Earnings:
Imperial PlasTech Inc -
Imperial PlasTech earnings increase $1,522,000 in Q2
Imperial PlasTech Inc
IPQ
Shares issued 29,346,323
2000-07-19 close $2.14
Thursday Jul 20 2000
Mr. Victor D'Souza reports
Imperial PlasTech has disclosed the results for the three and six months ended May 31, 2000.
Sales for the quarter rose to $16.1-million from $4.9-million the prior year, producing net
income of $1.8-million or seven cents per common share compared with $278,000 or two cents
last year. For the six-month period, sales increased to $27.8-million from $6.9-million in fiscal
1999, resulting in net earnings of $2.7-million or 10 cents per common share compared with
$282,000 or one cent per common share for the same six-month period last year.
The increase in sales during the period is primarily due to strong North American demand for
the company's fibre optic conduit and residential plumbing products and the contribution of
the new facility in Edmonton acquired in August, 1999, supplying the Western Canadian
markets. Gross profit as a percentage of sales for the six months improved to 22.5 per cent
this year from 22 per cent as capacity was better used, while selling general and
administrative expenses fell to 4.6 per cent of sales from 9.6 per cent last year.
During the first half of the year, the company invested $2.7-million in additional
manufacturing capacity and facilities. Long-term debt was also reduced by $1.3-million
during the period, resulting in a conservative term-debt-to-equity ratio of 38 per cent.
"We believe Imperial has grown to become the largest supplier of fibre optic conduit in
Canada," stated Victor D'Souza, president and chief executive officer. "We are also
expanding our presence in the U.S. market, capitalizing on our reputation for quality and
production efficiency. The recent $6.8-million (U.S.) in new orders is testament to our ability
to compete and win in this high-growth market.
"Looking ahead, we are confident that our expanded production capacity will produce
further revenue improvements, particularly in the strong Western Canadian oil and gas
industry and the U.S. fibre optic market," Mr. D'Souza concluded.
FINANCIAL HIGHLIGHTS
Three-month period ended May 31
(in thousands of dollars)
2000 1999
Sales $16,034 $ 4,926
Net earnings 1,820 278
Net earnings per share $0.07 $0.02
FINANCIAL HIGHLIGHTS
Six-month period ended May 31
(in thousands of dollars)
2000 1999
Sales $27,751 $ 6,984
Net earnings 2,726 282
Net earnings per share $0.10 $0.01
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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