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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (363)	3/10/1998 1:01:00 AM
From: Anthony Wong	Respond to of 633

The Financial Post - March 10, 1998 Magellan results buoyed by Bristol acquisition By PETER FITZPATRICK Aerospace Reporter The Financial Post An acquisition pushed operating income to record levels at Magellan Aerospace Corp. in the fourth quarter and for all 1997. For the three months ended Dec. 31, the company had income of $7.5 million (15› a share). That compares with $19.7 million (50›) a year earlier. The 1996 results were boosted by a $19-million one-time gain. On an operating income basis, Magellan earned $7.7 million in the quarter, compared with $852,000 a year ago. Revenue rose to $90.7 million from $48.2 million. The improved results largely reflect Magellan's purchase of Winnipeg-based Bristol Aerospace Ltd. in July 1997, which nearly doubled its annual revenue. Increased business at other units also helped sales. However, the company would not break down the contribution to revenue growth from continuing and new operations. Magellan also said its cost-cutting programs continue to yield results, with administration and general expenses falling to 7.8% of sales in 1997 from 9% the year before. For the year, the company had income of $15.5 million (32›) compared with $19 million (48›) in 1996, which included non-recurring gains of $20.2 million. On an operating basis it had income of $16.1 million compared with a loss of $810,000 in 1996. Revenue was $256.3 million, up from $136.7 million. Magellan shares (MAL/TSE) closed up 40› at $9.50 yesterday. canoe.ca