ROMAN CORPORATION REPORTS NINE-MONTH EARNINGS
FROM CONTINUING OPERATIONS OF $3.3 MILLION
TORONTO, Nov. 5 /PRNewswire/ -- Roman Corporation Limited reached another milestone on the road to sustained profitability with earnings from continuing operations of $3,335,000, or $0.22 per common share, for the nine months ended Sept. 30, 1991.
This compares with earnings from continuing operations of $720,000, or $0.07 per common share for the corresponding 1990 period.
Revenues were $30,730,000 and $29,989,000, respectively.
A third-quarter gain of $585,000 from discontinued operations brought net earnings for the first nine months of 1991 to $3,920,000, or $0.27 per common share. A loss from discontinued operations of $98,026,000 resulted in a net loss of $97,306,000, or $9.82 per common share, for the 1990 period.
Helen Roman-Barber, Roman Corporation's chairman and chief executive officer, said, "Roman Corporation's rising earnings are due largely to Strathcona Paper Company, our operating division, which continues to perform well, even in today's adverse economic conditions."
Strathcona is a leading Canadian producer of environmentally friendly recycled and recyclable clay-coated boxboard, which is used primarily as packaging for consumer goods.
For the third quarter of 1991, Roman Corporation's earnings from continuing operations were $548,000, or $0.02 per common share, and net earnings were $1,133,000, or $0.07 per common share, compared with earnings from continuing operations of $296,000, or $0.03 per common share, and a net loss of $48,376,000, or $4.88 per common share, for the third quarter of 1990. Revenues were $9,125,000 and $9,797,000, respectively.
All 1991 results per common share were calculated after provision for preferred share dividends. No preferred shares were outstanding during the first nine months of 1990.
ROMAN CORPORATION LIMITED
Nine months ended Sept. 30 1991 1990
Revenue $30,730,000 $29,989,000
Earnings before income taxes and
discontinued operations 3,920,000 1,358,000
Provision for income taxes 585,000 638,000
Net earnings from continuing
operations 3,335,000 720,000
Gain (loss) from discontinued
operations 585,000 (98,026,000)
Net earnings (loss) for
the period 3,920,000 (97,306,000)
Earnings per common share from
continuing operations $0.22 $0.07
Earnings (loss) per common share
for the period $0.27 $(9.82)
/CONTACT: Ed Shiller, 416-496-2243 or 416-971-3330, for Roman Corporation/ CO: Roman Corporation Limited ST: Ontario IN: MNG SU: ERN CK -- NY053 -- 1271 11/05/91 13:04 EST