EDMONTON, Aug. 12 /CNW/ - The Churchill Corporation posted net earnings
of $732,000 in the second quarter of 1998, an increase of 26% over the same
period in 1997. Work-in-hand of $180 million at June 30, 1998 is double that
in place at the end of the first half in 1997.
Net Earnings for the six months ended June 30th are $1.25 million. This
represents a significant operational improvement over the same period result
in 1997 of $1.44 million, which included an unusual gain of $760,000 from a
prior period construction claim and had no provision for income tax.
Net Earnings, on a fully diluted basis, were $0.12 per common share for
the six month period ended June 30, 1998 as compared to $0.08 for the same
period in 1997.
Contract Revenue in industrial construction continues to exceed 1997
levels while commercial construction activity has been slower to start but is
accelerating as our substantial work-in-hand comes on stream. By year-end,
the Corporation expects Contract Revenue to exceed $200 million. <<
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3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
30-Jun-98 30-Jun-97 30-Jun-98 30-Jun-97
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Construction Operations:
Contract Revenue $45,637 $57,042 $86,046 $97,089
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Gross Profit 3,292 3,597 6,546 6,940
Other Income 240 19 374 28
Indirect and Administrative
Expenses (2,543) (2,925) (4,728) (5,034)
Depreciation (135) (94) (254) (186)
Interest (Expense) Income (195) 46 (405) 46
Minority Interest (53) 54 (134) 40
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Earnings from Construction
Operations 606 697 1,399 1,834
Non-Construction Operations: Earnings (Loss) before
Depreciation and Interest 310 (2) 192 (197)
Depreciation (8) (16) (16) (32)
Interest Expense (57) (99) (114) (164)
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Net Earnings Before Tax 851 580 1,461 1,441
Income Tax - Current (29) - (29) -
Income Tax - Deferred (90) - (180) -
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Net Earnings $732 $580 $1,252 $1,441
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Net Earnings Per Common Share:
Basic $0.08 $0.03 $0.13 $0.08
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Fully Diluted $0.07 $0.03 $0.12 $0.08
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