Global Railway Reports First Quarter Financial Results For 2002
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 7.4 Million (Fully Diluted)
CALGARY, May 23 /CNW/ - Global Railway Industries Ltd., - (TSE:GBI):
Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the
"Company"), a provider of railway products and service equipment, announced
today its first quarter financial results for the period ended March 31, 2002.
For the three month period ending March 31, 2002 revenues were up 193% to
$3,143,552 and profits were up 510% to $590,655 over the same period a year
ago.
Mike Kohut, President of Global Railway Industries Ltd. reports, "the
first quarter marks a definite improvement in our financial results and shows
the true potential of the Company's current operations. Currently, Global has
a significant backlog of orders so that we expect that our second quarter
could meet or even exceed our first quarter results".
Kohut continues, "the main reason for the increase in revenues and
profitability is the general strengthening in the economy that positively
affected Rafna's business and the inclusion of the results of operations from
Bach-Simpson. Global acquired Bach effective May 1, 2001 and the comparative
first quarter results do not include any results from Bach-Simpson".
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Financial Highlights
Consolidated Unaudited
Financial Statements March 31, 2002 March 31, 2001
Revenues $3,143,552 $1,071,680
EBITDA $709,231 $210,697
Net earnings $590,655 $96,821
Earnings per share (fully diluted) $0.08 $0.02 |
