Steeplejack Industrial Group Inc.: Third Quarter Results for Steeplejack
This was a HUGE quarter. 27 cents earnings for the quarter. You won't find them much cheaper than this.
EDMONTON, ALBERTA--Steeplejack President and CEO Jim Ross
reported continued improvement at the end of the third quarter of fiscal 2003.As of March 31,2003,the company 's year-to-date revenues maintained the strong growth pattern over the previous year, rising from $23.5 million to $52.1 million. For the quarter, revenues came in at $28.0 million, compared to $8.4 million for the same period in fiscal 2002.
Ross was carefully optimistic in his prognosis. He attributed Steeplejack 's increases to improved operational efficiency and a strategic human resources development program that in turn led to major plant maintenance and expansion contracts. "We have to keep in mind that this year's big jump was mainly a result of two large one-time contracts, so it would be unrealistic to expect similar increases for next year. However, we've done solid
groundwork so our growth should continue at the same steady rate we've seen over the past year or two," said Ross.
Steeplejack is a multi-service provider of manpower, scaffolding and specialty equipment for insulation work, mechanical trades, civil trades, asbestos abatement and general maintenance. The company's 10 strategically located branches and advanced job-site tracking methods serve a diverse group of large industrial companies in Western Canada. It also provides scaffolding and manpower for commercial contracts. The company continues to increase its Canadian market share. An industry leader in safety,
Steeplejack was the first Canadian scaffolding company to achieve ISO certification. Its shares trade on the Toronto Stock Exchange under the symbol SID.
Year-to-date results for fiscal 2003 (July 1,2002 to March
31,2003)
- Revenues of $52.1 million (compared to $23.5 million for fiscal 2002)
- Net earnings of $3.3 million (compared to $628,227 for fiscal 2002)
- Net earnings per share, both basic and fully diluted, were $0.42 (compared to $0.08 for fiscal 2002)
- EBITDA (earnings before interest, taxes, depreciation,
amortization, write down of equipment, and gains/losses on sale of assets)of $6.5 million (compared to $1.8 million for fiscal 2002)
- EBITDA per share of $0.84 (compared to $0.22 for fiscal 2002)
Third quarter results for fiscal 2003 (for the three-month period ending March 31,2003)
- Revenues of $28.0 million (compared to $8.4 million for fiscal 2002)
- Net earnings of $2.1 million (compared to $261,328 for fiscal 2002)
- Net earnings per share, both basic and fully diluted, were $0.27 (compared to $0.03 for fiscal 2002)
- EBITDA (earnings before interest, taxes, depreciation,
amortization, write down of equipment, and gains/losses on sale of assets)of $3.9 million (compared to $657,090 for fiscal 2002)
- EBITDA per share of $0.50 (compared to $0.08 for fiscal 2002)
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FOR FURTHER INFORMATION PLEASE CONTACT:
Steeplejack Industrial Group Inc.
Jim Ross
President and CEO
(780)465-9016
Email: info@steeplejack.ca |
