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Lenox Polymers Reports Third Quarter
PR Newswire - July 21, 1997 15:49
PORT HURON, Mich., July 21 /PRNewswire/ -- Lenox Polymers Limited
(OTC: LXPYF) today announced for the third quarter ended May 31, 1997:
Third Quarter Results (three months ended May 31, 1997)
* Sales were $217,414.
* Net income was $20,956.
* Net earnings per share were nil.
Nine Months Results (nine months ended May 31, 1997)
* Sales were $455,846.
* Net loss was $116,303.
* Net loss per share was $0.02.
Kenneth R. Kurple, President, said the Company is starting to see strong
growth in its new Estalloy tooling system which the Company began to market
early in 1997. "We are extremely excited about the potential of this new
product as we start to launch a national advertising campaign on the
advantages of the Estalloy tooling system," Mr. Kurple said. "We expect to
see strong sales growth throughout 1997."
Tooling molds produced with this Lenox material system take only a
fraction of the time required for the production of automotive molds made from
such traditional materials as machined aluminum, cast aluminum, cast kirksite,
and laminated epoxy. The tooling sector in the U.S. is a $5-billion-per-year
business.
Mr. Kurple also reports that advances have been made in various projects
involving its lignin-based resins. One such project, with a foundry owned by
a major automobile manufacturer, is in the production testing stage. Lignin-
based resins are being tested as binding agents for the manufacture of casting
sand cores.
The outlook is for continued growth through the remainder of the year as
Lenox launches a national advertising campaign introducing its Estalloy
products.
Lenox Polymers Limited is a specialized resin products company which has a
patented and proprietary, low-cost method to produce very high-quality lignin
from the waste black liquor of kraft-type pulp mills. It also markets the
Estalloy tooling system. Lignin is a natural glue derivative of wood that can
replace certain petrochemicals used in plastics. The new lignin-based resins
possess a number of environmental, economic and quality advantages for
foundry, adhesive, coating, foam, and plastic applications.
Shares of Lenox trade on the Canadian Dealing Network (LENP) and OTC
Bulletin Board (LXPYF).
SOURCE Lenox Polymers Limited
CONTACT: Ken Kurple, President of Lenox Polymers, 810-364-3774 |
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