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Hi all, This company seems to be going in the right direction. I would like to get some help from any old or new investors in this company as to where YOU think the future will be for BNT. Here is their latest Q. released today where thy show positive earnings from loses same time last year. Den First quarter results Brandselite International Corp BNT Shares issued 22,000,000 Apr 27 close $0.32 Tue 28 Apr 98 News Release Mr. Sam Ghazouli reports Brandselite had improved results for the three months ended March 31, 1998. Overall revenues increased over 20 per cent to $5.2-million for the first quarter of 1998, compared with first quarter revenues of $4.3-million in 1997. Gross profit in the first quarter of 1998 increased by 40 per cent to $2.1-million, from $1.5-million in the same period last year. Expenses increased approximately 19 per cent, primarily relating to the cost of additional personnel for the U.S. and Canadian domestic sales and marketing forces. The company reported net income of $30,000 for the first quarter of 1998, an improvement of $164,000 over the comparable three month period in 1997. Revenue results for the first quarter of 1998 largely reflect a $1-million increase in Canadian sales from the company's domestic operations. This increase includes the sale of FOSSIL watches which were sold for the entire fiscal quarter in 1998, while there were no sales in the prior year's comparable period as sales did not commence until May, 1997. Canadian domestic sales also benefited significantly from the mid-March, 1998 launch of the company's first major international fragrance, Doulton, which contributed approximately $600,000 in revenues in the first quarter. Brandselite holds exclusive international rights for developing proprietary products under the Royal Doulton trademark. In the U.S., Doulton was launched at 22 Saks stores in mid-April. The product has also been introduced at Harrod's in the U.K. Subsequent introductions will be made later this year in the domestic markets of the Caribbean, Latin America, Australia, New Zealand and parts of Europe, as well as the North American and other duty free markets. This new, proprietary fragrance has already contributed approximately $1,000,000 in revenues in the first fiscal quarter and received positive support from major Canadian retailers, including The Bay, Eaton's and Holt Renfrew, and Saks in the U.S. In connection with the Doulton launch, Brandselite used a portion of its bank credit line, as anticipated. As at March 31, 1998, the company had bank indebtedness of $1.7 million. Subsequent to this date, the company's cash balance has improved significantly. Fragrances and cosmetics sales in the company's Duty Free operations increased by approximately $190,000 (7 per cent) in the first quarter of 1998, compared with the same period in 1997. This increase resulted from higher volume sales from existing fragrances represented by the company. During the first quarter of 1998, the company's revenues and net income were impacted by a significant decline in sales from its Wines & Spirits operations. Sales from this division were approximately $700,000 (70 per cent) below those for the same period in 1997. These results reflect the continued decline in Asia Pacific markets, where the bulk of the company's wines and spirits sales are concentrated. The impact of the decline in these markets, first experienced in the second half of 1997, continued to be felt by all duty free retailers and distributors. Sales in Asia-Pacific markets are expected to improve during the latter part of the year. The company's overall financial performance reflects the successful implementation of a three-part growth strategy, which includes the diversification of its marketing channels, expansion into new product categories and the development of unique, proprietary products with high earnings potential. STATEMENT OF EARNINGS Three months ended Mar. 31 (thousands of dollars) 1998 1997 Revenue Sales 5,142 4,242 Commissions and other income 48 67 ----- ----- Total revenue 5,190 4,309 Cost of goods sold 3,076 2,821 ----- ----- Gross profit 2,114 1,488 Expenses Wages and benefits 985 725 Selling and delivery 628 654 General and admin 357 279 Amortization 57 42 Interest, net 32 22 ----- ----- 2,059 1,722 ----- ----- Income (loss) before income taxes 55 (234) Provision for (recovery of) income taxes 25 (100) ----- ----- Net income (loss) 30 (134) ===== ===== Net income (loss) per share $0.0013 ($0.006) (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||||
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