Actually, it's a couple of months later, but I'm still around, just busy eleswhere. Here's the year end. Now I'm also hearing some good things through the rumour mill. More later, when I have more.
Wednesday September 22, 5:16 pm Eastern Time
Company Press Release
Hyduke Resources Ltd. Year End Results
EDMONTON, ALBERTA--
OPERATING DIVISIONS: B.W. RIG REPAIR & SUPPLY
RELIABLE AIRFLOW SALES & SERVICE
CANWEST CRANE AND EQUIPMENT
MIMCO ENTERPRISES
Hyduke Resources Ltd. (ASE: HYD - news) announces their financial results for the year ended April 30, 1999. Gross revenues of $13.9 million compare to $30.3
million for the previous year. There was a net loss for the company of $983,028 compared to a net profit of $1,999,872 in 1998. This results in a net loss of $.13
per share in 1999 compared to a net profit of $.27 per share in 1998.
The decrease in revenues and corresponding net loss is largely the result of the general downturn in the services sector of the oil and gas industry, which prevailed
throughout the company's last fiscal year. It is significant to note, however, that Hyduke has over $1.8 million of equity as at April 30, 1999 and has a positive
working capital amounting to $1.4 million.
John Babic, Chief Executive Officer of Hyduke Resources Ltd. stated that, ''The increase in the price of oil to a current level of around $23 U.S. per barrel is
positive for the company and should translate into profits for the company beginning in the second quarter of this fiscal year. The recent acquisition of Mimco
Enterprises Ltd., a Calgary-based company providing fabrication and hi-tech machining services should both diversify and complement Hyduke's other divisions on a
go-forward basis.''
Financial Highlights
Millions of Cdn. Dollars Fiscal Year Ended Fiscal Year Ended
(unless noted) April 30, 1999 April 30, 1998
Revenue 13.9 30.3
EDITDA (.8) 3.4
Net Earnings (loss) (1.0) 2.0
Per share $(.13) $.27
Working Capital 1.4 2.2
Long Term Debt .1 .3
Hyduke Resources is an integrated services company specializing in the manufacture, repair and sales of oilfield equipment and supplies. These include oilfield service
rigs, pump trucks, generator buildings, mud tanks, pneumatic control panels, air starters, compressors, drilling tools and both stiff boom and articulating cranes.
Contact:
Hyduke Resources Ltd.
John Babic
CEO
(780) 463-8686
(780) 988-5768
jbabic@hyduke.com
or
Hyduke Resources Ltd.
Bob Ardiel
CFO
(780) 463-8686
More Quotes and News:
Hyduke Capital Resources Ltd (Alberta:HYD.AL - news) |
