Trojan Technologies expects Q4 loss of $3.4-million
Trojan Technologies Inc TUV
Shares issued 17,168,392 Oct 22 close $9.50
Tue 23 Oct 2001 News Release
Mr. Douglas Alexander reports
Trojan Technologies has provided an update on its expected business
performance for the fourth quarter and full year ended Aug. 31, 2001. For
the final quarter, the company expects revenues to be approximately
$19-million, with EBITDA of $290,000. In the fourth quarter the company
anticipates an operating loss before tax of $3.4-million. The company
intends to make provisions and write-offs in the quarter totalling
approximately $2-million, relating primarily to a retirement arrangement
for its former chief executive officer and a reduction in the carrying
value of the investment in the company's United Kingdom subsidiary.
For the full year, Trojan expects to achieve revenues exceeding
$73-million, with EBITDA of $1.8-million, compared to revenues of
$67-million and a loss of $4.8-million in the prior year. Gross margins
improved to 37 per cent from 30 per cent. For the year, the company expects
to report a net loss before and after tax of $5.1-million or 30 cents per
share compared with a pretax loss of $12.3-million and a net loss after tax
of $7.7-million or 45 cents per share in the prior year.
"While results for fiscal 2001 did not fully meet expectations, I am
encouraged by improving gross margins, which reached 37 per cent for the
year," said Allan Bulckaert, Trojan's newly appointed chief executive
officer. "My recent meetings with current and potential customers convince
me that our position in the marketplace will continue to strengthen, and
that this will be reflected in improvements in our top and bottom lines. I
look forward to sharing our plans and progress with investors beginning
with our October conference call."
Trojan Technologies will provide its fourth quarter and full year results
on Oct. 30. The announcement will be followed by a conference call at 4:30
p.m. for analysts, investors and the media. The conference call will be
hosted by Allan Bulckaert, president and chief executive officer, and will
include Doug Alexander, executive vice-president and chief financial
officer, and Marvin DeVries, executive vice-president.
Conference call: 4:30 p.m. Eastern Time, Oct. 30, 2001. Phone (416)
695-5806 or (800) 273-9672. (Please call ten minutes prior to start.) A
taped version of the call will be available until midnight Nov. 7, 2001, by
calling (416) 695-5800 and dialling passcode number 934764.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
