Attention Business Editors:
C.M. Oliver announces second quarter results
VANCOUVER, Aug. 27 /CNW/ - C.M. OLIVER INC. (the ``Company')
(TSE/VSE:OLV) announces that for the six months ended June 30, 1999,
consolidated gross revenues for C.M. Oliver Inc. (the ``Company') were $1.38
million compared to $2.12 million for the six months ended June 30, 1998. For
the three months ended June 30, 1999, consolidated gross revenues amounted to
$1.26 million. For the six months ended June 30, 1999, net income was $0.12
million, or $0.01 per share, compared to a loss of $3.39 million, or $0.17 per
share for the comparative prior period. Net income for the three months ended
June 30, 1999 was $0.41 million, or $0.02 per share.
Revenues decreased in the current six month period versus the comparative
period due to lower principal trading gains as a result of reduced activity.
Expenses for the six months ended June 30, 1999 were $1.25 million, a
$0.82 million decrease from the six months ended June 30, 1998. Expenses were
less due to reduced overall spending as the Company's activities wind down and
as the comparative period included the annual charge for the amortization of
deferred financing charges and severance costs for senior personnel. An
income tax recovery was recorded in the current period as a result of the
recognition of previously unrecorded tax loss carry forwards.
The loss from discontinued operations for the six months ended June 30,
1999 was $0.17 million. It comprises additional proceeds received on the sale
of the financial planning business, less additional costs to wind up the
brokerage business, and an adjustment to the tax provisions recorded on the
sale transactions.
The Company continues to focus on reducing costs pending decisions
regarding the specific use of its assets that will be made as the full
restructuring of the Company is completed. Management and the Board of
Directors are examining ways to redeploy the assets of the Company in the most
productive manner possible and will be reviewing all reasonable options in
order to increase shareholder value. |
