Second Quarter Results for Steeplejack
*Amazing results. Market still hasnt recognized them yet.
EDMONTON, ALBERTA--Steeplejack Industrial Group Inc. reported
another strong quarter at the mid-point of fiscal 2004. President
and CEO Jim Ross said Steeplejack's second quarter, which ended
December 31, 2003, showed the continued healthy results of the
company's strategies for planned growth, superior performance in
the field, and improved overall efficiency.
"Our net earnings keep on improving," said Ross, pointing to
second quarter figures of $1.2 million, up from $0.9 million for
the previous second quarter. Coupled with an exceptional first
quarter, this doubled year-to-date net earnings, jumping from
$1.2 million at the end of the last second quarter to $2.4
million at the half way mark of fiscal 2004. Revenues for the
balance of fiscal 2004 will be distributed more evenly than in
2003, when the third quarter was bolstered by large contracts in
the Fort McMurray area, since completed; but the company remains
on track for overall performance in 2004, similar to last year.
Ross listed a number of factors supporting Steeplejack's
sustained excellence. "Our focus on safety and customer
satisfaction through the ISO 9001: 2000 program is winning us
high customer confidence ratings, resulting in ongoing
maintenance work for existing customers. In addition, we've seen
solid teamwork between our field departments and head office.
These factors, coupled with new construction contracts, have kept
the company operating at record levels." Ross added that the fact
that the duration of the new contracts are for at least 12 months
should help sustain the company's momentum well into next year.
Steeplejack provides scaffolding, insulation, civil, asbestos
abatement and general plant maintenance services to major
industrial facilities throughout Western Canada. The company's 10
strategically located branches and advanced job-site tracking
methods serve a diverse group of large industrial companies.
Steeplejack 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 2004 (July 1, 2003 to December
31, 2003)
- Revenues of $34.2 million (compared to $24.2 million for fiscal
2003)
- Net earnings of $2.4 million (compared to $1.2 million for
fiscal 2003)
- Net earnings per share, both basic and fully diluted, were
$0.31 (compared to $0.15 for fiscal 2003)
- EBITDA (earnings before interest, taxes, depreciation,
amortization, write down of equipment, and gains/losses on sale
of assets) of $4.7 million (compared to $2.6 million for fiscal
2003)
- EBITDA per share of $0.61 (compared to $0.33 for fiscal 2003)
Second quarter results for fiscal 2004 (for the three-month
period ending December 31, 2003)
- Revenues of $18.9 million (compared to $15.5 million for fiscal
2003)
- Net earnings of $1.2 million (compared to $0.9 million for
fiscal 2003)
- Net earnings per share, both basic and fully diluted, were
$0.15 (compared to $0.12 for fiscal 2003)
- EBITDA (earnings before interest, taxes, depreciation,
amortization, write down of equipment, and gains/losses on sale
of assets) of $2.2 million (compared to $1.8 million for fiscal
2003)
- EBITDA per share of $0.29 (compared to $0.23 for fiscal 2003)
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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
Website: www.steeplejack.ca |
