Invesprint Announces Results For First Quarter Ended July 31, 2001
Friday, September 21, 2001
TORONTO, ONTARIO--Invesprint Corporation of Toronto today reported financial results for the first quarter ended July 31, 2001. Sales for the first quarter of fiscal 2002 were $19,736,000 compared to $18,625,000 in the same period last year. Earnings from operations for the quarter were $1,437,000, comparedto $535,000 in the first quarter of fiscal 2001. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $3,044,000 compared to $2,056,000 a year ago. The comparative figures for the first quarter of fiscal 2001 shown above do not include the operating results and the gain on the sale of Beckett Corporation, which was sold on July 20, 2000, the gain on the sale of ExtendMedia shares and the writedown of the carrying value of an investment. Net earnings for the first quarter of fiscal 2002 were $536,000 ($0.10 per share) compared to $5,318,000 ($1.00 per share) a year ago, including non-recurring items. In the first quarter of fiscal 2002, Jonergin's sales and operating profit improved by 23% and186% respectively compared to the same period last year. Jonergin Pacific, with its second press fully operational, was profitable in each month of the quarter. Jay Packaging's sales and operating profit were lower than in the first quarter last year due to lower purchases by key customers. Kree Technologies sales were similar to those achieved in the first quarter of fiscal 2001, but operating profit was higher reflecting the full impact of the cost reduction programs instituted last year. "All our divisions are operating profitably, with significant improvements at Jonergin and Jonergin Pacific'' stated Tony Wong, President and Chief Executive Officer. "We do not believe the current price of the Company's common shares reflects the underlying value of our operating divisions. Management and the Board continue to explore alternative strategiesto enhance shareholder value.'' Invesprint is in the business of visual product identification. Through three divisions with five manufacturing facilities in North America, the Company manufactures prime labels and specialty packaging for many major corporations.