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To: GARY P GROBBEL who wrote (16966)	1/15/2004 9:37:12 PM
From: diddlysquatz	Read Replies (1) \| Respond to of 120415

Gary here is a no-brainer for you. Spectacular numbers on CGY-V. The stock is trading at $0.38. The company just announced $0.037 eps for their first quarter. The company did $0.025 in their fourth quarter. They have trailing 12 month eps of about $0.07 Cie-Nergy Ply-Foil Canada Inc First quarter 2004 SHAREHOLDERS REPORT Sales increased by 10% for the current quarter and profits by 243% over the same period last year. Growth of sales is still strong and we reached a record level for Q1 of $ 2 585 587. We faced higher growth in Eastern Canada and European markets. In all other markets, sales followed a regular development pattern. We recently hired new agents to cover more thoroughly the United States market. They should start bring more revenues in Q3. We had a gross margin of 41% in the current quarter compare to 30% for the complete 2003 year. This is exceptional and is caused by our plant being more efficient and by the increased value in the Euro. Raw products prices did not change but are slightly increasing in Q2. Strength of Canadian dollar compared to US dollar will affect future margins and will be partly compensated by increase in efficiency. All expenses; sales, administrative and financing increased in both dollar and % terms. They should keep same pattern in coming quarters. Net profits amounted to $ 353 734 compare to $ 102 960 for the same 3 months period of last year. It represents 13.7% of sales or $ 0.037 per share. Those profits significantly improved our working capital and we are now in good standing with all banking ratios. For the board of directors, Larry Sheedy, President Claude Pascal, Vice-president