Scott, >> Net earnings were $553,061<<
>>MOND REPORTS PROFITABLE THIRD QUARTER; REVENUE GROWTH REMAINS STRONG
TORONTO, ONTARIO--
Mond Industries Inc. today reported strong results for the third
quarter and nine months ended September 30, 1998.
Third Quarter Results (three months ended September 30, 1998
compared with three months ended September 30, 1997)
* Revenues were $29.0 million compared with $24.0 million.
* Net earnings were $553,061 compared with a net loss of $2.1
million.
* Net earnings per share were $0.02 compared with a loss of
$0.07.
Nine Months Results (nine months ended September 30, 1998
compared with nine months ended September 30, 1997)
* Revenues were $88.1 million compared with $60.6 million.
* Net earnings were $1.6 million compared with a loss of $3.8
million.
* Net earnings per share were $0.05 compared with a loss of
$0.12.
Pat DiLillo, President and CEO, said the third quarter results
continued to reaffirm the profitability trend established in the
first two quarters and that revenues have increased for the third
consecutive quarter.
During the quarter, the Company was able to complete the
recruitment and training of a second shift at the Mississauga
plant. The one-time costs associated with this meaningful
increase in production capacity were expensed in the quarter. Mr.
DiLillo noted that the implementation of the second shift was
achieved with deliberate slowness, so that experienced personnel
predominated on each shift. This process temporarily increased
labor costs but these are now offset to some degree because every
trailer comes off the line with little or no re-working or
finishing required.
Margins continued to improve in the third quarter. Further
productivity improvements are being implemented in the fourth
quarter. These include computerized inventory and purchasing
controls to help achieve optimum throughput levels in 1999.
The order book remains strong at approximately $30 million, or
about three months production, and the outlook for the remainder
of the year is for continuing strong sales and profitability.
Mond is Canada's largest manufacturer of domestic intermodal
containers for the truck/rail transportation sector and designs,
manufactures, services and repairs an extensive line of standard
and customized trailers, trailer chassis, dry freight vans,
refrigerated and heated vans, and truck bodies. Mond sells its
products in Canada using its own sales force and through a
nationwide dealer network.
The Company's shares trade on the Toronto Stock Exchange under
the symbol MII.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jon W. Kieran or Olav Svela, Investor Relations (416) 868-1079
Hume, Kieran Inc.
Denis Arsenault, Chief Financial Officer (905) 565-9500
Mond Industries Inc.<<
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