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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange) -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (2737)	10/2/1998 1:18:00 PM
From: david james	Respond to of 2841

Friday October 2, 10:46 am Eastern Time American Eco sees more cost-cutting gains in 1999 HOUSTON, Oct 2 (Reuters) - American Eco Corp (Toronto:ECX.TO - news) Friday reported a return to profitability in the second quarter saying further reduction of overhead expenses is expected to help earnings in the first half of 1999. It said the return to profitability in the quarter ended August 31 from a one-time quarterly loss in the second quarter ''reflected early benefits of our recently initiated program of reducing fixed costs, which is expected to have a greater effect on earnings by the first quarter of fiscal 1999.'' The company reported a 34 percent increase in third quarter revenue to U.S. $64.6 million, citing major contributions from ongoing operations, particularly specialty manufacturing units, and from Canadian joint ventures. Net income slipped to $3.2 million from $4.6 million a year earlier, reflecting a substantial increase in interest expense and provision for income taxes in the 1998 quarter. ''Looking ahead, we are committed to expanding the scope of division-by-division improvements and further significant reduction of overhead expenses. This effort is expected to enhance earnings performance during the first half of fiscal 1999,'' the company said. American Eco's total backlog for the coming 12-to-18 months is $435 million, up from backlog of $345.5 million reported in July. The company is a leading North American provider of single-source industrial support and specialty fabrication services in the energy, pulp & paper, and power generating industries. biz.yahoo.com