If anybody is still following this dog, the following press release will not warm you up.
FOR: MAGNIFOAM TECHNOLOGY INC.
ASE SYMBOL: MTG
JUNE 17, 1998
Magnifoam Reports Year End Results
BARRIE, ONTARIO--Magnifoam Technology International Inc. (MTII)
today reported its results for the year ended March 31, 1998.
Results include five months of operations at PolyFab Corporation
(PolyFab) which was acquired effective November 1, 1997 and the
start up of QSi Quantum Silicones (QSi).
Revenues for fiscal 1998 were $6,639,994 compared with $793,080 in
fiscal 1997. Cash loss from operations for fiscal 1998 was
$1,667,028 compared to a loss of $1,295,079 in fiscal 1997.
During fiscal 1998, interest expense and amortization increased
primarily as a result of the acquisition of PolyFab.
Consequently, the company reported a net loss of $4,289,145 or
$0.45 per common share compared with a net loss of $2,164,480 or
$0.27 per common share at the end of last year.
During fiscal 1998 the company improved its financial position.
The company's working capital increased by approximately $2.4
million and its shareholders equity increased by approximately
$10.3 million. Subsequent to the year end, the company received a
further $2 million as the net proceeds of the sale of special
warrants.
In fiscal 1998, the company incurred certain non-recurring
expenses including approximately $400,000 related to the start up
of its resin manufacturing subsidiary (QSi) and approximately
$120,000 in legal and other expenses related to the acquisition of
PolyFab and the start up of QSi. QSi is now operational and began
supplying Magnifoam Technology Inc. (MTI) with resin in May 1998.
"We achieved some important goals in the fourth quarter and
subsequent to the end of the quarter including raising $12 million
through a private placement. We also completed the start up of
our silicone resin manufacturing facility (QSi) and an internal
reorganization program which will allow us to maximize the
resources of the company's three subsidiaries and take advantage
of the management and industry expertise available within the
company," said Thomas R. Ambeau, President and Chief Executive
Officer, MTII.
"Fiscal 1998 was an important year for us and we have made
significant advances in the structure and focus of our company.
We are already realizing the benefits of acquiring PolyFab and
establishing QSi through better control of our inputs at MTI and
increased sales opportunities," added Mr. Ambeau.
Magnifoam Technology International Inc. is a material science
company with proprietary technology. Through its wholly owned
subsidiaries, QSi, MTI, and PolyFab, the company is engaged in the
research, development and production of low density silicone foam
using patented chemical formulations, the production of specialty
silicone resins, and the design and fabrication of energy
management systems using a variety of flexible, cellular
materials. MTII products have a wide range of applications for
the aerospace, mass transit, automotive, sporting goods,
industrial, electronics, medical, marine, construction and
institutional markets.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Magnifoam Technology Inc.
Thomas R. Ambeau
President and Chief Executive Officer
(705) 725-0900
or
Fleishman-Hillard Canada
Anne Lachance or Sarah Andrewes
(416) 214-0701
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Now where are the financials? |
