Tecsyn's 3rd quarter results:
Canadian Company Press Release
TSN 1997-07-04 (provided courtesy of ISDN Wire Service)
TECSYN ANNOUNCES THIRD QUARTER RESULTS
ST. CATHARINES, ONTARIO--
For the third quarter ended May 31, 1997, TecSyn recorded net
income of $3,660,029 or $0.07 per share on revenue of $24,802,134
compared to net income of $884,092 or $0.01 per share on revenue of
$20,814,422 for the previous year.
Net income for the nine month period ended May 31, 1997 was
$5,511,724 or $0.10 per share on revenue of $55,538,403. This
compares to a net income of $1,261,211 or $0.02 per share on
revenue of $50,422,300 for the comparative nine months last year.
3 months to May 31 1997 1996
Revenue $24,802,134 $20,814,422
Net income $3,660,029 $884,092
Net income per share $0.07 $0.01
9 months to May 31 1997 1996
Revenue $55,538,403 $50,422,300
Net income $5,511,724 $1,261,211
Net income per share $0.10 $0.02
* Average common shares outstanding 52,600,948 53,037,948
The Polytech Netting business continues to consolidate production
at its state of the art Mexican production facility where an
expansion is currently underway to double its current size. The
expansion will accommodate further vertical integration of
manufacturing processes as well as absorption of production
capacity from our Orillia production facility which will be closed
by fiscal year end.
The Poli-Twine group has experienced significant improvement in
margins as a result of operating efficiencies and relatively stable
selling prices and resin costs. The industrial division is
continuing its efforts to expand into North American markets.
The right sizing of PMP is now complete resulting in a more
efficient operation. Positive results on emission testing at small
engine manufacturers has generated considerable interest in powder
metal cylinder liners. A new test program with a significant air
bag manufacturer is yielding positive results in this high volume
industry. Although this program is in the early stages of testing
the results to date have shown that a powder metal component has
many benefits to the manufacturer of air bags and the end user.
TecSyn has reduced its total debt from $31.2 million a year ago to
$16.0 million which reduced interest charges dramatically.
TecSyn is the largest manufacturer of baler twine in North America,
the world's largest supplier of automotive restraint and
convenience netting products, and the world's most advanced
manufacturer of powdered metal products utilizing TecSyn's
proprietary cold isostatic compaction technology.
For further information please contact Zoltan D. Simo, President &
CEO or Paul E. Riganelli, VP Administration at Tel: (905) 687-8
This baby is going to go! By the fall $3.00! |
