Global Railway Reports Strong First Quarter Results Internally Generated Revenues Grew by 34%
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 7.4 Million - Fully Diluted
(11.7 million effective May 1, 2003)
Web Site: www.globalrailway.com
CALGARY, May 13 /CNW/ - Global Railway Industries Ltd., - (TSE:GBI):
("Global" or the "Company"), a leading North American provider of railway
products and service equipment, announced today its first quarter financial
results for the period ended March 31, 2003. For the three-month period
revenues increased by 34% to $4,200,667 and EBITDA was up 13% to $801,474 over
the same period a year ago.
Mike Kohut, President of Global Railway Industries Ltd. reports, "the
first quarter was a definite success given that January was a very soft month
for all of our business divisions and also due to the fact that orders with
Bach-Simpson scheduled for delivery in the first quarter have been rescheduled
for delivery in the second quarter. Going forward, the Company has a strong
order backlog and the second quarter will have strong contributions from all
three operating segments. In addition, effective May 1, 2003 the revenues and
net income from the acquisition of G&B Specialties Inc. will be included in
the consolidated results of operations".
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Financial Highlights:
Consolidated Unaudited
Financial Statements March 31, 2003 March 31, 2002
Revenues $4,200,667 $3,143,552
EBITDA $801,474 $709,231
Net earnings $458,855 $590,655
Earnings per share $0.07 $0.08
>>
Earnings per share decreased in the first quarter as compared to a year
ago, mainly due to the Company's inability this year to recognize the benefit
of its tax losses carried forward as a reduction of tax expense.
Conference Call: Wednesday May 14 at 1:30 Eastern Daylight Savings Time
(11:30 Mountain Time)
You are invited to attend a conference call to discuss fiscal year-end
2002 results and fiscal 2003 first quarter results and guidance for the year
ahead.
The dial-in numbers are: (416) 406-6419 in Toronto, OR,
Toll Free 1-888-575-8232
Callers should request the Global Railways Conference call with the
operator, chaired by Mike Kohut, President of Global Railways Inc.
For those unable to participate in the conference call, there will be a
recording of the call available one hour following the call, for a week
following the call. The dial in number is 1-800-408-3053 or 416-695-5800 using
the access code 1420398 followed by the pound key.
About Global Railway Industries: Global Railway Industries is North
America's fastest growing manufacturer of railway equipment. The Company is
pursuing aggressive internal growth and acquisitions of key industry
manufacturers that produce and sell railways the equipment they need to run
and maintain their operations efficiently. Global Railway Industries Ltd. is a
public company whose shares are listed for trading on the Toronto Stock
Exchange (TSX) under the symbol "GBI". The Company has a total of 7.4 million
fully diluted shares outstanding (11.7 million effective May 1, 2003). For
more information visit www.globalrailway.com. |
