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Gold/Mining/Energy : DYNATEC CORPORATION (TSE & ME - DY) -- Ignore unavailable to you. Want to Upgrade?

To: robin hood who wrote (139)	8/6/1999 10:17:00 AM
From: MrsNose	Read Replies (2) \| Respond to of 148

DYNATEC REPORTS SECOND QUARTER RESULTS Richmond Hill, Ontario. August 5, 1999: Dynatec Corporation ("Dynatec") today announced that for the second quarter ended June 30, 1999, revenue decreased to $32.8 million from revenue of $42.9 million for the same period of 1998. EBITDA in the second quarter of 1999 was $0.9 million compared to EBITDA of $5.4 million for the same period of 1998. The Company reported a loss of $0.7 million or $(0.006) per share for the second quarter ended June 30, 1999 compared to net earnings of $1.9 million or $0.017 per share for the same period of 1998. Revenue for the first six months of 1999 decreased to $62.2 million, form revenue of $85.5 million for the same period of 1998. EBITDA for the first six months of 1999 was $3.0 million compared to EBITDA of $11.0 million for the same period of 1998. The loss reported for the six months ended June 30, 1999 was $0.8 million or $(0.007) per share compared to a profit of $3.8 million or $0.033 per share for the same period of 1998. "The loss in the first six months reflects the continued depressed condition of the mineral industry especially in exploration drilling," said W.R. Dengler, President and CEO. He added, "The downturn in mineral market conditions has, however, led to a few very interesting investment and acquisition opportunities that are being reviewed". Dynatec Corporation, based in Richmond Hill, Ontario, is a widely held Canadian public company that provides a broad range of services, principally to mineral exploration, mining and refining companies in North America and internationally. Its business is composed of three divisions: mining services, drilling services and metallurgical technologies. Dynatec trades on both the Toronto Stock Exchange ("TSE") and the Montreal Exchange ("ME") under the symbol "DY". For Further Information Contact: Alex Daschko, General Counsel E-Mail: daschko@dynatec.ca Telephone: 905 780-1980 Website: www.dynatec.ca