Earnings Released at $1.18 on $178 million in revenue:
FANTOM TECHNOLOGIES REPORTS RECORD YEAR-END RESULTS AND DECLARES DIVIDEND PAYMENT
TORONTO, Aug. 13 /CNW/ - Fantom Technologies Inc. (TSE Stock Symbol: FTM;
NASDAQ Stock Symbol: FTMTF) today announced its financial results for the year
ended June 30, 1998.
Net Income for the fiscal year ended June 30, 1998 rose 40% to $10.3
million or $1.18 per share (based on 8,777,290 shares outstanding), compared
with $7.4 million or $0.88 per share (based on 8,363,599 shares outstanding)
for the previous year. Sales increased 18% from the prior year to $177.6
million.
Commenting on the Company's results, Fantom Technologies' President and
CEO Allan Millman said: ''This is our fourth straight year of record results,
and of course, we are delighted with the Company's continuing success. Our
line of FANTOM(R) dual-cyclonic vacuums continues to perform very well in the
marketplace, and we are particularly pleased with the response of the
consuming public to our newest addition, the FANTOM(R) LIGHTNING(R)
canister.''
Fantom Technologies also announced today that its Board of Directors
declared a cash dividend of $0.03 per share payable on September 30, 1998 to
the shareholders of record on August 31, 1998. The Company's present intention
is to declare dividends in future on a quarterly basis.
Fantom Technologies Inc. designs, manufactures and markets vacuum
cleaners based on proprietary, dual-cyclonic vacuuming technology. This
technology eliminates the use of filter bags and provides constant peak
cleaning power versus the declining cleaning power often experienced with
conventional vacuums using filter bags. At present, the Company's main product
line consists of the FANTOM(R) THUNDER(R) and FANTOM(R) FURY(R) uprights, and
the FANTOM(R) LIGHTNING(R) canister. The Company's products are sold in the
United States and Canada via direct-response television and through mass
merchandisers, catalog and catalog/showroom retailers, warehouse clubs,
department stores and independent vacuum dealers. The Company is focusing on
expanding its range of products and technologies, as well as the markets in
which it competes.
<<
Financial Highlights
(Unaudited, in Canadian Dollars)
Twelve Months Ended June 30
1998 1997
Sales $177,585,454 $150,213,517
Income Before Taxes $ 16,200,091 $ 11,502,603
Tax Provisions $ 5,882,564 $ 4,142,000
Net Income $ 10,317,527 $ 7,360,603
Earnings Per Share $1.18 $0.88
Average No. of Shares 8,777,290 8,363,599
>>
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Release of 2 days ago Aug.11
FANTOM TECHNOLOGIES ENTERS INTO NEW TECHNOLOGY DEVELOPMENT ARRANGEMENTS
WELLAND, Ont., Aug. 11 /CNW/ - Fantom Technologies Inc. (TSE Stock
Symbol: FTM; NASDAQ Stock Symbol: FTMTF) today announced that it has entered
into arrangements with Omachron Technologies, Inc., a Delaware company,
covering the acquisition and development of a number of technologies for
various household appliances and other consumer and commercial products.
Fantom also announced that it has agreed to issue to Omachron 50,000
common shares, and a warrant to purchase an additional 20,000 common shares,
for an aggregate subscription price of Cdn.$808,700. Omachron has agreed to
hold the shares and the warrant for a minimum of 2 years. The warrant will
become exercisable on August 10, 2000 and will be exercisable for 3 years
thereafter at a price of Cdn. $16.17 per common share. The issuance of the
shares and warrant is subject to stock exchange approval.
Allan Millman, Fantom's President and Chief Executive Officer, said ''The
wide ranging agreements which we have entered into today are the result of a
relationship we have been developing with Omachron's scientists for many
months as Fantom has examined opportunities to expand into new product lines.
We are combining our Company's expertise in product design, manufacturing and marketing with Omachron's broad scientific knowledge to develop exciting new
products with ground-breaking technology. From this association, we expect to
have at least two new product lines launched within the next two years.''
Millman added ''We are particularly delighted that Omachron has
demonstrated its commitment to Fantom by its significant investment in our
shares and its agreement to maintain such investment for a minimum of 2
years.''
The principal scientists of Omachron have been working together for
almost two decades on a wide range of civilian and non-civilian projects,
including water and waste-water treatment for military, space and civilian
applications; electrohydrodynamic (EHD), magnetohydrodynamic (MHD) and
pulse-power systems; gas-dynamic lasers; plasma neutralization of toxic
chemicals; particle separators; new titanium and super-nickel alloys; and
turbine engines. Omachron scientists have worked on new products and processes
with numerous companies. including Allegheny Teledyne Incorporated and General
Electric Company. Increasingly, they have been seeking to exploit their broad
base of technologies in civilian commercial projects.
Fantom Technologies Inc. designs, manufactures and markets vacuum
cleaners based on proprietary, dual-cyclonic vacuuming technology. This
technology eliminates the use of filter bags and provides constant peak
cleaning power versus the declining cleaning power often experienced with
conventional vacuums using filter bags. At present, the Company's main product
line consists of the FANTOM(R) THUNDER(R) and FANTOM(R) FURY(R) uprights, and
the FANTOM(R) LIGHTNING(R) canister. The Company's products are sold in the
United States and Canada via direct-response television and through mass
merchandisers, catalog and catalog/showroom retailers, warehouse clubs,
department stores and independent vacuum dealers. The Company is focusing on
expanding its range of products and technologies, as well as the markets in
which it competes.
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