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This news release caught my eye: Global Thermoelectric Inc. announced today results for the first quarter of its 1998 fiscal year, covering the period from April 1 to June 30, 1997. Highlights ($ thousands except per share amounts) Three Months Ended June 30 1997 1996 Change Sales $6,347 $914 +594% Cost of Sales $4,623 $614 +653% Gross Profit $1,724 $301 +472% Expenses $ 800 $517 + 55% Net Profit $ 924 ($216) --- Basic Earnings/ Common Share $0.070 ($0.033) Basic Cash Flow/Share $0.21 ($ 0.01) The 594% increase in revenue for the quarter compared to the prior year's result was a consequence of strong demand for thermoelectric generators, including the completion of two major international orders. These two orders, for customers in India and China, represented about 64% of the quarter's sales. Profit of $923,970 was a significant change from the loss of $216,341 in the same period last year. This profit translates into basic earnings per common share of $0.07 versus a loss of $0.03 in the prior year. Cash flow was $0.21 per share versus the loss of $0.01 last year. Continued high levels of activity in the oil and gas industry in both Canada and the United States resulted in brisk sales for the Company's products. Global's generator order backlog at the end of June was more than three times as high as the backlog at the same time one year ago, which should result in good sales for the second quarter. Progress was also made towards construction of the initial order quantity of heaters under the Company's U.S. military contract. Three units were shipped to the Aberdeen Proving Ground in Maryland just after the end of the quarter to begin a rigorous testing program. Global Thermoelectric Inc. is the world's largest supplier of thermoelectric power generation equipment designed for use in remote locations. The Company is also involved in the design and manufacture of a new line of personnel heaters for use in military vehicles. The Company's common shares are listed on the Alberta Stock Exchange trading under the symbol GLE. For more information, please contact Jim Perry, President, or Larry Kyle, Controller at (403) 236-5556. It appears that the first Q1 results are a bit of an anomaly as they completed 2 major contracts. Nevertheless, they are positioned for growth with military contracts and R&D for a solid fuel cell. Check out their website at globalte.com and do your own due diligence. | ||||||||||||||
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