Here are the 3rd. qtr. results, we should see some movement.
Subject: FANTOM TECHNOLOGIES REPORTS RECORD QUARTERLY RESULTS FOR Q3 FISCAL 1998
To: "Portfolio Email User" <portfolio@newswire.ca>
Attention Business/Financial Editors:
FANTOM TECHNOLOGIES REPORTS RECORD QUARTERLY RESULTS FOR Q3 FISCAL 1998
WELLAND, Ont., April 16 /CNW/ - Fantom Technologies Inc. (TSE Stock
Symbol: FTM; NASDAQ Stock Symbol: FTMTF) today announced its financial results
for the three month and nine month periods ended March 31, 1998.
For the three months ended March 31, 1998 (Q3 fiscal 1998), net income
rose 45% from the year-earlier period to $2.9 million. Earnings per share
increased to 32 cents (based on 8,927,275 shares outstanding) from 24 cents
(based on 8,381,441 shares outstanding) for the same period in the previous
year. Revenue increased 33% to $52.1 million.
For the nine months ended March 31, 1998 net income rose 58% from the
year-earlier period to $7.2 million. Earnings per share increased to 83 cents
(based on 8,722,830 shares outstanding) from 55 cents (based on 8,353,725
shares outstanding) for the same period in the previous year. Revenue grew 22%
to $125.1 million.
Commenting on the Company's results, Fantom Technologies' President & CEO
Allan Millman said, ''Our record Q3 results reflect the successful launch of
the FANTOM(R) LIGHTNING(R) canister vacuum as well as the continued strength
of our FANTOM(R) THUNDER(R) and FANTOM(R) FURY(R) uprights. Importantly, as a
result of the introduction of the LIGHTNING(R) vacuum, we now have a broader
product line with which to compete, spanning the upright and canister segments
of the market.''
Fantom Technologies Inc. designs, manufactures and markets vacuum
cleaners based on proprietary, dual-cyclonic vacuuming technology. This
technology eliminates the use of filter bags and provides constant peak
cleaning power versus the declining cleaning power often experienced with
conventional vacuums using filter bags. The company's main product line
consists of the FANTOM(R) THUNDER(R) and FANTOM(R) FURY(R) uprights, and the
FANTOM(R) LIGHTNING(R) canister which has recently been introduced. The
Company's products are sold in the United States and Canada via
direct-response television and through mass merchandisers, catalog and
catalog/showroom retailers, warehouse clubs, department stores and independent
vacuum dealers.
<<
Financial Highlights
(Unaudited, in Canadian Dollars)
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Nine Months Ended Three Months Ended
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March 31 1998 1997 1998 1997
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Sales $125,082,625 $102,657,553 $52,124,311 $39,275,702
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Cost of Goods Sold $80,162,124 $65,230,937 $33,889,815 $25,256,728
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Operating Expenses $33,595,185 $30,307,729 $13,665,988 $10,914,740
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Income Before Taxes $11,325,316 $7,118,887 $4,568,508 $3,104,234
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Tax Provisions $4,128,000 $2,563,000 $1,695,000 $1,117,000
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Net Income $7,197,316 $4,555,887 $2,873,508 $1,987,234
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Earnings Per Share $0.83 $0.55 $0.32 $0.24
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Average No. of Shares 8,722,830 8,353,725 8,927,275 8,381,441
-------------------------------------------------------------------------
>>
%SEDAR: 00001906E
-0- 04/16/98
For further information: Allan Millman, President & CEO, (416) 622-9740 Ext. 24; Steve Doorey, Vice President, CFO, (905) 734-7476 Ext. 281 |
