PE<3!!! Another great year!
EDMONTON, March 18 /CNW/ - The Churchill Corporation today reported
record net earnings of $4.2 million for the year ended December 31, 1998, a
17% improvement over 1997 net earnings of $3.6 million. Return on
shareholders' equity remained at a high level of 44% in 1998, similar to the
46% return achieved in 1997, which placed Churchill eleventh in the entire
Financial Post 500. Revenue of $211 million in 1998 represents a $16 million
increase over 1997 revenue of $195 million.
Basic earnings per share increased by 68% to $0.42 in 1998 from $0.25 in
1997 while fully diluted earnings per share increased to $0.37. Book value
per share increased by 50% to $1.14 from $0.76 during the year.
Fourth quarter revenue was $63 million, an increase of 37% over revenue
of $46 million during the same period in 1997. Net earnings for the quarter
of $1.6 million were more than double last year.
The strong earnings resulted in further strengthening of the
Corporation's financial position. Interest-bearing debt decreased by 45%
while shareholders' equity increased by 58% during the year.
Hank Reid, President and Chief Executive Officer of Churchill, said, ''We
are pleased with the excellent profit achieved in 1998. Great progress has
also been made in refocusing our operations and strengthening our balance
sheet. We are well positioned to grow the business.''
The Corporation has a strong backlog of work of $155 million at year-end,
up 21% from last year.
The Churchill Corporation is a diversified construction corporation
listed on the Alberta Stock Exchange under the symbol CUQ.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein. (summary financial information attached)
For further information please contact:
H.R. (Hank) Reid, President and CEO
The Churchill Corporation (780) 454-3667 <<
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($ thousands, except 3 Months Ended Year Ended
per share amounts) 31-Dec-98 31-Dec-97 31-Dec-98 31-Dec-97
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Construction Operations:
Contract Revenue $ 62,792 $ 45,978 $ 210,680 $ 195,491
Contract Costs 57,128 41,129 193,996 179,869
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Contract Income 5,664 4,849 16,684 15,622
Other Income 197 271 725 328
Indirect and Administrative
Expenses (3,321) (2,970) (10,852) (10,130)
Depreciation and Amortization (311) (189) (825) (498)
Interest Expense (144) (275) (644) (294)
Minority Interest (47) (115) (279) (121)
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Earnings from Construction
Operations 2,038 1,571 4,809 4,907
Non-Construction Operations: Earnings (Loss) before
Depreciation and Interest 289 390 637 228
Depreciation (7) (16) (31) (63)
Interest Expense (50) (86) (215) (348)
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Net Earnings Before Tax 2,270 1,859 5,200 4,724
Income Tax Provision (670) (1,150) (979) (1,150)
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Net Earnings $ 1,600 $ 709 $ 4,221 $ 3,574
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Net Earnings Per Common Share:
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Basic $ 0.16 $ 0.07 $ 0.42 $ 0.25
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Fully Diluted $ 0.12 $ 0.07 $ 0.37 $ 0.24
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Weighted average number of
common shares outstanding -----------------------
during the year 10,004,172 14,350,892 |
