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Gold/Mining/Energy : Churchill (CUQ), PE of 3! -- Ignore unavailable to you. Want to Upgrade?

To: speculatingvalue who wrote (227)	3/21/2000 6:53:00 PM
From: speculatingvalue	Respond to of 264

Churchill Corp. Thrives In Booming Alberta Edmonton Journal - 3/21/00 10:47:13 AM Local Company Puts Off Expansion To Eastern Markets Paul Marck, Journal Business Writer The Edmonton Journal Churchill Corp. [T.CUQ], coming off its best year ever, is poised for growth, taking advantage of Alberta's soaring oilfield economy. The Edmonton company is concentrating on its core business as a commercial and industrial contractor. It has put on hold its plans to move into central Canadian markets. "Our plan is to grow the company to a larger size and this is a key to our strategy," said Hank Reid, Churchill's president. "When you've had a good year like we've had, it's a good platform from which to grow the company." In fiscal 1999, Churchill (CDNX:CUQ), principally through main subsidiary Stuart Olson Construction, increased net earnings 27 per cent to $3.4 million from $2.6 million in 1998. Here are some other financial highlights: construction contract revenue increased by $17 million to $228 million; earnings per share increased by 19 per cent to 32 cents from 27 cents in 1998; return on average shareholders' equity was 19 per cent. Work-in-hand at start of 2000 was $199 million, up from $155 million a year earlier. "We've been doing very well the last number of years and we're taking advantage of the buoyant economy in Alberta," said Reid. "We're very pleased with what we've done to date and our objective is to grow the company to a much larger size, and in particular on the industrial side of the business, become a larger presence in the marketplace." Last year Churchill acquired the assets of H & H Contracting of Bonnyville, a company that was involved in the resource sector. Churchill's landmark commercial contracts, like Edmonton's City Hall, the Macdonald Hotel renovation and Grant MacEwan College downtown campus are well known. But it is now striving to make greater inroads in building for the petroleum sector as well. Churchill also intends to solidify its position in Western Canada. For the time being, the company has decided not to pursue expansion into Eastern Canada, Reid said. The company announced last year that it wanted to get into other markets in Canada. In its fourth quarter, Churchill had contract revenue of $56 million, compared to $63 million for the comparable 1998 period. Construction operation earnings increased by 43 per cent to $2.9 million from $2 million, and net earnings increased by 34 per cent to $1.5 million from $1.1 million.