Trailmobile three-month results
Trailmobile Canada Ltd TMX
Shares issued 35,900,000 2000-01-19 close $0.26
Thursday Jan 20 2000
Mr. Craig Armitage reports
For the first quarter ended Dec. 31, 1999, the company posted
record quarterly revenue of $32.8-million and returned to
profitability with net income for the period of $270,657.
Revenue for the first quarter of fiscal 2000 increased 72 per
cent to $32.8-million, compared with $19.1-million in the
three-month period ended Dec. 31, 1998. Net income for the
first quarter of fiscal 2000 was $270,657 or one cent per
share, compared with a net loss of $9.5 million or 27 cents
per share for the three-month period ended Dec. 31, 1998 .
Earlier this year, Trailmobile Canada changed its fiscal
year-end to Sept. 24, from Dec. 31, in order to correspond
with the fiscal year-end of Trailmobile Corporation, its
majority shareholder.
"These results demonstrate the significant progress we have
achieved in repositioning Trailmobile Canada for profitable
growth," said Mark Burgess, president of Trailmobile Canada.
"We enter 2000 on track with our plans and will continue to
focus on building value for all our stakeholders."
Trailmobile Canada sold 1,286 trailers during the three-month
period ended Dec. 31, 1999. Major customer orders during the
quarter included Day & Ross, TST and Chrysler Canada. The
company reported that its backlog remains strong, with over
2,000 unit orders booked as of Jan. 19, 2000.
CONSOLIDATED STATEMENT OF INCOME
Three months ended Dec. 31
1999 1998
Revenue $32,811,940 $19,125,110
Cost of sales 30,998,545 21,820,801
----------- -----------
Gross profit
(loss) 1,813,395 (2,695,691)
----------- -----------
Sales and
administrative
expenses 628,434 1,143,334
Depreciation
and amortization 458,034 348,968
Financing
charges 456,270 510,565
----------- -----------
1,542,738 2,002,867
----------- -----------
Operating
income (loss)
from con-
tinuing
operations 270,657 (4,698,558)
Provision for
restructuring
costs 0 4,528,000
----------- -----------
Income (loss)
before pro-
vision for
income taxes 270,657 (9,226,558)
Income taxes
-- deferred 0 279,203
----------- -----------
Net income
(loss) $270,657 ($9,505,761)
=========== ===========
Net income
(loss) per
share 1 cent (27 cents)
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