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To: Barry Singer who wrote (119)	3/20/1999 12:49:00 PM
From: Ciao	Respond to of 148

PE<3!!! Another great year! EDMONTON, March 18 /CNW/ - The Churchill Corporation today reported record net earnings of $4.2 million for the year ended December 31, 1998, a 17% improvement over 1997 net earnings of $3.6 million. Return on shareholders' equity remained at a high level of 44% in 1998, similar to the 46% return achieved in 1997, which placed Churchill eleventh in the entire Financial Post 500. Revenue of $211 million in 1998 represents a $16 million increase over 1997 revenue of $195 million. Basic earnings per share increased by 68% to $0.42 in 1998 from $0.25 in 1997 while fully diluted earnings per share increased to $0.37. Book value per share increased by 50% to $1.14 from $0.76 during the year. Fourth quarter revenue was $63 million, an increase of 37% over revenue of $46 million during the same period in 1997. Net earnings for the quarter of $1.6 million were more than double last year. The strong earnings resulted in further strengthening of the Corporation's financial position. Interest-bearing debt decreased by 45% while shareholders' equity increased by 58% during the year. Hank Reid, President and Chief Executive Officer of Churchill, said, ''We are pleased with the excellent profit achieved in 1998. Great progress has also been made in refocusing our operations and strengthening our balance sheet. We are well positioned to grow the business.'' The Corporation has a strong backlog of work of $155 million at year-end, up 21% from last year. The Churchill Corporation is a diversified construction corporation listed on the Alberta Stock Exchange under the symbol CUQ. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. (summary financial information attached) For further information please contact: H.R. (Hank) Reid, President and CEO The Churchill Corporation (780) 454-3667 << -------------------------------------------- ($ thousands, except 3 Months Ended Year Ended per share amounts) 31-Dec-98 31-Dec-97 31-Dec-98 31-Dec-97 -------------------------------------------- Construction Operations: Contract Revenue $ 62,792 $ 45,978 $ 210,680 $ 195,491 Contract Costs 57,128 41,129 193,996 179,869 -------------------------------------------- Contract Income 5,664 4,849 16,684 15,622 Other Income 197 271 725 328 Indirect and Administrative Expenses (3,321) (2,970) (10,852) (10,130) Depreciation and Amortization (311) (189) (825) (498) Interest Expense (144) (275) (644) (294) Minority Interest (47) (115) (279) (121) -------------------------------------------- Earnings from Construction Operations 2,038 1,571 4,809 4,907 Non-Construction Operations: Earnings (Loss) before Depreciation and Interest 289 390 637 228 Depreciation (7) (16) (31) (63) Interest Expense (50) (86) (215) (348) -------------------------------------------- Net Earnings Before Tax 2,270 1,859 5,200 4,724 Income Tax Provision (670) (1,150) (979) (1,150) -------------------------------------------- Net Earnings $ 1,600 $ 709 $ 4,221 $ 3,574 -------------------------------------------- -------------------------------------------- Net Earnings Per Common Share: -------------------------------------------- Basic $ 0.16 $ 0.07 $ 0.42 $ 0.25 -------------------------------------------- -------------------------------------------- Fully Diluted $ 0.12 $ 0.07 $ 0.37 $ 0.24 -------------------------------------------- -------------------------------------------- Weighted average number of common shares outstanding ----------------------- during the year 10,004,172 14,350,892