Looks like loosing money to me, and I went to a bank for a loan and they said buzz off(not to say that happened here)I might put a slightly differant spin on it??
Canada NewsWire - Pointcast Network Canada PALLET PALLET ANNOUNCES THIRD QUARTER FISCAL '97 RESULTS 17:43 EST Monday, March 31, 1997
Canada NewsWire
TORONTO, March 31 /CNW/ - (All figures expressed in U.S. dollars) Pallet Pallet Inc. today announced financial results for the Company's third quarter of fiscal 1997 ending February 28, 1997. Sales revenues for the three month period were $20.7 million with an EBITDA of $(0.2) million and a loss before provision for income taxes of $1.1 million, or 2 cents per share. After eliminating discontinued operations and nonrecurring items, comparative figures for the same period of fiscal 1996, based on revenues of $23 million, produced an EBITDA of $(2.2) million and a loss before provision for income taxes of $3.1 million, or 7 cents per share.
When combined with the Company's first two quarters of fiscal 1997 financial results, sales revenues for the nine month period were $70.6 million generating a positive EBITDA of $1.4 million and a loss before provision for income taxes of $1.1 million, or 2 cents per share. These figures compare favourably with those for the same period of fiscal 1996, which after eliminating discontinued operations and nonrecurring items, based on revenues of $81.5 million, produced an EBITDA of $(1.7) million and a loss before provision for income taxes of $4.4 million, or 10 cents per share.
Mr. Douglas Moore, President and Chief Executive Officer, Pallet Pallet Inc. stated, "Historically, November, December and January are slow months for the pallet industry. This year, in addition to the seasonality, we experienced erosion in gross margins resulting from unexpected increases in lumber prices due to abnormal weather conditions. Compounding this further, the marketplace was unwilling to accept price increases as rapidly as lumber costs rose. While performance for the third quarter was below expectations, good progress continues to be made in restructuring the company which will enhance future results."
"Our North American distribution network of 'Authorized Service Centers' which to-date totals approximately 230, continues to illustrate its importance in growing our national programs. One such program, Palletbanking(R), signed several major clients in the third quarter alone, due entirely to the strength and geographical coverage of this network. We would expect revenue to increase in the coming months as these new customers come on line."
Pallet Pallet Inc. operates North America's largest integrated distribution network for new and recycled wood pallets, reusable plastic pallets and containers, and related products. The Company is listed on the Toronto Stock Exchange under the symbol "PLT".
c Canada NewsWire - 1997 |
