To all:
Are you sleeping or what?????????????????????????
Good news for TecSyn
1-TecSyn was chosen by Patrick Bloofield(from the Financial Post
April 11/1998 edition)as a stock offering real value and continuing
earnings growth.
2-My personnal opinion:this stock will hit the $ 8.00 level in the
6 incoming months"
3-2nd quarter results:
ÿCanadian Company Press Releaseÿ
TSNÿÿ1998-04-09 ÿÿ(provided courtesy of ISDN Wire Service)
TECSYN INTERNATIONAL INC. - SECOND QUARTER RESULTS
ST.CATHARINES, ONTARIO--
For the second quarter ended February 28, 1998, TecSyn recorded net income of
$2,101,679 or $0.12 on revenue of $18,989,673 and for the six month period
ended February 28, 1998 net income was $3,688,053 or $0.21 per share on
revenue of $33,428,477. Sales for the second quarter were 11% greater than
the prior year. Six month sales for Fiscal 98 were 9% greater than the prior
year. Net Income for the second quarter was 24% greater than the prior year.
Six month Net Income for Fiscal 98 was double that of the prior year.
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3 months to February 28 1998 1997
----------- -----------
Revenue $18,989,673 $17,064,283
Net income $2,101,679 $1,691,553
Net income per share $0.12 $0.09
6 months to February 28 1998 1997
----------- -----------
Revenue $33,428,447 $30,736,269
Net Income $3,688,053 $1,851,695
Net Income per share $0.21 $0.11
Average common shares outstanding 17,599,562 17,500,316
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The Company's Polytech Group continues to improve operating efficiencies as
the consolidation of production in Matamoros, Mexico nears completion. It
continues to secure new platforms throughout model year changes.
The Company's Poli-Twine Group has recorded solid revenue growth in the
second quarter and continues to capitalize on market opportunities arising
from its improved operating efficiencies and quality.
The Company's PMP Group continues to make deliveries to Briggs & Stratton and
Prestolite. Efforts continue with respect to securing additional high volume
small engine liner orders and testing of air bag filters is proceeding.
The Company's cash position continues to improve as total long and short term
debt of $6,817,939 on February 28, 1998 is $5,281,362 less than that of the
prior year. Efforts continue to improve operating efficiencies, vertically
integrate where advantageous and make investments as required to increase the
revenue of the Company.
TecSyn is one of the largest manufacturers of baler twine in North America,
the world's largest supplier of automotive restraint and convenience netting
products, and the world's most advanced manufacturer of powdered metal
products utilizing TecSyn's proprietary cold isostatic compaction technology.
For further information please contact Wayne Corbett, President & CEO or Paul
E. Riganelli, VP Administration at Tel: (905) 687-8811; Fax: (905) 687-6917.
TECSYN INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENT OF OPERATIONS
AND SURPLUS (DEFICIT)
Six Months Six Months
ended ended
February 28/98 February 28/97
-------------- --------------
NET REVENUE $ 33,428,447 $ 30,736,269
============ ============
EARNINGS FROM OPERATIONS
BEFORE PROVIDING FOR: 5,335,645 3,821,175
--------- ---------
Depreciation 1,074,437 1,062,060
Interest on long-term debt 293,945 323,040
Interest on short-term debt 36,032 180,620
--------- ---------
1,404,414 1,565,720
--------- ---------
EARNINGS BEFORE INCOME
TAXES 3,931,231 2,255,455
INCOME TAXES 243,178 403,760
--------- ---------
NET INCOME 3,688,053 1,851,695
SURPLUS, beginning of period 8,663,585 (50,561,728)
----------- ------------
Cancellation of common shares - (129,093)
--------- ---------
SURPLUS, end of period $ 12,351,638 $ (48,839,126)
============== ==============
PER SHARE
---------
Net Income:
Basic earnings per share $ 0.21 $ 0.11
Fully diluted earnings per share $ 0.21 $ 0.11
CONSOLIDATED BALANCE SHEET
UNAUDITED
February 28 February 28
1998 1997
----------- -----------
ASSETS
CURRENT ASSETS
Cash $ 212,735 $ -
Accounts receivable 12,881,993 10,410,747
Inventories 13,862,786 12,372,133
Notes receivable 1,358,500 1,859,100
Prepaid expenses 1,407,046 830,950
---------- ----------
29,723,060 25,472,930
CAPITAL ASSETS 10,795,803 12,674,137
---------- ----------
$ 40,518,863 $ 38,147,067
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Bank indebtedness $ - $ 5,405,222
Accounts payable and accrued
charges 6,690,731 7,926,244
Income taxes payable (67,178) 291,617
Current portion of long-term debt 1,682,843 2,168,589
--------- ----------
8,306,396 15,791,672
--------- ----------
LONG-TERM DEBT 5,347,831 6,694,079
--------- ---------
SHAREHOLDERS' EQUITY
Capital stock 13,468,883 63,964,693
Accumulated unrealized gains
on foreign exchange 1,044,114 406,656
Surplus 12,351,640 (48,710,033)
------------ ------------
26,864,637 15,661,316
------------ ------------
$40,518,864 $38,147,067
============ ============
INTERM CONSOLIDATED STATEMENT OF CHANGES
IN FINANCIAL POSITION
Six Months Six Months
ended ended
February 28/98 February 28/97
-------------- --------------
CASH PROVIDED FROM
OPERATING ACTIVITIES:
Income from continuing operations $ 3,688,053 $ 1,851,695
Add (deduct) items not requiring
an outflow (inflow ) of cash:
Amortization of property, plant &
equipment 1,074,437 1,062,060
Amortization of other assets - -
Loss (Gain) on disposal of fixed assets (53,570) (88,285)
Decrease (Increase) in operating
working capital (7,525,397) 455,466
Effect of exchange rate changes 473,894 157,638
----------- -----------
(2,342,583) 3,438,574
----------- -----------
INVESTING ACTIVITIES:
Proceeds on disposal of fixed assets 258,743 154,077
Principal receipts on notes receivable 242,300 1,113,871
Purchase of property, plant & equipment (114,905) (572,739)
----------- -----------
386,138 695,209
----------- -----------
FINANCING ACTIVITIES:
Principal payments on long-term
debt (837,356) (799,973)
Cancellation of common shares - (129,093)
Issue of common shares 66,960 -
----------- -----------
(770,396) (929,066)
----------- -----------
CASH INFLOW (OUTFLOW) FOR
THE PERIOD (2,726,841) 3,204,717
Cash (Net Borrowings)beginning of period 2,939,576 (8,609,939)
----------- -----------
Cash (Net borrowings) end of period $ 212,735 $ 5,405,222
=========== ===========
ÿ |
