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Gold/Mining/Energy : AO.A -- Ignore unavailable to you. Want to Upgrade?

To: Le Requin des Bois who wrote (102)	11/26/1999 10:12:00 AM
From: Buckey	Respond to of 108

Algo Group Inc - Algo Group nine-month results Algo Group Inc AO.A Shares issued 6,710,766 1999-11-25 close $0.25 Friday Nov 26 1999 Mr. Jeffrey Casselman reports The Algo Group had a profitable third quarter and confirmed that the repositioning plan announced on June 30, 1999, is proceeding on schedule. For the third quarter ended Sept. 30, 1999, net earnings were $3.6-million or 17 cents per share on sales of $70.8-million. This compares with net earnings of $5.2-million or 25 cents per share on sales of $73.8-million for the corresponding period last year. Cash flow for the quarter improved by $9-million as a result of the company's initiatives to improve working capital. The net loss for the nine months ended Sept. 30, 1999, was $7.0-million or 34 cents per share (including a restructuring charge of $7.2-million) compared with a profit for the nine months a year ago of $2.6-million or 11 cents per share. Sales for the nine months this year were $154.9-million compared with $151.3-million a year ago. President and chief executive officer, Jeff Casselman, stated: "We have made significant progress in the plans to exit unprofitable product lines, the sale of certain assets and debt reduction. We have established the four business units and now have in place seasoned executives to lead them." Mr. Casselman also confirmed that Steve Silverstein has been appointed vice-president and general manager of the ladies' fashion business unit which includes the Algo, A-Line, Lori-Ann, Alfred Sung, Tangier Soir and En Francais labels. "Steve has put in place a new design and sales management team in New York, Montreal and Toronto reinforcing our commitment to growth and fashion excellence." Earlier this month Algo Group announced it had signed a new five-year, $10-million term loan agreement with its principal bankers. Under terms of the agreement, there is no reimbursement of capital before the start of the third year. "This clearly underlines that our plan to return the company to sustained profitability has gained credibility with our bankers. This will allow us to focus on improving our businesses," said Raoul Heredia, Algo Group executive vice-president and chief financial officer. FINANCIAL HIGHLIGHTS Nine months ended Sept. 30 (thousands of dollars) 1999 1998 Sales $ 154,884 $ 151,261 Earnings (loss) before restructuring charges 160 2,609 Earnings (loss) per share before restructuring charges 1 cent 11 cents Provision for restructuring charges 7,150 - Net earnings (loss) (6,990) 2,609 Earnings (loss) per share (34 cents) 11 cents FINANCIAL HIGHLIGHTS Three months ended Sept. 30 (thousands of dollars) 1999 1998 Sales $ 70,844 $ 73,760 Earnings (loss) before restructuring charges 3,572 5,181 Earnings (loss) per share before restructuring charges 17 cents 25 cents Provision for restructuring charges - - Net earnings (loss) 3,572 5,181 Earnings (loss) per share 17 cents 25 cents (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)