Global Thermoelectric Announces Fiscal 1999 Results, Declares Dividend on
Preferred Shares
CALGARY, June 9 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today
announced its financial results for the fiscal year ended March 31, 1999.
Revenue for fiscal 1999 was $13,593,798 compared to $14,619,605 for fiscal
1998. For the 12 months ended March 31, 1999 net profit after tax was
$1,006,044 compared to $1,113,243 for fiscal 1998.
It should be noted that, in reviewing the financial statements for fiscal
1998 with its new Auditors, the Company has determined that those results
should be adjusted to properly reflect the timing of revenue and cost
recognition associated with production of military vehicle heaters. As a
result, $1,551,000 in revenue for the period ended March 31, 1998 has been
changed to deferred revenue and $197,723 in future taxes payable with respect
to that revenue has been reversed. In fiscal 1999, the $1,551,000 has been
recorded as revenue and $197,723 in associated tax liability has been recorded
as future income taxes. In addition, $351,000 of cost of goods sold recorded
in fiscal 1998 was placed into inventory at the end of that period, then
charged to cost of goods sold in fiscal 1999. The result of these adjustments
is that net income for the period ended March 31, 1998 has been reduced to
$1,113,243 or $0.07 basic earnings per common share compared to the previously
reported $2,115,520 and $0.16 per share respectively. The net result of these
reallocation adjustments for the two-year period 1998 and 1999 is nil.
''As anticipated, in fiscal 1999 we experienced the impacts of one-time
costs to ramp up heater production and lower generators sales due to the fact
we had no major international contracts during the year'' said Jim Perry,
President and Chief Executive Officer. ''Although thermoelectric generator
sales were steady and solid in fiscal 1999, we had unusually large contracts
in fiscal 1998 from customers in India and China.''
Fiscal 2000 Looking Positive
''Fiscal 2000 is shaping up to be a good year,'' said Mr. Perry, ''We have
recently announced a major international generators project and we are getting
some very serious inquiries about our personnel heaters from military groups
around the world. When we add to this the excellent results we are achieving
with our solid oxide fuel cells research program, we believe that the future,
both near and long term, is looking very positive for Global.''
Dividend Declared on Preferred Shares
The Board of Directors has approved payment of the regular semi-annual
dividend of US $0.107112 per Preferred Share payable June 30, 1999 to
Shareholders of Record as of June 15, 1999.
Global Thermoelectric Inc. is the world's largest supplier of
thermoelectric power generation equipment for use in remote locations, and
produces crew compartment heaters for use in military vehicles. The Calgary-
based company is also quickly becoming a world leader in the fuel cell
development industry.
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For further information: Global Thermoelectric Inc., Jim Perry,
President and CEO, Larry Kyle, Chief Financial Officer, (403) 236-5556, (403)
236-5575 |
