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Admiral Announces Operating Results For Fiscal 1997.

TORONTO--(BUSINESS WIRE)--Feb. 20, 1998--Admiral Sanitation Inc. (Alberta Stock Exchange:ADS.) ("Admiral") today released its 1997 Annual Report for the year ended September 30, 1997.

Financial highlights include: Sales of $4,039,562, an increase of 22 percent from $3,306,540 for the same period in 1996. Cash Flow advanced 50 percent, to $255,582 from $169,464 a year earlier. Working capital ended the year at $243,706, essentially flat from $242,194 in 1996. Total assets increased 159 percent to $4,698,220 in 1997 from $1,811,933 in 1996. Shareholder's Equity moved upward by 48 percent, to $1,188,710 from $803,688 in the previous year. Net Earnings finished the year at $33,267, down 40 percent for the 1996 figure of $55,454. For 1997, Net Earnings were $0.005 a share, compared to $0.014 in 1996.

Mr. Edward A Bayer, Chairman and CEO of Admiral, stated that growth was due to three primary factors: increased sales of existing products to current and new clients; major new multi-year contracts; and the acceptance of Admiral's new products launched in fiscal 1997. New products with a future focus include Enviroterra acid-replacement cleaner, RX100 Hand Sanitizer, specialty lubricants, the roll-out of Donovan's warewash and laundry offerings nation-wide, and the further expansion of Admiral's bio-remediation products.

In the Annual Report, Mr. Bayer addressed the two acquisitions, Orbit and Donovan, which were facilitated with the $1,500,000 investment in Admiral made by C.I. Covington Fund Inc. of Toronto, as mentioned in a previous release. "Interestingly," said Mr. Bayer in an interview, "our acquisitions during the year did not have a major impact on sales in fiscal 1997. The Orbit acquisition was in July, and Donovan was in September, so those operations had just come on-stream in the period. We look forward to increased sales and earnings growth in fiscal 1998 as a result of fully integrating these operations within Admiral."

The Annual report stressed the major changes undertaken at Admiral in fiscal 1997, how they affected Admiral at virtually every level of the organization, and how they impacted earnings. According to Mr. Bayer's Report to Shareholders "The year saw a series of synergistic acquisitions, a number of solid new contracts, the launch and acceptance of exciting new products from key existing and new accounts, an aggressive entry into Quebec, and the Company's move into a new and larger office and plant facility. So, while Admiral is profitable, earnings have not achieved the levels expected by management a year ago, due to our measured decisions throughout the year to make long-term investments in the business as discussed above -- investments made with management's clear view to establishing Admiral as an increasingly formidable, and profitable, player in 1998 and beyond."

He went on to state that: "Management's main focus in fiscal 1998 will be to develop healthy earnings. I have mentioned above the many areas where, in 1997, Admiral made deliberate investments in the future. Across these myriad developments, one thing remained constant -- the fact that once done, they put Admiral in a place of positive performance for the future. Management's very clear direction is to digest the developments of 1997, and pursue profit growth in 1998. As well, having become in 1997 a Canada-wide operation, the Company anticipates moving forward on its program for United States sales at some point during the upcoming year."

The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

CONTACT: Admiral Sanitation Inc., Toronto

Edward A. Bayer, 416/213-1062
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Publication:Business Wire
Date:Feb 20, 1998
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