0 million from Harrowston's discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: real estate operations. Harrowston's operating businesses include Marsulex Inc., a provider of removal services for useable by-products, Principal Marques Marques may refer to:
(2) (Service Provider Interface) The programming interface for developing Windows drivers under WOSA. Polyols, Inc., a manufacturer of food, pharmaceutical, confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. and oral-care additives. Brent Belzberg, President and Chief Executive Officer said that he was very pleased with Harrowston's results in the first quarter of 1995. Marsulex and SPI Polyols met or exceeded their earnings targets for the period and both companies are well ahead of the same period in the prior year. Principal Marques' first quarter results were nominal, however, the first quarter is generally its weakest period. Operating results for each of the businesses are beginning to show the effects of improvements made to date, he said. Earnings for the same period last year of $5.3 million ($0.23 per share) are largely not comparable as $3.9 million of the earnings were recorded in connection with the Company's discontinued real estate operations. Earnings from continuing operations for the three months ending March 31, 1994 of $1.4 million ($0.06 per share) were primarily realized from a gain on asset dispositions. Earnings from continuing operations in the current quarter include gains of $0.6 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc non-strategic asset dispositions and $0.5 million relating to a recovery of income taxes and interest relating to a prior year tax reassessment Reassessment The process of re-determining the value of property or land for tax purposes. Notes: Property is usually reassessed on an annual basis. You may request a "reassessment" if you disagree with your assessment. . Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $85.6 million in the quarter ending March 31, 1995 reflect an increase of 7 percent over the quarter ended Dec. 31, 1994. This growth was contributed by both Marsulex and SPI Polyols. Harrowston Inc. March 31, 1995 Results Harrowston Inc. is a Canadian company dedicated to building long-term shareholder value and consistent earnings by pursuing a growth strategy built on internal expansion and acquisitions. Harrowston is currently focused on strategic operations in the chemical and food industries. -0- SUMMARY FINANCIAL INFORMATION (millions of dollars except per share data)
Period Ended
March 31
------------------
1995 1994
----- -----
Net sales $ 85.6 $ -
----- -----
----- -----
Earnings from continuing operations
before the undernoted $ 6.2 $ 1.4
Income tax provision (1.7) -
Non-controlling interest (1.5) -
----- -----
Net earnings from continuing operations 3.0 1.4
Earnings from discontinued operations 1.0 3.9
----- -----
Net earnings $ 4.0 $ 5.3
----- -----
----- -----
Earnings per share from continuing
operations $ 0.13 $ 0.06
----- -----
----- -----
Earnings per share $ 0.17 $ 0.23
----- -----
----- -----
Weighted average number of shares 22,809,859 22,596,063
----------- ----------
----------- ----------
CONTACT: Debbie Barrett Vice President, Finance 416/956-7004 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion