NEWS RELEASE
CALGARY, AB
September 9, 1999
SHARES OUTSTANDING 14,851,921
FOR IMMEDIATE RELEASE
TCT RELEASES YEAR-END FINANCIALS
Thermal Control Technologies Corp. (ASE:TCT) has announced a year-end loss
of $3,112,216. This was due to a number of one-time charges. Assets were
written down by $1,981,966. The costs of issuance for the Tax-exempt Bond
were $277,000. While relocating from Lincoln, Nebraska to Prescott,
Arizona TCT experienced redundant costs in both the Manufacturing and
Administrative areas. TCT has also entered into non-disclosure agreements
with two parties looking at assuming control of the Company.
Consolidated Statement of Earnings and Retained Earnings (Deficit)
(AUDITED)
For the years ended March 31, 1999 and 1998
1999 1998
Revenue
Product sales - Note 13 $ 6,319,369 $ 6,986,024
Oil and gas, net of royalties 40,848 69,259
Interest - 52,001
6,360,217 7,107,284
Expenses
Cost of manufacturing product sold 3,297,175 3,417,447
Oil and gas production 77,258 122,902
Administrative and sales 2,378,837 1,463,380
Operating line interest 101,002 27,666
Relocation costs 61,284 -
5,915,556 5,031,395
Earnings before the following 444,661 2,075,889
Depletion of resource properties 18,000 18,000
Amortization of capital assets 476,314 228,140
Amortization of other assets 369,050 214,653
Impairment of
Property, plant and equipment 1,656,222 -
Resource assets 325,744 -
Interest on long-term debts 1,054,547 162,343
3,899,877 623,136
Earnings (loss) before income taxes (3,455,216) 1,452,753
Provision for future income taxes (recovery) - Note 14 (343,000) 343,000
Net earnings (loss) (3,112,216) 1,109,753
Retained earnings, beginning of year 1,649,165 539,412
Retained earnings (deficit), end of year $ (1,463,051) $ 1,649,165
Earnings (loss) per share
Basic $ (0.23) $ 0.09
The Company advises its Head Office is operating on a part-time basis with
the switchboard being forwarded to the Prescott location. Full time
operations are expected to resume in the near future. Canadian clients are
being serviced out of Prescott at 1-800-230-6061 until the Canadian office
is fully staffed again.
Charge Air Coolers cool hot, intake air from the discharge of the turbo
compressor prior to that air entering an engine's intake manifold. This
cooler denser air and diesel fuel mixture burns more efficiently maximizing
horsepower, increasing fuel efficiency and reducing exhaust emissions.
Original Equipment Manufactured (OEM) CACs are similar to welded, soldered
and brazed radiators which, due to constant vibration and thermal expansion
and contraction are subject to leaks, cracks and ultimately failure of the
welded and soldered connections. These stress cracks cause a decrease in
charge air pressure resulting in incomplete combustion of the diesel fuel,
poor fuel economy, loss of horsepower and an unacceptable level of exhaust
emissions. In extreme cases engine failure can also result from a failed CAC.
TCT is a manufacturer of advanced heat exchange equipment for sale and
distribution into the automotive, heavy duty truck and industrial
equipment, agricultural and marine engine aftermarkets. TCT's major
product is a line of revolutionary charge air coolers for aftermarket
installation on Class 8 heavy-duty trucks and on buses. TCT is also an OEM
supplier of complete cooling systems to heavy-duty trucking and industrial
manufacturers.
For further information please contact Blaine Maller, President & CEO
1-800-230-6061 or visit the Sedar Website at sedar.com
On behalf of the Board of Directors of Thermal Control Technologies Corp.
Blaine Maller
President & CEO
SEC File Number 82-4280 |
