As the release states about 14-15 million outstanding, what's in the float I'm not sure, maybe someone else can help us out here. their cost of sales and wages and benefits have greatly increased due to growing pains. I guess this is to be excepted in a growing company, but more importantly they're making money.
Envoy Communications Group Inc -
Envoy nine-month results
Envoy Communications Group Inc
ECG
Shares issued 14,440,911
1999-08-24 close $7.8
Wednesday Aug 25 1999
Mr. Geoff Genovese reports
Envoy Communications Group cited the three-month period ended June 30,
1999, as the best in the company's history. Net income in the third quarter was up
50 per cent over the second quarter of 1999 and up over 53 per cent over the
third quarter of fiscal 1998. Envoy also recorded unprecedented results in the first
nine months of the fiscal year. Earnings for the first three quarters increased 68 per
cent over the same period last year to a record $1,963,800. Organic growth
represents 33 per cent of the increase in gross margin year over year.
"Envoy's strong results over the first nine months of this fiscal year are a clear
indication of the success of our strategy to grow our business internally and at the
same time make smart acquisitions like the Watt Group that reinforce our position
as a leading North American e-marketer," stated Envoy president and chief
executive officer, Geoff Genovese. "The fourth quarter and indeed all of 1999 will
be the best in Envoy's history fuelled by the continuous growth of our subsidiaries,
acquisitions and numerous account wins both in Canada and the United States,"
he added.
Highlights for the third quarter include finalizing the acquisition of the Watt Group,
recognized worldwide for ground-breaking retail branding and store development.
This acquisition which closed on June 9, 1999, adds strong clients like Wal-Mart,
Petsmart and Safeway, to Envoy's diverse North American client list and
broadens Envoy's range of services internationally.
On June 1, 1999, Envoy filed a Form 20-F registration statement with the United
States Securities and Exchange Commission (SEC). This filing clears the way for
Envoy to offer its shares for trade by licensed broker/dealers in the U.S. market.
On Aug. 3, 1999, Envoy received its final receipt for its prospectus. This private
placement which raised $18-million for Envoy was led by one of Canada's largest
brokerage firms, RBC Dominion Securities. RBC Dominion Securities will initiate
research on Envoy shortly.
CONSOLIDATED STATEMENT OF OPERATIONS
Nine months ended June 20
1999 1998
Revenue $101,384,170 $23,310,426
Cost of sales 73,462,770 14,301,967
------------ -----------
Gross margin 27,921,400 9,008,459
Expenses
Salaries and
benefits 17,346,508 4,421,268
General and
administrative 4,746,086 2,829,008
Occupancy costs 987,917 295,484
Amortization and
depreciation 1,351,147 286,959
Interest 266,130 5,000
------------ -----------
Total
operating
expenses 24,697,788 7,837,719
------------ -----------
Income
before taxes 3,223,612 1,170,740
Income taxes 1,259,812 -
------------ -----------
Net income $ 1,963,800 $ 1,170,740
============ ===========
Net income
per share 14 cents 13 cents
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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