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Gold/Mining/Energy : Pallet Pallet Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Brian Warner who wrote (414)	6/26/1998 6:19:00 PM
From: Brian Warner	Read Replies (1) \| Respond to of 451

fin-info.com Pallet Pallet Reports Year End and First Quarter Results TORONTO, ONTARIO--[All figures expressed in U.S. dollars] Pallet Pallet announced today the results of operations for the eight months ended January 31, 1998, its new fiscal year end, and the three months ended May 2, 1998. Sales for the eight months ended January 31, 1998 of $66.7 million compared to $95.6 million for the twelve months ended May 31, 1997. The net loss for the eight months ended January 31, 1998 of $27.0 million compared to a net loss of $5.2 million for the twelve months ended May 31, 1997. The loss in fiscal 1998 is primarily attributable to a non-recurring loss related to previous acquisitions to reflect the current valuation of those assets. Sales of $25.8 million for the three months ended May 2, 1998 compared to $25.0 million for the three months ended May 31, 1997. The net loss of $37,000 for the three months ended May 2, 1998 compares favorably to a net loss of $1,166,000 prior to the goodwill write-down of $2,800,000 for the three months ended May 31, 1997. Douglas Moore, President and Chief Executive Officer of Pallet Pallet stated "The restructuring of the company has been extremely painful but is nearing completion. While reporting a slight loss for the first quarter is disappointing, the improvement over the comparable period last year is reflective of the progress that is being made". Pallet Pallet operates one of North America's largest integrated distribution network for new and recycled wood pallets, reusable plastic pallets and containers, and related products. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Pallet Pallet Inc. Timothy Fussner Investor Relations (905) 279 5581 (905) 270 7100 (FAX)