Great Q3 numbers reported today:
CALGARY, Nov. 13 /CNW/ - Churchill's revenue and earnings have increased
for the third consecutive quarter. Revenue of $62 million and net earnings of
$1.4 million in the third quarter are greater than the second quarter by 36%
and 87% respectively. Nine month revenue and earnings for 1998 compare well
with the same period in 1997, after adjusting for an abnormal $760,000 claim
settlement in the second quarter of 1997.
Fully diluted earnings per common share for the nine months ended
September 30, 1998 are $0.25 as compared to $0.17 for the same period in 1997.
The book value per common share at September 30, 1998 is $0.99, an increase of
$0.23 during the nine-month period.
Hank Reid, President and CEO, expressed satisfaction that the
Corporation's nine-month earnings per share have improved by 47% over the
comparable period in 1997. He also stated that Churchill's $150 million
backlog of work at September 30th provides healthy support for strong revenue
for the remainder of the year and into the first half of 1999.
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3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
30-Sep-98 30-Sep-97 30-Sep-98 30-Sep-97
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Construction Operations:
Contract Revenue $61,842 $52,424 $147,888 $149,513
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Gross Profit 4,474 3,833 11,020 10,773
Other Income 154 29 528 57
Indirect and Administrative
Expenses (2,803) (2,126) (7,531) (7,160)
Depreciation (170) (103) (424) (289)
Interest Expense (185) (85) (590) (39)
Minority Interest (98) (46) (232) (6)
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Earnings from Construction
Operations 1,372 1,502 2,771 3,336
Non-Construction Operations:
Earnings (Loss) before
Depreciation and Interest 156 36 348 (162)
Depreciation (8) (15) (24) (47)
Interest Expense (51) (98) (165) (262)
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Net Earnings Before Tax 1,469 1,424 2,930 2,865
Income Tax Provision (100) - (309) -
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Net Earnings $1,359 $1,424 $2,621 $2,865
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Net Earnings Per Common Share:
Basic $0.13 $0.10 $0.26 $0.18
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Fully Diluted $0.13 $0.09 $0.25 $0.17
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>>
The Churchill Corporation is a diversified construction corporation
listed on the Alberta Stock Exchange under the symbol CUQ.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
-30-
For further information: H.R. (Hank) Reid, President and CEO, The
Churchill Corporation, (403) 454-3667 |
