Attention Business/Financial Editors:
GLOBAL THERMOELECTRIC ANNOUNCES RECORD YEAR-END RESULTS
CALGARY, June 3 /CNW/ - Global Thermoelectric Inc. (ASE: GLE) announced
today record results for the fiscal year ended March 31, 1998, the best year
ever recorded by the Alberta-based manufacturer of thermoelectric power
generation and heating equipment. Sales increased dramatically in fiscal
1998, the result of broadened penetration of international markets.
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Highlights:
Fiscal Year Ended March 31
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1998 1997
Sales $16,273,000 $ 9,649,000
Net Income $ 2,115,000 $ 649,000
Basic Earnings/Common Share $0.16 $0.04
>>
The Company manufactures a line of sophisticated thermoelectric
generators which provide a reliable source of electrical power in remote
locations, for such uses as telecommunications and remote monitoring systems
for oil and gas production and transportation. Global's thermoelectric
generators are a reliable, economical alternative to other technology such as
solar power.
Sales in fiscal 1998, the year ending March 31, 1998, soared to $16.27
million, an increase of 69% compared to fiscal 1997, the year ending March 31,
1997. Canadian sales increased about 30% over the previous year, while sales
doubled in both the United States and other international markets. Sales in
fiscal 1998 included large orders to provide thermoelectric generators for
major pipeline projects in India and China.
Basic earnings per common share increased four-fold to $0.16 per share in
fiscal 1998 compared to $0.04 per share in fiscal 1997.
In addition to the design and manufacture of thermoelectric generators,
Global develops air heaters for use in military vehicles and is developing a
new line of commercially viable fuel cells to produce electric power.
In June 1996, Global was awarded a contract by the United States Army to
develop and manufacture a new personnel heater for tanks and other military
vehicles. Initial physical testing should be completed in July and shipments
of the first production order for 1,700 heaters should begin in the fall.
In July 1997, Global signed a technology transfer agreement with one of
the largest German research institutes for their solid oxide fuel cell
technology, with the objective of developing commercial products for
telecommunications and remote power applications. The successful testing of
Global's first fuel cell stack occurred on March 4, 1998. Since then, good
progress has been made on manufacturing the first all-Canadian fuel cell.
Established in 1975, Global Thermoelectric is the world's largest
supplier of thermoelectric power generation equipment. The Company's common
shares were listed on the Alberta Stock Exchange in 1996.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
%SEDAR: 00002531E
-0- 06/03/98
For further information: Jim Perry, President or Larry Kyle, Controller, (403) 236-5556
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