Marked Increase in Results and Employment at Bestar.LAC-MEGANTIC, Quebec--(BUSINESS WIRE)--Aug. 14, 1997--BESTAR (ME: BES) -- Results of Bestar Be`star´ v. t. 1. To sprinkle with, or as with, stars; to decorate with, or as with, stars; to bestud. [ imp. & p. p. os> ( ) r>.] Inc. for the first semester se·mes·ter n. One of two divisions of 15 to 18 weeks each of an academic year. [German, from Latin (cursus) s ended June June: see month. 30, 1997 show a significant increase in sales and a marked improvement in profitability. Sales grew 17.5 percent over the $18,595,000 of 1996 to reach $21,847,000 this year. Net earnings of $818,000, or $0.08 per share, represent a substantial turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. of $1,081,000 over the net loss of ($263,000), or ($0.03) per share, registered for the same period last year. Sales for the quarter totalled $11,109,000, a 19 percent increase over last year's $9,344,000. Net earnings of $391,000, or $0.04 per share, compare favourably Adv. 1. favourably - showing approval; "he reviewed the play favorably" favorably favourably U.S. favorably adverb 1. to the net loss of ($86,000), or ($0.01) per share, for the same quarter in 1996. "These results are superior to those of the industry," explained Bestar Chairman 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. Paulin Pau´lin n. 1. (Naut.) See Tarpaulin. Tardif, "and are principally attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher sales, particularly export sales, wider distribution of our line of products by national chains and the continued success of our new office furniture collections. In addition, employment increased as some forty new jobs were created since the beginning of the year to help us meet customer needs more quickly. Improved profitability is due mostly to higher sales, better profit margins and the greater use of our production capacity." "The upward trend in results for the current year should continue given these factors, the sustained growth of our customer base and renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. consumer confidence", concluded Mr. Tardif. -0-
EARNINGS
Six-month period ended
June 30, 1997 (unaudited)
_________________________
(in thousands of dollars, except for earnings per share)
Three-month ended Six-month ended
June 30 June 30
1997 1996 1997 1996
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Gross revenues $11,109 $9,344 $21,847 $18,595
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Expenses
Cost of goods sold and
operating expenses 10,340 9,044 20,308 18,068
Depreciation and
amortization 148 117 261 226
Interest expense
Short-term 29 60 64 146
Long-term 201 209 396 418
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10,718 9,430 21,029 18,858
______________________________________________________________
Earnings (loss)
before income taxes 391 (86) 818 (263)
______________________________________________________________
Income taxes
Current 173 0 363 0
Deferred (30) 0 (60) 0
______________________________________________________________
143 0 303 0
Income tax reduction on
utilisation of prior period
losses and deferred income
tax debit balances not
accounted for (143) 0 (303) 0
______________________________________________________________
0 0 0 0
______________________________________________________________
Net earnins (net loss) $391 $(86) $818 $(263)
______________________________________________________________
Earnings (loss) per share $0.04 $(0.01) $0.08 $(0.03)
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Earnings (loss) per share
after dilution $0.03 $(0.01) $0.07 $(0.03)
______________________________________________________________
Weighted average of
outstanding share 10 829 10 390 10 618 10 390
______________________________________________________________
CHANGES IN FINANCIAL POSITION
Six-month period ended
June 30, 1997 (unaudited)
_____________________________
(in thousands of dollars)
1997 1996
______________________________________________________________
Operating activities
Net earnings (net loss) $818 $(263)
Operating items not involving cash:
Depreciation and amortization 261 226
Loss (gain) on disposal of property
plant and equipment 29 (70)
Dividends on redeemable preferred
shares 124 125
______________________________________________________________
1 232 18
______________________________________________________________
Changes in non-cash operating
working capital items: 317 1 008
______________________________________________________________
1 549 1 026
______________________________________________________________
Financial activities
Additional financing 0 5 000
Repayment of long-term debt (373) (4 663)
Long-term debt issue expenses 0 (138)
Issuance of capital stock 296 0
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(77) 199
______________________________________________________________
Investing activities
Due from management 0 (91)
Activities of property, plant and
equipment (308) (262)
Proceed from disposal of property,
plant and equipment 0 96
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(308) (257)
______________________________________________________________
Cash increase 1 164 968
Cash position at beginning (4 572) (5 254)
______________________________________________________________
Cash position at end $(3 408) $(4 286)
______________________________________________________________
Cash consists of the bank overdraft and the bank loan
CONTACT: BESTAR INC. Gaby Ga´by n. 1. A simpleton; a dunce; a lout. Tardif, 819/583-1017, local 307 |
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