Does anyone else here follows these guys or is it just me. This info looks great! Hope to see $1 soon.
Scott
Rich Coast Inc. Achieves Profit In Third Quarter
March 17, 1998 05:48 PM
DEARBORN, Mich., March 17 /PRNewswire/ -- Rich Coast Inc. KRHC is pleased to announce record results for the quarter ended January 31, 1998. Revenues for the 3 month period increased 110% to $813,761 from $388,538 for the comparable period last year. Nine month revenues for the period ended January 31, 1998 were $2,018,459, up 43% from $1,413,789 a year ago.
Performance improved significantly resulting in the Company's first ever profitable quarter. Rich Coasts' net third quarter income of $92,395, or $.01 per share, is on schedule with the Company's initial business plan prepared January 1, 1996. In addition, losses for the nine month period were reduced from $1,793,544 or $.12 per share to $457,608 or $.03 per share. Rich Coast attributes the increases in revenues to a surge in the automotive related business and initial operations of the Company's new one million gallon biological treatment system resulting in record revenues and profit.
Rich Coast's President, Jim Fagan, very encouraged by these results states, "an upsurge in business is expected in the coming spring due to the improving biological treatment business and initiation of waste stream receipts from the Company's recently announced two year national sales and marketing agreement with Tonawanda Environmental Corporation of Buffalo, New York."
Rich Coast Inc.'s subsidiary, Waste Reduction Systems, operates a comprehensive nonhazardous industrial waste treatment, storage, disposal and recycling facility. The Company has developed proprietary processes for converting hard to treat industrial waste oils into high grade fuel and lubricating oils. The Company has also successfully developed specific expertise in waste water treatment, solids processing, biological remediation and (off-spec) consumer product disposal. SOURCE Rich Coast Inc |
