HEROUX REMAINS PROFITABLE IN ITS FIRST QUARTER.LONGUEUIL, QUEBEC--(BUSINESS WIRE)--AUGUST 17, 1995--Heroux Inc.(ME: HRX HRX Hyperreflexia HRX Hypothetical Reference Connection ) Heroux Inc. today announced results for the first quarter ended June 30, 1995. Consolidated sales were $23.1 million, an 11.1 per cent increase over last year's figure of $20.8 million. Net income was $164,000, or $0.01 per share, compared to $8,000, or $0.00 per share, recorded in the first quarter of the previous year. Heroux's Chairman and Chief Executive Officer, Mr. Gilles Labbe, said that this improvement would have even more pronounced had it not been for short-term issues at two of the company's divisions. An industry-wide shortage of fibreglass fibreglass or glass fibre Fibrous form of glass, developed in the 1930s. Liquid glass issues in fine streams through hundreds of fine nozzles, and the solidifying streams are gathered into a single strand and wound onto a spool. has affected all companies using this raw material. FRE FRE French FRE Freddie Mac (stock symbol) FRE Federal Rules of Evidence FRE Freedom Realty Exchange FRE Freedom Party FRE Food and Resource Economics FRE Free Range Eggs FRE French Real Estate was no exception. However, prices to FRE clients are being adjusted and alternate supply sources are being pursued. Management has tightened cost control and is closely monitoring the situation. While remaining profitable, McSwain Manufacturing did not attain anticipated earnings because of some new contract start-up difficulties. Management has introduced a productivity improvement program to correct the situation which is expected to increase the sales volume of this division. A.B.A. Industries' profitability continue to meet management's expectations. The reduction of losses at Heroux Longueuil shows that the restricting program is providing improved results. Gross margins have increased and management is continuing its drive to accelerate this trend. Mr. Labbe commented, "These results partially meet management's expectations. Corrective actions have been taken and should allow for improved earnings during the remainder of the current fiscal year. Our priority remains to improve productivity and efficiency at each Heroux division in order to maximize shareholder value". During the first quarter, Heroux's divisions land the following contracts: (Heroux Longueuil) $7,5 million to manufacture landing gears for 18 KC-135R tanker planes from the U.S. Air Force and $2.1 million to design and manufacture landing gears for the HAE UAV HAE UAV High Altitude Endurance Unmanned Aerial Vehicle system from Teledyne Ryan Aeronautical aer·o·nau·tic also aer·o·nau·ti·cal adj. Of or relating to aeronautics. aer  o·nau ; (A.B.A Industries) $6.2 million to manufacture the divergent flap of the F110 aircraft engine from the U.S. Air Force; (FRE Composites) $9,5 million to supply conduits to upgrade electrical and telecommunications infrastructure systems in South-East Asia. During the first quarter, Heroux significantly improved its balance sheet by paying off $12.7 million of its long term debt. Heroux Inc., a Canadian company based in Longueuil, Quebec, specializes in the design, development, manufacture, and repair of products for the industrial and aerospace sectors. Additional facilities are located in St-Andre, Quebec (FRE Composites), Pinellas Park, Florida Pinellas Park is a city located in central Pinellas County, Florida. The population was 45,658 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 47,166 [1]. (A.B.A Industries), and Cincinnati, Ohio (McSwain Manufacturing). Approximately 85 per cent of the company's sales are to the United States. Heroux's shares trade on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg under the symbol HRX. CONTACT: Heroux Inc. Gilles Labbe, Chairman of the Board 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. 514/679-5450 Meison Brison Rick Leckner, 514/731-0000 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 |
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