EARNINGS / Bowridge Achieves Record Year
TSE SYMBOL: BOW
JUNE 29, 1998
CALGARY, ALBERTA--Bowridge Resource Group Inc. grew significantly
and achieved its best-ever results for the year ended April 30,
1998. Revenues were up 85 percent over the prior year to
$18,246,487.
Earnings before interest, taxes, depreciation and amortization
were up 44 percent to $2,921,056 or 15 cents per share. Cash flow
was up 33 percent to $1,690,859 or 9 cents per share. Net
earnings after tax from continuing operations were up 35 percent
to $907,876 or 5 cents per share. Per share numbers reflect the
addition of 7.3 million shares to finance the acquisition of
Delta-X in February, 1997.
Bowridge expects to see continued growth in its operating results
in its current year because its operating divisions are niche
businesses strategically positioned on the production side of the
natural gas and oil service sectors.
Our CPT division is Canada's leading provider of specialized gas
production testing services in the foothills region of Alberta,
Northeastern British Columbia, Northwest Territories and the
Yukon. The Delta-X division is a worldwide supplier of high-tech
oilfield automation equipment that will reduce operating costs for
the producer and optimize production.
Bowridge is a growth oriented oilfield technology and service
company. We acquire and build oil and gas service businesses that
help producers reduce costs, improve productivity and respond to
changing environmental regulations.
Bowridge's Annual Meeting will be held on Wednesday, September 9,
1998 at 10:00 a.m. in the Bonavista Room of the Westin Hotel, 320
- 4th Ave. SW, Calgary, Alberta.
/T/
Financial ($000 except as noted)
Year Ended April 30 1998 1997
--------------------------------------------------------------
Revenue 18,247 9,913
Earnings from Continuing Operations 908 671
Earnings Per Share (cents) 5 6
Earnings Before Interest, Taxes,
Depreciation & Amortization (EBITDA) 2,921 2,030
Cash Flow(x) from Operations 1,691 1,269
Cash Flow(x) per Share (cents) 9 10
Outstanding Shares
Weighted Average (000) 18,914 12,622
At year end (000) 19,098 18,736
/T/
All per share numbers referred to are Basic.
(x)Cash flow from operations is before changes in non-cash working
capital.
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