Just bought in after tracking this stock for over a year and thought the following would be useful
May 20, 1999
First Quarter Earnings
ZENON Environmental Inc. (TSE:ZEN, ZEN.A) today announced financial results for the three months ended March 31, 1999. Comparisons for the three months ended March 31, 1999 and March 31, 1998, respectively, are shown below:
($000's) For the Three For the Three Months Ended Months Ended March 31, 1999 March 31, 1998 Revenue 20,442 12,626 Net Earnings (Loss) (317) 66 Net Earnings (Loss) per Share $(0.03) $0.01
Revenue for the first quarter of 1999 increased 62% over the first quarter of 1998. This significant rise is mainly attributed to a large Middle East contract, which was announced last May and includes low margin construction costs. Gross Margins are strong with the exception of this contract. The dramatic increase in Revenue required front end SG&A costs to build infrastructure, resulting in a slight loss of $0.03 per share.
Dr. Benedek, Chairman and Chief Executive Officer stated, "Our Company's growth in high margin ZeeWeed(R) orders has accelerated during the quarter producing an overall backlog of $71 million, setting a record for ZENON. Even though our first quarter remained traditionally weak, the rest of 1999 is expected to be exceptionally strong, with both Revenue and Profit increasing steadily over 1998 results".
ZENON's management will be available to answer questions via conference call on Friday, May 21, 1999 at 11:00 a.m. Shareholders and analysts are welcome to participate by calling 1-416-406-6459, code #123678#.
ZENON is a world leader in providing advanced technology products and services in water purification, process separation and wastewater treatment and recycle. The ZENON group of companies operates from five locations in North America, five in Europe, one in the Middle East and one in Latin America. ZENON's products and services are marketed for a variety of industrial, institutional and government applications through ZENON's offices and representatives located throughout the world
Also this which probably accounts for the upswing yesterday
Zenon plans consumer water filter
BURLINGTON, Ont. (CP) - Zenon Environmental Inc., known for its large-scale water-filtering technology, plans to market a consumer product within two years.
Zenon is a world leader in membrane-filtering technology used in municipal and industrial systems to purify water and sewage and to desalinate sea water.
"We weren't willing to enter this until we had the right technology," said chairman Andrew Benedek. "We feel we're there now . . . and this will add an additional source of revenue to Zenon's growth."
Benedek said the market for consumer water-purification products is "in the billions."
The Burlington-based company announced earlier this week it had approved a two-for-one share split in common and non-voting A shares. Zenon had a net loss of $317,000 in the first quarter, compared with a small gain of $66,000 last year.
The company's shares were trading at $30.50, up $1.25 Friday afternoon on the Toronto Stock Exchange.
(Hamilton Spectator)
© The Canadian Press, 1999 |
