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Pallet Pallet Reports Year End and First Quarter Results
TORONTO, ONTARIO--[All figures expressed in U.S. dollars] Pallet
Pallet announced today the results of operations for the eight
months ended January 31, 1998, its new fiscal year end, and the
three months ended May 2, 1998.
Sales for the eight months ended January 31, 1998 of $66.7 million
compared to $95.6 million for the twelve months ended May 31,
1997. The net loss for the eight months ended January 31, 1998 of
$27.0 million compared to a net loss of $5.2 million for the
twelve months ended May 31, 1997. The loss in fiscal 1998 is
primarily attributable to a non-recurring loss related to previous
acquisitions to reflect the current valuation of those assets.
Sales of $25.8 million for the three months ended May 2, 1998
compared to $25.0 million for the three months ended May 31, 1997.
The net loss of $37,000 for the three months ended May 2, 1998
compares favorably to a net loss of $1,166,000 prior to the
goodwill write-down of $2,800,000 for the three months ended May
31, 1997.
Douglas Moore, President and Chief Executive Officer of Pallet
Pallet stated "The restructuring of the company has been extremely
painful but is nearing completion. While reporting a slight loss
for the first quarter is disappointing, the improvement over the
comparable period last year is reflective of the progress that is
being made".
Pallet Pallet operates one of North America's largest integrated
distribution network for new and recycled wood pallets, reusable
plastic pallets and containers, and related products.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pallet Pallet Inc.
Timothy Fussner
Investor Relations
(905) 279 5581
(905) 270 7100 (FAX) |
