Harrowston Inc. Reports First Quarter Results.TORONTO--(BUSINESS WIRE)--May 16, 1996--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 ended March 31, 1996 were $1.8 million ($0.08 per share). The first quarter 1996 earnings are represented entirely by 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 . Earnings from continuing operations for the three months ended March 31, 1995 were $3.0 million ($0.13 per share). Net earnings for the first quarter of 1995 of $4.0 million ($0.17 per share) 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. 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, President and Chief Executive Officer, said "The results that were reported in the first quarter of 1995 together for Marsulex 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. were particularly strong. While we have been unable to repeat these results in the first quarter of 1996, major management changes were made in these companies in late 1995 that bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for the future. Indeed, the results of both companies in the first quarter of 1996 met or exceeded management's expectations for the quarter and I am satisfied with their performance and progress." Harrowston's operating businesses include 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 , SPI 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 and Principal Marques Marques may refer to:
The reduction in earnings from continuing operations for the quarter ended March 31, 1996, as compared to the same period in the prior year, was largely as a result of lower earnings reported by SPI. SPI's first quarter results in 1996 were impacted by lower sales and unexpected production costs due largely to unseasonably cold weather. While SPI's sales revenue was lower in the first quarter of 1996 than in the same period last year, the first quarter 1996 sales showed continued improvement over the revenue reported in the third and fourth quarters of 1995. As expected, Marsulex's sales revenue for the quarter ended March 31, 1996 was lower than the prior year due to reductions in the volume of product handled. Despite this reduced volume and sales revenue, earnings reported by Harrowston in respect of Marsulex for the current quarter were comparable with the same period in the prior year. Marsulex's management has been successful in managing costs to minimize the impact of the lower volumes. Although sales revenue in the first quarter of 1996 at Principal Marques showed improvement over the same period in the prior year, the first quarter is its weakest period and as a result, Harrowston's first quarter results include a small loss for Principal Marques. A $1.5 million gain was also reported in the first quarter of 1996 resulting from the receipt of a partial payment on the Company's loans to Marine Transport Lines, Inc. The Company's carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. for Marine Transport had been written down to a nominal amount in a prior year and as a result, all of the current realization has been recorded as income. "Our efforts at present are focused on ensuring our businesses are efficiently managed and pursuing opportunities for several acquisitions for Marsulex and international expansion for SPI. I am confident that the impact of these efforts will be seen in the quarters ahead" said Mr. Belzberg. 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
1996 1995
Net sales $ 77.4 $ 86.7
Earnings before the undernoted $ 0.4 $ 5.6
Gains on dispositions of other assets 1.5 0.6
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Earnings from continuing operations before
income taxes and non-controlling interest 1.9 6.2
Income tax provision (0.6) (1.7)
Non-controlling interest 0.5 (1.5)
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Net earnings from continuing operations 1.8 3.0
Earnings from discontinued operations - 1.0
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Net earnings $ 1.8 $ 4.0
Earnings per share from continuing operations $ 0.08 $ 0.13
Earnings per share $ 0.08 $ 0.17
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CONTACT: Harrowston Inc. Debbie Barrett, 416/956-7004 |
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