Ron, I guess it's just you and me.
Here's the earnings statement:
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MAGNIFOAM REPORTS PROFIT IN THIRD QUARTER
Barrie, Ontario (February 10, 1999) - Magnifoam Technology International
Inc. (MTII) today announced its results for the third quarter and nine
months ended December 31, 1998.
Revenues for the three month period were $5,229,528 compared with $1,950,713
for the same period last year. MTII reported net income of $116,414 or
$0.01 per share compared with a net loss of $1,366,470 or $0.14 for the
comparable quarter last year. Earnings before interest, taxes and
amortization (EBITA) were positive for the third consecutive quarter at
$453,960.
Summary financial information for three months and nine months ended
December 31, 1998:
3 months 9 months 3 months 9 months
F 1999 F 1999 F 1998 F 1998
Revenues 5,229,528 $ 13,969,614 $ 1,950,713 $ 3,422,126
EBITA 453,960 658,086 (939,530) (1,645,521)
Net Income (Loss) 116,414 (330,674) (1,366,470) (2,564,765)
Earnings (Loss) Per Share$ 0.01 $ (0.02) $ (0.14) $ (0.27)
Common shares outstanding15,626,630 15,626,630 9,485,022 9,485,022
"Results for the quarter were in line with management's expectations. We
have made solid progress during the third quarter and, for the first time,
recorded a net profit," said Thomas R. Ambeau, President and Chief Executive
Officer, MTII.
"Looking ahead, we expect that, on a consolidated basis, fourth quarter
revenues will be similar to the third quarter with positive EBITA. We will
continue to focus on broadening our market reach by expanding relationships
with customers and distributors to accelerate profitable growth worldwide,"
added Mr. Ambeau.
Recent Events
1. In January 1999, MTII satisfied in full, through the issuance of
common shares, its obligation in connection with the acquisition of PolyFab
Corporation.
2. On January 10 1999, MTII's convertible preferred shares expired.
From January 1, 1999 to the expiry date, an aggregate of 310,700 preferred
shares were converted to common shares generating proceeds of $665,519. As
at January 31, 1999 there were 16,923,044 common shares outstanding or
18,821,439 on a fully diluted basis.
3. Sales: During the quarter, MTI continued to grow the mass transit
business with orders from new and existing customers including Long Island
Railroad, Chicago METRA and Calgary Transit.
In December 1998, PolyFab was awarded a new contract by Bombardier
Aerospace valued at $4 million over the next two years. PolyFab will supply
thermal-acoustic cabin insulation for the interior completion programs of
Bombardier's Global Express® and Challenger 604® business aircraft.
Also during the quarter, QSi, MTII's silicone resin manufacturing
subsidiary, secured its first major third party contract. QSi will supply a
US based appliance manufacturer with a high temperature silicone sealant.
Magnifoam Technology International Inc. is an integrated material science
company with proprietary technology. Through its wholly owned subsidiaries,
QSi, MTI, and PolyFab, the company is engaged in the research, development
and production of low density silicone foam using patented chemical
formulations, the production of specialty silicone resins, and the design
and fabrication of energy management systems using a variety of flexible,
cellular materials. The Corporation sells its products to the aerospace,
mass transit, automotive, sporting goods, industrial, electronics, medical,
marine, construction and institutional markets. |
