Highwood 1999 results of operations and future plans
Highwood Resources Ltd HWD
Shares issued 21,811,459 May 2 close $0.50
Wed 3 May 2000 News Release
Mr. Jim Roxburgh reports
FINANCIAL HIGHLIGHTS
(for the year ended Dec. 31)
For the fourth consecutive year, Highwood has achieved strong financial performance in terms of operating profit and cash flow. The company had net income of $997,465 or four cents per share compared with a net loss of $5,498,450 or 25 cents per share in 1998. The 1998 figure reflects writedowns of various asset-carrying values totaling $6,535,387 and there were no writedowns in the current year. Related cash flow from operations increased by 15.4 per cent to $2,136,654 from $1,851, 892 in the prior year.
Revenue for the year ended Dec. 31, 1999, increased 22.2 per cent to $16, 953,306 from $13,869,761 in 1998. Approximately two thirds of this increase was from the acquisition of the Canada Talc Limited operations at the start of the year. The balance was attributable to a regular sales increase of established product lines.
Operations outlook for the year 2000
The Canada Talc Limited acquisition offers strategic advantages that should be gained through the creation of a multi-mineral processing facility in eastern Canada servicing the very large eastern North American market. The first two stages of the upgrading and expansion of the Canada Talc plant have been completed and all barite filler production is now being conducted at this plant along with the resident talc. The focus and emphasis for 2000 is to aggressively pursue and secure talc sales and establish a significant presence in the North American talc market.
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