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Gold/Mining/Energy : Greyvest Capital (GFI,T)
GFI 45.69+0.3%Jan 9 9:30 AM EST
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To: Ciao who wrote (20)8/22/1999 7:34:00 PM
From: Ciao  Read Replies (1) of 23
 
NR from Aug. 20, 1999

TORONTO, ONTARIO--Greyvest Capital Inc. (TSE: GFI) today reported
revenues of $11.2 million for the second quarter of 1999, compared
with revenues of $15.9 million in the same period last year.
Revenues for the six months ended June 30, 1999 dropped to $22.2
million from $56.8 million in 1998. The decline in revenue
reflects the sale of $323 million of computer leasing assets in
1998.

During the second quarter of 1999 Greyvest recorded a net loss of
$200,000 or $(0.01) per share compared to net earnings of $100,000
for the comparative period in 1998. On a year-to-date basis at
June 30, 1999, the Company reported a net loss of $420,000 or
$(0.02) per share compared to a net loss of $6.0 million or
$(0.29) per share in 1998. During 1998 Greyvest wrote-off
goodwill of $6.8 million.

During the first half of 1999, total expenses were reduced by
approximately 60 percent due to the sale of assets in 1998 and the
subsequent reduction of debt. Further expense reductions are
anticipated in the second half of 1999 although the Company
continues to absorb substantial expenses relating to professional
fees.

Vernon's computer rental operations have shown steady improvement
over the past three months. Management continues to focus on
enhancing Vernon's sales and profitability.

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