3mo financial results
Eli Eco Logic Inc ELI
Shares issued 14,680,301 May 15 close $2.70
Fri 15 May 98 News Release
Mr. Fred Arnold reports
For the three months ended March 31, 1998, revenue was $100,318 (1997 -
$1,173,450). The net loss for the three month period was $2,956,016 (1997 -
$2,974,643) or 20 cents per share (1997 - 39 cents per share).
At March 31, 1998, the company had current assets of $5,971,303 (1997 -
$2,001,194), total assets of $22,137,228 (1997 - $19,798,834), current
liabilities of $2,692,373 (1997 - $7,501,996), long term debt of $236,845
(1997 - $246,533), and shareholders' equity of $19,208,010 (1997 -
$12,050,305).
During the first quarter, the company substantially completed its work in
support of its contractual commitments with partners, Tokyo Boeki and
Nippon Sharyo, to design, construct, test, verify and deliver an ECO LOGIC
Gas Phase Chemical Reduction unit to seek regulatory approval in Japan.
This work was completed on schedule and the unit was shipped from Eco
Logic's headquarters during April, resulting in revenue slightly in excess
of $1.5-million.
The company also achieved substantial first quarter progress in two other
areas which were earlier identified as strategic. As in the case above,
significant first quarter costs were incurred against revenue which began
to accrue during late March when the company's Australian operation came
back on-line after major upgrades and refit. The company also continued to
invest significant levels of senior staff time and marketing expense in
support of their partnership with Lockheed Martin and other team members
who, under Lockheed's leadership, are competing for the US Army's Assembled
Chemical Weapons Assessment (ACWA) program. The team has continued to
accomplish all of its goals, winning the Army's continued approval in the
latest contract award in late April, and the company continues to believe
its expenditures are prudent and well placed.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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