In case you missed it, CEP is currently sitting at $1.13, EPS for 6 months is .15. I haven't heard any opinions on this one.
Symbol: CEP
Exchange: TSX Venture
CALGARY, June 19 /CNW/ - Ceramic Protection Corporation ("CEP": TSX
Venture) of Calgary, Alberta today posted its second quarter results for 2003.
Financial Results
The financial results for the second quarter ended April 30, 2003 are
summarized as follows:
Three Months Six Months
Ended April 30 Ended April 30
(Thousands, except
per share figures) 2003 2002 2003 2002
------------------------------------------------------------------------
Revenue $ 5,329 $ 1,513 9,317 2,166
Gross Profit 1,297 647 2,051 739
Net Income (Loss) 664 258 1,007 (15)
Cash Flow (Deficiency) 771 355 1,203 179
Net Income (Loss) per Share 0.10 0.04 0.15 0.00
Cash Flow (Deficiency) per Share 0.11 0.05 0.18 0.03
------------------------------------------------------------------------
Operations Review
Sales of wear management products reached $431,000 in the quarter ended
April 30, 2003, similar to the $440,000 achieved in the first quarter of 2003
and up significantly from sales of $332,000 in the second quarter of 2002.
Orders for these materials were relatively strong for the quarter. Success was
achieved with oil sands and international clients. Export sales to the U.S.
remain strong while the Corporation continues to examine and develop new
products for the wear management marketplace.
Armour product sales continued to be strong in the second quarter of
2003. The Corporation achieved armour sales of $4,897,000, a 38% increase from
the first quarter of 2003, and a 134% increase over the second quarter of
2002. Sales of polyethylene personnel body armour manufactured outside of
Canada and imported for sale to the U.S.A. accounted for the majority of the
international armour product sales. During the second quarter, a significant
order for ceramic plates to an international client was successfully
completed. Discussions are underway regarding a potential follow-on order. The
Corporation is continuing to actively submit bids on other significant
international personnel armour contracts. In addition, the Corporation is
continuing its introduction of the CAP armour vests destined for the national
and international police marketplace. Reception of this product has been
encouraging.
Financial Review
Revenues for the three months ended April 30, 2003 were $5,328,000, an
increase of 252%, as compared to $1,512,000 for the same period of the prior
year. Gross profit for the period was $1,297,000 up from $647,000 reported in
the same period in 2002. The Corporation's general and administrative,
interest and depreciation expenses were $477,000 during the three months ended
April 30, 2003 as compared to $390,000 for the same period last year. The
increase in costs relate primarily to additional personnel, insurance, and
marketing costs. Net income was $664,000 as compared to $258,000 for the
second quarter ended April 30, 2002. The significant increase was a result of
much stronger armour sales in the quarter. These positive results were
achieved in spite of a foreign exchange loss of $156,000 resulting from a
strengthened Canadian dollar versus the U.S. dollar. As at April 30, 2003, the
U.S. dollar denominated cash, accounts receivable and accounts payable were
converted to Canadian dollars at an exchange rate of $1.44. Net income per
share for the three months ended April 30, 2003 was $0.10 versus $0.04 in
2002.
Business of the Company
Ceramic Protection Corporation of Calgary, Alberta, Canada is an ISO 9002
certified manufacturer, providing products for the industrial wear management
and ballistic protection marketplace in both personnel and vehicular armour
systems. Since its inception, the Corporation has become a leading
manufacturer of products for ballistic protection in the vehicular and
personnel armour sectors. The Corporation's wear-resistant materials are used
in mining, oil and gas, oil sands and other industrial applications throughout
North America. |
