Excellent results again....................
Royal Laser 1999 financial results
Royal Laser Tech Corp RLT
Shares issued 10,607,300 Jul 14 close $8.25
Thu 15 Jul 99 News Release
Mr. William Iannaci reports
The company, a leader in the production of custom metal and wood products
using advanced laser-based, computer-integrated manufacturing systems, has
released the financial results for its fiscal year ended April 30, 1999.
Revenues for the company's 1999 fiscal year were $45,386,000, up from
$19,360,000 for the fiscal year ended April 30, 1998, an increase of 134
per cent. The increase in revenues was due to the company's continuing
sales growth in its automotive/industrial division, in spite of labour
strikes at four of its key customers during the year, and the acquisition
at the beginning of the year of Seven Continents.
Net earnings for the 1999 fiscal year were $5,582,000, up from $3,301,000
for the 1998 fiscal year, an increase of approximately 69 per cent.
Earnings per share rose from 49 cents per share in fiscal 1998, to 58 cents
per share in fiscal 1999 (or 43 cents per share on a fully-diluted basis in
fiscal 1998, to 50 cents per share on a fully-diluted basis in fiscal
1999). The higher profitability reflects the significant increase in sales
from the prior fiscal year.
Assets grew from $37,376,000 in fiscal 1998 to $57,357,000 in fiscal 1999,
an increase of 53 per cent. The increase reflected, in addition to a
working capital increase related to sales growth, the purchase of
additional equipment and a building, and a May, 1998, financing.
Shareholders' equity grew from $21,132,000 in fiscal 1998 to $37,894,000.
William Iannaci, president of Royal Laser, stated: "Fiscal 1999 was a year
of substantial change for us. We spent significant time relating to the
integration of Seven Continents as our store fixture division, we ramped up
our Mississauga facility with new equipment, people and sales, we purchased
and set up the Carlingview building as our store fixture distribution
centre, introduced a new computer system to the entire organization and
built strategic relationships with many of our customers. In spite of these
costly long-term development projects, we still managed to maintain our
history of revenue, earnings and earnings-per-share growth."
"We are pleased with our results. In particular, we are happy with the
development of our store fixtures division, which is poised for substantial
growth. We currently have the largest sales order backlog in our history. I
would like to thank our employees, customers and shareholders for their
continuing support during 1999," continued Mr. Iannaci.
CONSOLIDATED STATEMENT OF EARNINGS
Year ended April 30
1999 1998
Sales $45,386,477 $19,360,897
Cost of sales 28,607,014 10,910,708
---------- ----------
Gross profit 16,779,463 8,450,189
Expenses
Selling,
administrative
and general 6,183,923 1,957,629
Amortization,
capital assets 2,463,808 1,199,807
Amortization,
good will 327,000 3,000
Interest on
long-term debt 530,033 284,412
Interest income
(net) (206,375) -
---------- ----------
9,298,389 3,444,848
---------- ----------
Earnings before
income taxes 7,481,074 5,005,341
Income taxes
Current 761,596 1,593,870
Deferred 1,137,404 110,000
---------- ----------
1,899,000 1,703,870
---------- ----------
Net earnings $ 5,582,074 $ 3,301,471
========== ==========
Earnings per
share 58 cents 49 cents
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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