EARNINGS / Techcorp Industries Inc. Announces Financial Results For
The Six Months Ended July 31, 1998.
September 25, 1998
SECOND QUARTER FINANCIAL RESULTS
July 31, 1998 July 31, 1997
Revenue $2,457,800 $0
Gross Margin 1,260,706 0
Net Earnings (Loss) 744,141 (4,194)
Earnings Per Share (basic) $0.06 $0.00
Cash Flow From Operations 986,681 (4,194)
Cash Flow From Operations Per Share (basic) $0.08 $0.00
Weighted Average Shares Outstanding 13,132,500 6,300,000
Mr. Arnold Wong, President of Techcorp Industries Inc. today announced
financial results for the six months ended July 31, 1998. The Company
generated revenue of $2,457,800, net earnings of $744,141 ($0.06 per
share) and cash flow of $986,681 ($0.08 per share). Techcorp incurred
general and administrative expenses of $263,601, and amortization
expenses of $242,540.
During the quarter, Techcorp delivered the final three of six RPM
System 3000TM Rotating Blowout Preventers sold to a Canadian oil
service company. Leader Energy Services, Inc. acted as authorized
agent for this sale.
The Company has finalized engineering files for both the Techcorp RPM
System 1500TM and the RPM System 5000TM Rotating Blowout Preventers,
and is in the manufacturing stage to supply various customers with
these products shortly. The RPM System 1500TM is a compact,
light-weight rotating blowout preventer used in low pressure
underbalanced, geothermal and air drilling applications. The RPM
System 5000TM is a high pressure rotating blowout preventer used
predominantly in high pressure offshore operations. The design of
Techcorp's Rotating Blowout Preventer systems allows oil and gas
companies to substantially decrease the present costs of services,
while at the same time dramatically improve safety and reduce rig
time.
Techcorp began manufacturing a line of External Casing Packers (ECP)
during the second quarter, which are frequently used in both
conventional and underbalanced completion programs. This product line
will increase Techcorp's market penetration revenues in the well
control market.
Techcorp commenced an aggressive marketing campaign at the start of
its 1999 fiscal year by participating at two international oil shows,
OTC'98 in Houston, Texas, and the 1998 National Petroleum Show in
Calgary, Alberta. The Company received very favorable reviews at these
shows, and is continuing its marketing efforts at other international
oil and gas shows.
The outlook for Techcorp's products remains excellent, in large part
because they are oriented to reducing costs while offering significant
operational advantages. Management is extremely satisfied with the
financial performance of the Company to date, and looks forward to
continuing corporate revenue and earnings growth during the remainder
of the year.
Techcorp would like to thank its shareholders for their commitment as
it strives to maximize the value of their investment in the Company.
Third quarter financial statements are expected to be released the
week of December 14. Techcorp will be changing its year-end reporting
to December 31, from January 31. Fiscal 1998 will therefore encompass
an eleven month period.
Techcorp Industries Inc. is a research and development company
involved in the design and manufacture of proprietary products for the
energy sector. As an original equipment manufacturer (OEM), Techcorp
is actively involved in the sale and rental of this equipment through
authorized agents. In addition, Techcorp also pursues transfer of
technology agreements and the licensing of their design files.
"The Alberta Stock Exchange has neither approved or disapproved of
this information."
Jason Krueger
info@techcorp-industries.com
tel: 403-850-7041 |
