DYNATEC REPORTS SECOND QUARTER RESULTS
Richmond Hill, Ontario. August 5, 1999: Dynatec Corporation ("Dynatec") today announced that for the
second quarter ended June 30, 1999, revenue decreased to $32.8 million from revenue of $42.9 million for
the same period of 1998.
EBITDA in the second quarter of 1999 was $0.9 million compared to EBITDA of $5.4 million for the same
period of 1998.
The Company reported a loss of $0.7 million or $(0.006) per share for the second quarter ended June 30,
1999 compared to net earnings of $1.9 million or $0.017 per share for the same period of 1998.
Revenue for the first six months of 1999 decreased to $62.2 million, form revenue of $85.5 million for the
same period of 1998.
EBITDA for the first six months of 1999 was $3.0 million compared to EBITDA of $11.0 million for the
same period of 1998.
The loss reported for the six months ended June 30, 1999 was $0.8 million or $(0.007) per share
compared to a profit of $3.8 million or $0.033 per share for the same period of 1998.
"The loss in the first six months reflects the continued depressed condition of the mineral industry
especially in exploration drilling," said W.R. Dengler, President and CEO. He added, "The downturn in
mineral market conditions has, however, led to a few very interesting investment and acquisition
opportunities that are being reviewed".
Dynatec Corporation, based in Richmond Hill, Ontario, is a widely held Canadian public company that
provides a broad range of services, principally to mineral exploration, mining and refining companies in
North America and internationally. Its business is composed of three divisions: mining services, drilling
services and metallurgical technologies.
Dynatec trades on both the Toronto Stock Exchange ("TSE") and the Montreal Exchange ("ME") under the
symbol "DY".
For Further Information Contact:
Alex Daschko, General Counsel
E-Mail: daschko@dynatec.ca
Telephone: 905 780-1980
Website: www.dynatec.ca |
