Record Year End Results for Steeplejack
"This is a nobrainer in my mind. 56 cents earnings and trading at 1.70 with book value at $2.21"
EDMONTON, ALBERTA--Steeplejack Industrial Group Inc. followed a
good year in fiscal 2002 with a great year in fiscal 2003, said
President and CEO Jim Ross. At the fiscal year end of June 30,
2003, revenues had doubled over the previous year, jumping from
$35.1 million to $70.5 million. Net after tax earnings rose in
even more dramatic fashion, from $1.3 million in fiscal 2002 to
$4.3 million for the year just completed.
Ross credited this outstanding performance to several factors,
including two large one-time contracts in the Fort McMurray
region. In addition, he cited the company's industry-leading
commitment to work safety and its ISO 9001 focus on customer
satisfaction.
The president lauded the efforts of Steeplejack's management and
line staff. "This past year our people have worked not only very
hard, but with great competence and professionalism." He said his
staff have produced internal improvements such as better project
management systems, while winning external recognition from
customers for high quality and productivity. He also praised the
company's plan, pursued over the last several years, to acquire
the significant amounts of new equipment it needed to take on
larger projects.
Ross stated, "We've done what we said we'd do," although he added
that fiscal 2003 actually exceeded expectations. While the
current dramatic increase in revenues cannot realistically be
expected again next year, Ross asserted that the company is now
operating at a higher level which he believes is sustainable for
the future.
Steeplejack is a multi-service provider of manpower, scaffolding
and specialty equipment for insulation work, mechanical trades,
civil trades, asbestos abatement and general plant 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. 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 end results for fiscal 2003 (July 1, 2002, to June 30, 2003)
- Revenues of $70.5 million (compared to $35.1 million for fiscal
2002)
- Earnings before income taxes of $6.7 million (compared to $2.0
million for fiscal 2002)
- Net earnings of $4.3 million (compared to $1.3 million for
fiscal 2002)
- Basic earnings per share were $0.56 (compared to $0.17 for
fiscal 2002)
- Fully diluted earnings per share were $0.56 (compared to $0.16
for fiscal 2002)
- EBITDA (a) of $9.2 million (compared to $3.1 million for fiscal
2002)
- EBITDA (a) per share of $1.19 (compared to $0.39 for fiscal
2002)
(a) EBITDA (earnings before interest, taxes, depreciation,
amortization, write down of equipment, and gains/losses on sale
of assets)
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FOR FURTHER INFORMATION PLEASE CONTACT:
Steeplejack Industrial Group Inc.
Jim Ross
President and CEO
(780) 465-9016
or
Steeplejack Industrial Group Inc.
Investor Relations Department
Email: info@steeplejack.ca |
