Arctic Group Releases 1999 First Quarter Results
WINNIPEG, MANITOBA--The Arctic Group Inc. (Alberta AGP) today announced solid operating results for the first quarter
ended March 31st, 1999.
Revenues increased 262 percent to $7.7 million for the first quarter 1999, up from $2.9 million for the three months ended April 30th, 1998, the most recent
published comparable quarter.
EBITDA for the quarter was negative $1.3 million or ($0.038) per share versus negative $918,000 or ($0.050) per share in the prior year.
''From an operating perspective, the first quarter results are very positive and well ahead of our business plan,'' stated Robert Nagy, Chairman and CEO of the
Arctic Group. ''Historically, the first quarter is the season with relatively light demand for our products and this is reflected in the results. However, we are
particularly pleased with the investments the Company has made in major metropolitan markets in Canada and the United States where we have executed a sound
strategy for growth. As we approach the summer, the Company is well positioned to service its customers, and will be launching new market and product initiatives
over this season.''
In the first quarter of 1999, the net loss available to common shareholders was ($2.9) million or ($0.081) per share versus ($1.3) million or ($0.070) per share in
1998.
The Arctic Group Inc. is committed to building an internationally recognized ice company by focusing on an aggressive strategy of growth through acquisition and
consolidation of the ice industry in North America.
For further information, call The Arctic Group Inc. TOLL FREE at 1-888-573-9237 or visit The Arctic Group's Web Site at arcticgroup.com.
(Signed) On behalf of the Management and the Board of Directors of The Arctic Group Inc., Robert Nagy, Chairman and CEO
Contact:
The Arctic Group Inc.
1-888-573-9237
arcticgroup.com |
