Printer Friendly

NORTH AMERICAN VENTURES, INC. ANNOUNCES THIRD QUARTER RESULTS

     NORTH AMERICAN VENTURES, INC. ANNOUNCES THIRD QUARTER RESULTS
    MONTVALE, N.J., Nov. 15 /PRNewswire/ -- North American Ventures, Inc. (NASDAQ: NAVI) announced today the results of its operations for the quarter ended Sept. 29, 1991.
    The company's net sales from its wholly owned subsidiary, Butler Service Group, Inc. ("BSG"), were $59.4 million for the third quarter 1991, 18 percent below the $72.0 million sales recorded in the same period last year.  Overall lower sales resulted in a net loss of nearly $1.5 million, or 5 cents per share, for the third quarter this year, compared with net income of $1.0 million, or 4 cents per share, for the same quarter last year.
    Net sales for the nine months ended Sept. 29, 1991 were $189.7 million, a 19 percent decline from last year's nine-month sales of $235.5 million.  The net loss of $3.3 million, or 12 cents per share, for the first nine months of 1991 contrasted with net income of $2.8 million, or 11 cents per share, for the same period last year.
    The company's overall financial condition remains generally strong, in spite of the lower operating performance, with a current ratio of 2.25.  During the quarter, BSG's revolving credit facility was increased to $18.7 million and extended to Jan. 3, 1993.
    Generally unfavorable economic conditions and weakness in the contract services industry continued to affect most of the company's business units and regions as average billable headcount was 16 percent lower than the same period last year.  The current period net operating loss reflected the impact of fixed operating costs on the lower sales volume.  The company has continued to implement a number of programs toward reducing its overall fixed costs.
    The company's chairman, Edward M. Kopko, stated, "We believe that the downsizing by major corporations is an indicator of potential future need for the types of services we provide.  As companies seek to maintain smaller permanent staffs, they are expected to turn more to outside contracting to fulfill their work requirements.  We are positioned to serve this need."
    Butler Service Group, Inc., is a leading domestic and international contract technical services and telecommunications services company. It is principally engaged in the location, recruitment and hiring of a wide variety of skilled engineers and technical personnel to provide services, on a temporary basis, to industrial corporations and other organizations throughout the U.S. and abroad.
                     NORTH AMERICAN VENTURES, INC.
                         Summary of Operations
            (in thousands except share and per share data)
                             (Unaudited)
                                   13 Weeks ended      39 Weeks ended
                                 9/29/91   9/30/90    9/29/91   9/30/90
    Net sales                    $59,388   $72,025   $189,740  $235,500
    Cost of services sold         57,276    67,117    181,670   220,436
    Income (loss) from operations (1,384)    1,269     (2,873)    4,053
    Net income (loss)             (1,451)    1,014     (3,285)    2,826
    Net income (loss)
     per share                  (5 cents)  4 cents  (12 cents)  11 cents
    Average shares
     outstanding            26,513,334 25,632,228  26,514,654 25,895,100
                  SELECTED BALANCE SHEET INFORMATION
                   (in thousands except share data)
                                      9/29/91           12/30/90
                                    (Unaudited)
    Total current assets              $44,315            $53,178
    Total assets                       72,619             82,234
    Total current liabilities          19,697             23,655
    Total liabilities                  36,073             40,950
    Stockholders' equity               36,546             41,284
    Issued & outstanding shares    26,485,005         25,406,220
    -0-                    11/15/91
    /CONTACT:  Cathy D. Shea of North American Ventures, 201-573-8000/
    (NAVI) CO:  North American Ventures, Inc.; Butler Service Group, Inc. ST:  New Jersey IN:  TLS SU:  ERN KM-DD -- NE013 -- 1633 11/15/91 14:54 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1991
Words:608
Previous Article:STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY OPENS ITS NORTH ATLANTIC REGIONAL OFFICE
Next Article:THE BANK OF NEW YORK COMPANY FILES 5 MILLION SHARE COMMON STOCK OFFERING
Topics:


Related Articles
NORTH AMERICAN VENTURES ANNOUNCES YEAR END RESULTS
NORTH AMERICAN VENTURES, INC. ANNOUNCES FIRST QUARTER RESULTS
NORTH AMERICAN BIOLOGICALS, INC. ANNOUNCES THIRD QUARTER AND YEAR-END 1992 OUTLOOK
ARMCO SELLS JOINT VENTURE INTEREST FOR $73 MILLION
IMC GLOBAL EXPECTS FLAT QUARTER EARNINGS BEFORE SPECIAL CHARGES, REAFFIRMS OUTLOOK FOR STRONG SPRING CROP NUTRIENT SEASON
American Paging Reports Third Quarter Results
ICN Reports Record Third Quarter and Nine Months Sales, Net Income and Earnings Per Share
True North Communications Inc. Reports Record 3Q Results Revenue up 15.7 percent, net income up 42.9 percent to $6.0 million
American General Ventures, Inc. Doubles Revenues
Nobility Homes, Inc. Announces Increase In Third Quarter And Nine Months Sales And New Mortgage Financing Joint Venture

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters