9mo results
Comptec Industries Ltd CIL
Shares issued 12411143 1998-05-29 close $3.1
Monday Jun 1 1998
Mr. Ron Miller reports
Revenue for the quarter ending March 31, 1998 was $19,691,162, compared to $6,250,911 for the corresponding period in the prior year, an increase of 215 per cent. The operating profit before minority interest for the quarter was $2,474,263 compared to $105,960 for the corresponding period in the prior year, an increase of 2,235 per cent.
Other operating results for the quarter included earnings before interest, taxes, depreciation and minority interest of $3,859,837 which represents an increase of 385 per cent over the level of $795,041 for the three months ended March 31, 1997.
Total consolidated revenue for the nine months ending March 31, 1998 was $39,158,969. Revenue for the corresponding period in the prior year was $16,473,830, an increase of 138 per cent.
The company also had an operating profit before minority interest for the nine months ending March 31, 1998 of $2,119,871, compared to an operating loss of $200,470 for the corresponding period in the prior year.
Ron Miller, Chief Financial Officer of Comptec, states that, "The acquisition strategy of the Company is now starting to become apparent with the increased revenues. What is most satisfying is the accompanying operating profit that is now being demonstrated."
With the recent acquisition of Actual Maschinenbau A.G. of Linz, Austria, Comptec's plan will be to capitalize on the synergy between Actual and Technoplast, thereby reducing costs and increasing margins. Actual was one of Technoplast's main competitors and now, with the combination of these two companies, Comptec plans to become a world leader in the assembly and sale of turnkey factories for PVC products.
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