To: Sergio H who wrote (10495 ) 11/24/1998 4:08:00 PM From: Ditchdigger Read Replies (1) | Respond to of 29382
Sergio, BBD earnings.. ubject: Hot Off The Wire: BOMBARDIER INC. Date: Tue, 24 Nov 1998 15:52:33 -0500 From: cthompson@cdn-news.com To: cthompson@cdn-news.com =================================================================== Canadian Corporate News --- Hot Off The Wire News Release for BOMBARDIER INC. =================================================================== ------------------------------------------------------------------- E*TRADE Canada introduces another exclusive! Pay NO COMMISSIONS on over 600 mutual funds For more information visit us at:www2.cdn-news.com ------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: BOMBARDIER INC. TSE, ME SYMBOL: BBD.A TSE, ME SYMBOL: BBD.B NOVEMBER 24, 1998 Financial Results of Bombardier Inc. for the Third Quarter and the Nine Months Ended October 31, 1998 MONTREAL, QUEBEC--The consolidated revenues of Bombardier Inc. for the quarter ended October 31, 1998 totaled $2.6 billion compared with $2.1 billion for the same period last year. Net income for the quarter was $125.5 million, or $0.17 per share, as against $98.3 million, or $0.14 per share, for the quarter ended October 31, 1997. For the nine months ended October 31, 1998, consolidated revenues amounted to $7.5 billion compared with $5.7 billion for the same period last year. Net income reached $360.3 million, or $0.50 per share, as against $269.6 million, or $0.38 per share, for the same period last year. /T/ The highlights are as follows: (millions of Canadian dollars, except per share amounts) Three months ended Nine months ended October 31 October 31 1998 1997 1998 1997 _______________________________________________________________ Revenues Aerospace $ 1 288.7 $1 213.2 $3 775.3 $2 877.9 Recreational Products 332.6 418.0 1 011.4 1 280.5 Transportation 778.5 345.0 2 093.0 1 197.3 Services 106.3 101.4 286.7 260.9 BC(i) 151.2 92.6 405.8 253.3 Intersegment eliminations (37.2) (43.7) (116.3) (122.5) _______________________________________________________________ External revenues $2 620.0 $2 126.5 $7 455.9 $5 747.4 _______________________________________________________________ Income before income taxes Aerospace $146.8 $102.7 $379.0 $242.0 Recreational Products - 6.7 23.8 50.8 Transportation 31.6 18.5 92.1 55.5 Services 4.5 5.0 11.5 13.2 BC 10.2 13.9 47.9 40.9 _______________________________________________________________ 193.1 146.8 554.3 402.4 _______________________________________________________________ Income taxes 67.6 48.5 194.0 132.8 _______________________________________________________________ Net income $ 125.5 $98.3 $360.3 $269.6 _______________________________________________________________ Earnings per share: Basic $0.17 $0.14 $0.50 $0.38 Fully diluted $0.17 $0.14 $0.49 $0.38 Average number of common shares outstanding during the period 679.8 676.1 (millions) /T/ Commenting on these results, Chairman and Chief Executive Officer Laurent Beaudoin noted that "third quarter revenues increased by 23 percent while net income rose by 28 percent over the same period last year. The increases in revenues and net income are attributable to a strong performance particularly in the aerospace and transportation business segments. Results in the aerospace sector continued to show solid increases in revenues and profitability. The transportation sector benefited from the consolidation of the revenues of DWA, acquired during fiscal 1997-98, as well as from increased deliveries. The revenues and earnings of the recreational products sector continued to be impacted by the maturing of the personal watercraft market and reduced production of snowmobiles due to poor snowfalls last winter. The results of this sector were also affected by the costs associated with the development of new products and new markets. While Bombardier Capital maintained a solid growth in revenues, the reduction of its margin is mainly due to the decision, in the third quarter, to use a more conservative rate in the third quarter, for the whole fiscal year, to establish gains on sales applied to mortgage securitization of manufactured housing. The results of this sector are also affected by the investments in personnel and systems required to prudently manage the expected growth." Bombardier Inc. is a Canadian corporation active in the fields of aerospace, rail transportation equipment, recreational products, financial services and services related to its products and core businesses. It operates plants in 11 countries in North America and Europe and more than 88 percent of its revenues are generated outside Canada. Bombardier's revenues for its fiscal year ended January 31, 1998 totalled $8.5 billion. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Bombardier Inc. Michel Lord Vice President, Communications and Public Relations (514) 861-9481bombardier.com INDUSTRY: IDD SUBJECT: ERN -0- =================================================================== You may change your service options at anytime by visiting:cdn-news.com ===================================================================