News Release:
YBM REPORTS STRONG FIRST QUARTER SALES AND EARNINGS
Trading Symbol: YBM
The Toronto Stock Exchange
NEWTOWN, Pennsylvania, April 22 /CNW/ - YBM Magnex International, Inc.
(``YBM'') today announced continued growth in sales and earnings for
the quarter ended March 31, 1997. YBM reports its financial results in
U.S. dollars.
Net income for the quarter ending March 31, 1997 was $5.6 million,
compared to $3.0 million in 1996. Sales for the quarter were $29.6
million versus $16.1 million in 1996, an increase of 84%. Fully
diluted earnings per share for the quarter were $0.15 against $0.09
in 1996, an increase of 67%.
Strong results continued to be generated from the Company's permanent
magnet segment which accounted for 67% of total revenues. European
revenues continued to provide the Company with a cylinder for growth
which, coupled with the recently announced acquisition of Crucible
Magnetics, gives YBM a unique worldwide presence in the industry.
YBM's Chairman, Harry Antes, stated "the Company continues to
capitalize on opportunities in the resurgent markets of central and
eastern Europe which accounted for almost 45% of total revenue."
YBM is a growth-oriented metallurgical company with core involvement
in the manufacturing of high-energy permanent magnets and related
products. Also, the company is developing other products, including
lightweight magnesium alloy components and computer security systems.
Each activity is underpinned by proprietary technology developed
through an active research and development program. YBM is a public
company trading on The Toronto Stock Exchange under the symbol YBM.
(US Dollars - Thousands, except per share data)
Quarter March 31: 1997 1996
---- ----
Sales $29,605 $16,079
Net Income 5,633 2,976
Earnings per Share:
Basic 0.16 0.10
Fully Diluted 0.15 0.09
%SEDAR: 00003775E
For further information:
James J. Held, Vice President Business Development and Investor
Relations at (215) 579-0400 |
