EARNINGS / Capco Resources reports 1st 9 months results
Capco Resources Ltd. announces the results for nine months ended September
30, 1997.
1997 1996 % Change
------------ ----------- ---------
Total Revenues $114,209,856 $94,780,826 20.5
Net income $ 3,493,318 $ 2,910,932 20.0
Net income per share $ .38 $ .32 18.8
Weighted average shares outstanding 9,140,252 9,093,478 0.5
Total assets $162,224,594 $94,383,821 71.9
The majority of net income was the direct result of Capco's publicly traded
subsidiaries, Saba Petroleum Company (Saba) and Meteor Industries Inc.
(Meteor). Included in net income are dilution gains of $2,612,657 ($1,556,566
in 1996) on these subsidiaries share issues.
As of September 30, 1997, Capco's interest in Saba is 48.32% and Meteor is
42.25%. The consolidation of the accounts of Saba and Meteor with the
accounts of Capco and its 100% owned subsidiaries may or may not be
appropriate depending on the control exercised by Capco.
For more information please contact, Sultan Mahmud at 805.928.7979 x 202 |
