CALGARY, January 13 /CNW/ - McCarthy Corporation plc (the ``Corporation'')
is pleased to announce the closing of the recently signed agreement for the
sale of approximately 7.3 million shares in Q-Zar to a nominee of the
executive management group of Q-Zar Inc. led by its CEO Tom Butler. The Sale
Agreement was completed substantially in accordance with the previously
disclosed terms.
``We are delighted to have closed the Sale Agreement of Q-Zar which will
provide new capital for the Corporation to pursue a number of high growth
opportunities and joint ventures including those with Richard Branson's global
Virgin Group'' said Tim McCarthy, CEO, McCarthy Corporation.
CALGARY, Dec. 5 /CNW/ - The Board of McCarthy Corporation plc (the
``Corporation'') is pleased to announce continued strong results for the first
nine months of 1996 based on unaudited financial statements.
The Corporation's revenues increased by 55% to C62.03 million compared to
the same period last year. Net earnings were C$5.03 million or C$0.13 per
share, compared with C$9.14 million or C$0.28 per share for the same period in
1995.
The third quarter showed a solid performance with earnings per share of
C$0.13, which increased from C$0.06 at the half year stage.
The Corporation's balance sheet continues to show sustained growth with
total assets of C$159.56, an increase of 66% over the 1995 year end figure.
Current shareholder equity of C$52.9 represents an increase of 9% since
December 31, 1995.
Tim McCarthy, President and Chief Executive Officer, said ``These results
underline the continuing success of our operational strategy. The performance
of our subsidiaries has continued, with Q-Zar posting impressive results.
Hemisphere Inc., a telecommunications company in which the Corporation holds a
major stake, has recently raised further capital financing which represents an
increased valuation of 40% compared with our original purchase price. With a
number of contracts with major PTT's concluded and several more on the
horizon, we continue to remain extremely optimistic about Hemisphere's future
potential. In addition, the Corporation is considering a number of
significant opportunities with Richard Branson's Virgin Group, all of which
represent the prospect of an exciting future for McCarthy Corporation''. |
