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A fellow SI member alerted me to this stock, here are the 6 month results; 2nd Quarter 1998 Financial Results CANADIAN CHEMICAL RECLAIMING LTD ("CRL-Y;CDNCF-L") - 2nd Quarter 1998 Financial Results Revenues in the 2nd quarter of 1998 were $2,337,000 which is a 117 percent increase over the same period in 1997. Income for the 2nd quarter of 1998 before income taxes was $1,347,000 ($789,000 after income tax provision) compared to income of $47,000 in the same period of 1997. SUMMARY OF FINANCIAL RESULTS (Thousands of Canadian Dollars - except per share amounts) 2nd Quarter 2nd Quarter 30-June-98 30-June-97 Revenue 2,337 1,075 Operating Costs 603 622 G&A 376 350 Depreciation 59 40 Income Before Interest, Taxes & Other income/(expense) 1,299 63 Interest 1 1 Currency gains(loss) 47 (15) Sale of Fixed Assets 0 (2) Income (Loss) Before Taxes 1,347 47 Provision of Income Taxes 558 0 Net Income (Loss) After Taxes 789 47 Earnings (loss) per Common Share .037 .002 Common Shares Outstanding 21,610,075 20,886,075 Deferred Development Costs 0 75 Patent Application costs (Capitalized) 0 47 SIX MONTHS 1998 RESULTS Revenues in the 1st half of 1998 were $3,339,000 which is a 117 percent increase over the same period in 1997. Income for the 1st half of 1998 before income taxes was $1,489,000 ($931,000 after income tax provision) compared to a loss of $208,000 in the same period of 1997. The significant positive changes in revenues and profits are attributable to the improvements in CCR's business including increased utilization of the mobile reclaiming equipment. FINANCIAL RESULTS (Thousands of Canadian Dollars - except per share amounts) 1st 2nd Year to date ended Quarter Quarter 31-Mar-98 30-June-98 30-June-98 30-June-97 Revenue 1,002 2,337 3,339 1,538 Operating Costs 441 603 1,044 1,042 G&A 367 376 743 611 Depreciation 49 59 108 85 Income Before Interest, Taxes & Other income/ (expenses) 145 1,299 1,444 (200) Interest 0 1 1 2 Currency gains(loss) (3) 47 44 (8) Sale of Fixed Assets 0 0 0 (2) Income (Loss) Before Taxes 142 1,347 1,489 (208) Provision for Income Taxes 0 558 558 0 Net Income (Loss) After Taxes 142 789 931 (208) Earnings (loss) per Common Share .007 .037 .043 (.012) Common Shares Outstanding 21,486,075 21,610,075 21,610,075 20,886,075 Deferred Development Costs 0 0 0 143 Patent Application costs (Capitalized) 0 0 0 47 OUTLOOK Management expects revenues and profits to continue to be strong in the 3rd quarter of 1998. The mobile reclaiming services business is expected to continue to generate increased revenue and profits for the remainder of 1998. CCR has commissioned the design and construction of a third mobile reclaiming unit to capture additional market opportunities and increase operating efficiencies. This unit will include the latest improvements in CCR technology in a highly portable configuration which will be responsive to market opportunities in North America. This unit is expected to come into service early in 1999. CCR is continuing to develop opportunities in Canada, U.S.A. and Worldwide for licensing its technology and offering permanent skid mounted modules. Expansion of the deepwater offshore gas production industry creates new opportunities for CCR's Technology, which is effective in regenerating and reclaiming hydrate control chemicals. Prospects include the major deepwater offshore gas fields located in the Gulf of Mexico, North Sea, Australia and South America. Canadian Chemical Reclaiming Ltd. (CCR) is an Alberta based corporation listed on the Alberta Stock Exchange (symbol CRL) which owns proven proprietary patented technology and mobile processing equipment used for the purification and reclamation of amines and glycols in the refining, natural gas processing, petrochemicals manufacturing, offshore gas processing, automotive antifreeze recycling and aircraft deicing industries. CCR provides reclamation services to major Canadian, U.S. and International Corporations. CCR also provides new fixed skid mounted processing modules to these industries, which include the technology component through licensing agreements. In deepwater offshore gas production CCR's technology simultaneously regenerates and reclaims hydrate control chemicals, providing producers with an efficient, economical and environmentally sound solution to their hydrate control needs. Through its wholly owned subsidiary, CataChem Inc., CCR is engaged in providing a proprietary additive to reduce corrosion in amine systems. Canadian Chemical Reclaiming has offices in Calgary, Alberta and Houston, Texas. Canadian Chemical Reclaiming Ltd. shares are traded on the Alberta Stock Exchange under the symbol CRL. TEL: (403) 543-6699 Mike Fillipoff, President & CEO FAX: (403) 232-0203 INTERNET: reclaim.com ------------------------------------------------------------------------------------------------------------ I had problems getting to their website and have done little DD. This company is definitely worth a look. | ||||||||||||||
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