Greyvest Capital Inc. Reports 1999 Third
Quarter Results
Monday November 29, 4:08 pm Eastern Time
TORONTO, ONTARIO--Greyvest Capital Inc. (TSE: GFI - news) today reported revenues of $11.2 million for the
third quarter of 1999, compared with revenues of $14.9 million in the same period last year. Revenues for the nine
months ended September 30, 1999 dropped to $33.4 million from $71.8 million in 1998. The decline in revenue reflects
the sale of the Company's computer leasing assets in 1998.
During the third quarter of 1999 Greyvest recorded a net loss of $1.1 million compared to net earnings of $68,000 for
the comparative period in 1998. For the nine months ended September 30, 1999, the Company reported a net loss of
$1,482,000 or $(0.07) per share compared to a net loss of $6.0 million or $(0.28) per share in 1998.
The Company's wholly-owned subsidiary, Vernon Rentals & Leasing achieved considerable improvement in operating
results over the past six months. However, stronger earnings at Vernon were more than offset by substantial costs
incurred by Greyvest due to its downsizing and disposal of assets, as well as, the absorption of a $464,000 loss derived
the Company's 51% interest in Synex International. In addition, a net income tax provision of $754,000 was recorded
by Greyvest in the third quarter in connection with its profitable operations.
Despite a downsizing of operations, Greyvest's financial results continue to be impacted by substantial unusual or
non-recurring corporate costs. Management is however, utilizing its best efforts to minimize or eliminate non-recurring
expenses, as well as, professional and other fees.
Greyvest Capital Inc. through the Canadian and U.S. based operations of Vernon Rentals & Leasing is a leading
computer rental and technology solution company serving corporate clients, systems integrators and equipment resellers
across Canada and the United States.
Contact:
Greyvest Capital Inc.
Lou Elmaleh
Chairman of the Board and Chief Executive Officer
(416)299-3616 |
