SERVICE SECTOR / Petro Field Q2 Results
PETRO FIELD ANNOUNCES RECORD FY98 Q2 FINANCIAL RESULTS
CALGARY, May 20 /CNW/ - Petro Field Industries Inc., today announced the
results from operations for the quarter ending March 31, 1998. Sales for the
first six months of fiscal 1998, ending March 31, 1998, reached an all time
high of $4,510,910 versus $2,027,771 for the same period last year. Total
sales for fiscal 1997 were $4,268,234. Earnings before Income Tax,
Depreciation and Amortization (''EBITDA'') for the period was $425,769 or
$0.07 per share versus $131,236 or $0.02 per share, for the same period in
fiscal 1997. Net income for the period was $236,069 or $0.04 per share versus
$104,710 for the same period in fiscal 1997. Cash Flow From Operations for
the period was $267,331 or $0.04 per share versus $105,539 or $0.02 per share
for the same period in fiscal 1997. All of the above per share figures are
calculated on a fully diluted basis.
Petro Field's President Bill Rollins stated, ''Based on conservative
industry multiples, Petro Field's shares are significantly undervalued at this
point in time. Over the past 6 months Petro Field's shares have traded in the
range of $0.20 to $0.40 on The Alberta Stock Exchange under the trading symbol
PF.''
Petro Field Industries Inc. is an oil and gas service and supply company
located in Calgary, Alberta.
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein.
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For further information: Bill Rollins, President and CEO, (403)
244-3333, Fax: (403) 245-1821
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