June 02, 2000 Company News Release (Dynamix Earnings)
Dynamix Corporation Earnings
CALGARY, ALBERTA--Mr John E. Squarek, President of Dynamix Corporation ("Dynamix"), advises that during the six month period ending March 31, 2000 net income increased to $476,279 or approximately 2.4 cents per share compared to a loss of $313,677 in the same period the previous year. Cash flow from operations increased to $582,279 or 2.9 cents per share from a loss during the same period in the previous year of $206,811.
Dynamix and its 100% owned subsidiary, Fastway Exploration Ltd., focussed its attention on increasing sales of geophysical services, which increased to $5.6 million from $1.6 million. At the same time natural gas sales increased from $16,375 to $58,291. These increases were aided by the increase in activity in the petroleum sector, and in increased natural gas prices.
With the continued increased activity in the industry, and buoyant natural gas prices, Mr Squarek believes that Dynamix will continue on a positive note for the next six months period during which time other opportunities for growth of the company will be pursued.
Dynamix is a junior oil company listed for trading on the Canadian Venture Exchange under the symbol DYX.
/T/
DYNAMIX CORPORATION
CONSOLIDATED BALANCE SHEET
AS AT MARCH 31, 2000
(unaudited)
ASSETS 2000 1999
Current Assets
Cash 16,043
Accounts receivable 4,202,866 1,256,606
Prepaid expenses 29,123 49,027
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4,246,032 1,305,633
Capital assets at book value 802,405 570,927
Petroleum & natural gas properties 263,281 316,257
Mineral Properties 69,381
Loan Receivable 48,000 60,000
Investments - at cost 12,750 12,750
Recoverable Deposits 8,941 9,403
Charter 763 763
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TOTAL ASSETS 5,382,172 2,345,114
LIABILITIES
Current Liabilities
Bank Indebtedness 469,474 531,669
Accounts payable 3,825,629 1,145,289
Current portion - long
term debt 91,674 100,008
Deposit on equipment 42,852
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4,386,777 1,819,818
Long term debt 225,000 100,008
Notes Payable 155,000 155,000
Loan Payable 99,240
EQUITY
Share Capital 3,528,188 3,528,188
Deficit 3,012,033 3,257,900
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Total Equity 516,155 270,288
TOTAL LIABILITIES AND EQUITY 5,382,172 2,345,114
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DYNAMIX CORPORATION
CONSOLIDATED STATEMENT OF INCOME (LOSS) AND DEFICIT
FOR THE SIX MONTHS ENDED MARCH 31, 2000
(unaudited)
2000 1999
REVENUE
Geophysical Services 5,633,448 1,597,312
Natural Gas Sales - Net 58,291 16,378
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5,689,739 1,613,690
EXPENSE
Operating 4,921,014 1,581,404
General Administrative 176,446 239,097
Depreciation 116,000 106,866
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5,213,460 1,927,367
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INCOME (LOSS) before other charges 476,279 (313,677)
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OTHER ITEMS
Loss on Disposal of Equipment 550
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Loss on Disposal of Mining Property (15,000)
Prior Years Recoveries 46,082 550
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Income (loss) for the period 507,361 (314,227)
Deficit opening 3,519,394 2,943,673
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Deficit closing 3,012,033 3,257,900
----------- -----------
NET INCOME (LOSS) PER SHARE 0.024 (0.015)
DYNAMIX CORPORATION
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE SIX MONTHS ENDED MARCH 31, 2000
(unaudited)
2000 1999
CASH WAS PROVIDED (USED) BY THE
FOLLOWING ACTIVITIES
OPERATIONS
Income (loss) for the period 507,361 (315,005)
Depreciation 116,000 106,866
Loss on equipment disposal 550
Loss on mineral property disposal 15,000
----------- -----------
638,361 (207,589)
INVESTING ACTIVITIES
Purchase of Capital Assets 460,294 (8,283)
Investments in Subsidiary (7,976)
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(460,294) (16,259)
FINANCE ACTIVITIES
Proceeds on Issuance of Common Shares - Net (16,520)
Increase (Decrease) in Long Term Debt (11,760) (42,082)
Payable on Equipment 225,000
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213,240 (58,602)
INCREASE (DECREASE) IN CASH DURING PERIOD (166,479) (476,460)
CASH AT BEGINNING OF PERIOD (378,626) (54,201)
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CASH (BANK INDEBTEDNESS) END OF PERIOD (545,105) (531,661)
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/T/
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FOR FURTHER INFORMATION PLEASE CONTACT:
Dynamix Corporation
John E. Squarek
President
(403) 243 3080 or Direct (403) 264 9365
(403) 243 5312 (FAX)
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein. |
