Second quarter results
Pallet Pallet Inc PLT
Shares issued 30,241,611 Jan 13 close $0.39
Mon 13 Jan 97 News Release
Ms S.M. Topping reports
For the second quarter ending November 30 1996, sales revenues were $24.1
million, generating a positive EBITDA of $0.6 million and a loss before
provision for income taxes of $0.2 million, or $0.00 per share. After
eliminating discontinued operations, comparative figures for the same
period of last year, based on revenues of $27.8 million, produced an EBITDA
of $0.7 million and a loss before provision for income taxes of $1.6
million, or $0.04 per share.
When combined with the company's first quarter fiscal 1997 financial
results, sales revenues for the six month period were $49.9 million,
generating a positive EBITDA of $1.6 million and a loss before provision
for income taxes of $28,000, or $0.00 per share. These figures compare
favourably with those for the same period of fiscal 1996, which after
eliminating discontinued operations, based on revenues of $58.2 million,
produced an EBITDA of $0.1 million and a loss before provision for income
taxes of $1.9 million, or $0.04 per share.
As recently announced, conditional upon successful completion of the
company's proposed equity offering, Bank of America has provided a letter
of commitment for a consolidated $20 million working capital line of credit
and $2.2 million term loan. The completion of these events will allow
Pallet Pallet to address capital constraints and to fully implement it's
business plan. Additionally, the company feels that lumber prices have now
stabilized and it can anticipate that margins going forward should return
to historic levels.
The company has made significant progress in resolving the critical issues
outstanding. At the same time, it continues to grow its North American
distribution network of authorized service centres which to date total 225.
(c) Copyright 1997 Canjex Publishing Ltd. |
