Harrowston Inc. Records 1995 Earnings of $11.5 Million.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , ONTARIO--(BUSINESS WIRE)--March 13, 1996--Harrowston Inc. today announced that its earnings for the year ended December December: see month. 31, 1995 were $11.5 million ($0.50 per share), including gains of $1.1 million on asset sales and earnings of $3.8 million from its 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. Earnings for the year ended December 31, 1994 were $26.5 million ($1.17 per share) which included gains of $12.2 million on asset sales and earnings of $9.8 million from its discontinued real estate operations. 1995 represented the first full year of operations for the three strategic investments acquired by Harrowston in 1994: Marsulex Inc., a provider of removal services for useable by-products by-products materials generated incidentally to the production of a principal product in an industry or industrial enterprise. In the meat industry by-products include blood, bone, fat, bristle, hair, wool, hide, skin, hoof, horn and offal products prepared in various ways for use , Principal Marques Marques may refer to:
tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. delicatessen food products, and SPI (1) (Stateful Packet Inspection) See stateful inspection. (2) (Service Provider Interface) The programming interface for developing Windows drivers under WOSA. Polyols polyols (pol´ēôlz), n.pl substances made up of two or more alcohols. See also sugar alcohols. , 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. During 1995 Harrowston focused on strengthening its base business, building strong management teams and developing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business strategies for each operating company operating company A business that engages in transactions with outsiders. . In excess of $10 million was spent on capital improvements during the year and two key executive changes were made. A new President 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. , David Gee, was appointed at Marsulex and John Burrows For the cricket player, see . John Burrows (born October 30, 1913 in Winnfield, Louisiana; died April 27, 1987 in Coal Run, Ohio) was a pitcher in Major League Baseball. was named as SPI Polyols' President and CEO. Both officers have a mandate to position their companies as industry leaders and actively pursue expansion opportunities. "Book value per share increased by 16 percent in 1995 to close the year at $3.50. As well, I am confident that incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. shareholder value will result from both the changes we have made in the operating businesses during the past year and our future growth plans for each company" said Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. Belzberg, Harrowston President and Chief Executive Officer. 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 for the year ended December 31, 1995 were $338.5 million and included Marsulex's record revenues of $178.4 million and solid contributions by SPI Polyols and Principal Marques of $84.1 million and $76.0 million respectively. Cash flow generated by operating activities was $23.6 million in 1995, largely due to strong cash flow at the operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. level. Net sales for the quarter ended December 31, 1995 were $81.5 million compared to $80.1 in the prior year. Fourth quarter 1995 sales revenue reported by SPI Polyols showed a 16 percent improvement over the third quarter of 1995 as product demand continued to improve. Earnings for the fourth quarter of 1995 were $3.4 million after reflecting a charge in the quarter of $2.0 million relating largely to a change in an accounting estimate of the useful life of a manufacturing asset of a subsidiary. These quarterly earnings compare to earnings of $9.6 million during the same period in 1994, although, the 1994 earnings included a net gain of $5.2 million on the sale of assets. Mr. Belzberg said: "I am looking forward to 1996 as a year of challenge and opportunity. Consistent with Harrowston's strategy of building on its strengths to pursue growth, we are focused in 1996 on completing several acquisitions, likely at the operating company level. We also expect to make significant additional investments in capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) ." Harrowston Inc. is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. 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- December 31, 1995 Results SUMMARY FINANCIAL INFORMATION (millions of dollars except per share data)
Three Months Ended
December 31
1995 1994
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Net sales $ 81.5 $ 80.1
Earnings before the undernoted $ 2.0 $ 4.8
Gains on dispositions of other
assets 0.3 5.2
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Earnings from continuing
operations before income taxes
and non-controlling interest 2.3 10.0
Income tax provision (0.7) (0.7)
Non-controlling interest 0.1 (0.9)
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Net earnings from continuing operations 1.7 8.4
Earnings from discontinued operations 1.7 1.2
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Net earnings $ 3.4 $ 9.6
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Earnings per share from continuing
operations $ 0.08 $ 0.37
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Earnings per share $ 0.15 $ 0.42
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Weighted average number of shares 22,809,858 22,621,812
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Year Ended
December 31
1995 1994
Net sales $ 338.5 $ 192.4
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Earnings before the undernoted $ 14.4 $ 9.4
Gains on dispositions of other assets 1.1 12.2
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Earnings from continuing operations before
income taxes and non-controlling interest 15.5 21.6
Income tax provision (4.8) (2.7)
Non-controlling interest (3.0) (2.2)
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Net earnings from continuing operations 7.7 16.7
Earnings from discontinued operations 3.8 9.8
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Net earnings $ 11.5 $ 26.5
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Earnings per share from continuing
operations $ 0.34 $ 0.74
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Earnings per share $ 0.50 $ 1.17
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Weighted average number of shares 22,809,858 22,621,812
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-0-
SUMMARY FINANCIAL INFORMATION (millions of dollars except per share data)
December 31
1995 1994
Assets
Cash and short-term investments $ 84.3 $ 65.2
Other current assets 70.4 67.8
Property, plant and equipment and
other assets 91.8 105.4
Goodwill, net 48.2 45.1
Assets of discontinued operations 53.7 105.3
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$ 348.4 $ 388.8
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Liabilities
Current liabilities $ 64.2 $ 60.0
Long term debt of subsidiary operating
companies 129.5 134.0
Deferred income taxes and other liabilities 21.1 18.6
Liabilities of discontinued operations 53.7 107.5
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268.5 320.1
Shareholders' equity 79.9 68.7
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$ 348.4 $ 388.8
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CONTACT: Harrowston Inc. Debbie Debbie (or Deb) is a fairly common given name, usually feminine, short for Deborah (or Debra) (which means "bee" in Hebrew) and is popular in most English-speaking countries. It reached its height of popularity in the United States in the 1970s. Barrett Barrett (sometimes spelled Barret or Barratt) is a surname that has been associated with several different people, places and organisations: Barrett is a popular surname in south and west Ireland. , 416/956-7004 |
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