James, is CPSX similar to CEP.v from the Canadian Microcap board? Are they the same co. or competitors?
Ceramic Protection Corporation - Second Quarter Results
Thursday June 19, 12:37 pm ET
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
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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
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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.
For further information
Dr. Ron Wallace, Chief Executive Officer, Tel: (403) 250-1007
Mr. Larry Moeller, Chairman, Board of Directors, Tel: (403) 221-8155
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Source: Ceramic Protection Corporation |
