EARNINGS / Hyduke Posts Strong Year-End Earnings
ASE SYMBOL: HYD
AUGUST 4, 1998
EDMONTON, ALBERTA--HYDUKE CAPITAL RESOURCES LTD. (ASE:HYD) today
announces its financial results for the year ended April 30, 1998.
Gross revenues of $30.3 million compare to $15.1 million for the
previous year. Net income for the year was $2.0 million compared
to $0.8 in 1997.
As a result, Hyduke's earnings per share for the fiscal year-end
1998 were $0.46 (before amortization, interest and taxes) and
$0.27 (basic) compared to $0.28 and $0.15 respectively for the
same period last year. Also during the year, Hyduke assets grew
to $11.5 million from $5.0 million at April 30, 1997. Share
capital increased to $1.3 million from $0.8 million while retained
earnings increased more than 300 per cent to $2.8 million at
year-end April 30, 1998.
"We have enjoyed a positive, profitable year in which we
accomplished the objectives of our strategic plan," says John
Babic, Chairman and Chief Executive Officer. "The consolidation
of Hyduke's three principal divisions has been accomplished
although identifying and implementing further efficiencies is
ongoing. Our strategy to build Hyduke into an integrated,
value-added provider of manufactured products and energy services
is driving the company forward into 1998 and 1999 and we are
identifying suitable acquisition opportunities as part of
accomplishing our objectives."
Adrian Makowecki, who recently resigned as Vice President in order
to sit as Chairman of the Audit Committee, stated that: "I am
extremely pleased at the results of our operations for the last
fiscal year. The acquisition of CanWest Crane and Equipment in
June last year and our excellent management team and employees
have worked together to achieve these numbers.
Hyduke Capital Resources Ltd. provides a broad range of products,
service and equipment to oil and gas, forestry and mining sectors.
Hyduke divisions include B.W. Rig Repair & Supply, Reliable
Airflow Sales & Service, and CanWest Crane and Equipment.
/T/
HYDUKE SUMMARY FINANCIAL RESULTS
Fiscal Year Ended Fiscal Year Ended
April 30, 1998 April 30, 1997
----------------- -----------------
$000s
-----
Total Revenue $30,293 $15,107
Gross Profit 4,776 2,133
Expenses 1,401 660
Earnings before Amortization,
Interest and Taxes 3,433 1,485
Net Income 2,000 840
Earnings Per Share
before Amortization,
Interest and Taxes $0.46 $0.28
Basic Earnings Per Share $0.27 $0.15
Common Shares Outstanding 7,463,636 6,825,000
Current Assets $ 9,377 $ 4,191
Total Assets 11,539 5,023
Current Liabilities 7,146 2,990
Long-Term Debt 282 378
Working Capital 2,232 1,201
Share Capital 1,273 816
Retained Earnings 2,839 839
/T/
Hyduke Capital Resources Ltd. is listed on The Alberta Stock
Exchange under the symbol HYD.
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