Elite Technical Inc. Announces Increased Sales and Earnings
**** This has to be one of the cheapest stocks out there right now. Should earn 4 cents with a current share price of 20 cents.
CALGARY, ALBERTA--(CCNMatthews - Dec. 7, 2004) - Elite Technical Inc.
(TSX VENTURE:ET) ("Elite") today announces its financial results for the
second quarter ended October 31, 2004.
"The company is pleased to announce its fifth consecutive profitable
quarter," said Peter Fenton, President and CEO for Elite Technical Inc.
"Our net profit was $70,986 despite the impact of the strengthening
Canadian dollar which resulted in an $11,174 foreign exchange loss. Our
sales team continues to secure new business in a variety of markets.
Since our last quarterly press release on September 15th we have
communicated only one significant order of $150,000; however the total
orders received in that time frame were over $700,000." Fenton added "It
is important to note that these orders were from a variety of customers
and markets, we continue to focus on growth and diversification both
through internally generated sales and acquisition opportunities."
The company is also pleased to announce the appointment of Mr Louis W
MacEachern to the board of directors. "I am delighted that Lou has
agreed to join the board, he brings significant experience in business
development and growth" said Peter Fenton. "He is a director of
PetroKazakhstan Inc, Wellpoint Systems Inc. and Mundoro Mining Inc. He
is also sole owner of Fortune Industries Ltd., a business management
consulting firm which held the majority shares in the Servpro/Dalco
Group of companies. In addition Lou is also active as a director of
various community associations including The Calgary Chamber of
Commerce, The Calgary Foundation, The Duke of Edinburgh Awards and the
Salvation Army."
On December 3, 2004, an option to purchase 50,000 common shares at a
price of $0.20 per share was granted to a director.
Results of Operations
Elite reported a net income of $70,986 ($.01 earnings per share) for the
second quarter ended October 31st, 2004, compared to a net income of
$38,784 ($0.00 earnings per share) for the second quarter ended October
31, 2003. Year to date Elite has a net profit of $141,549 ($0.015
earnings per share) compared to a net loss of $72,257 ($0.01 loss per
share) for the previous comparable period.
Sales
Sales for the second quarter of fiscal 2005 were $1,116,978 compared to
$1,047,991 for the same period last year. Year to date sales were
$2,350,003 compared to $1,706,174 for the same period last year. Sales
continue to diversify with a good mix of current open quotations.
/T/
Financial Performance Summary
Three months ended: Six months ended:
Oct 31, Oct 31, Oct 31, Oct 31,
2004 2003 2004 2003
Revenue $ 1,116,978 $ 1,047,991 $ 2,350,003 $ 1,706,174
Gross margin $ 491,069 $ 299,302 $ 972,685 $ 425,004
Net income/(loss) $ 70,986 $ 38,784 $ 141,549 $ (72,257)
Net income/(loss)
per share $ .01 $ .00 $ 0.015 $ (.01)
/T/
About Elite
Elite is a Calgary-based manufacturer of high-quality, high-reliability
cable assemblies and connection solutions for use in a broad range of
consumer products, commercial and industrial products, and electrical
systems. Elite is listed for trading on the TSX Venture Exchange under
the symbol "ET." and has 10,999,650 common shares outstanding. More
information on Elite can be found by visiting the Company website at
www.etechi.com or under the Company's listing at www.sedar.com.
Forward-Looking Information
This news release may contain forward-looking information that involves
risks and uncertainties. Actual results may differ materially. More
detailed information about potential factors that could affect Elite
Technical Inc.'s financial results is included in the documents the
Company files from time to time with the Canadian Regulatory Authorities
and the TSX Venture Exchange.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Elite Technical Inc.
Peter Fenton
President and C.E.O.
(403) 250-8087
Email: investorrelations@etechi.com
Website: www.etechi.com
or
Jason Krueger, CFA
Investor Relations
(403) 374-1234
Email: ET@redwood-capital.com
Website: www.redwood-capital.com |
