Invesprint Corporation Offers Results For The Year, Revenue $80 million
Press release from the issuing company
TORONTO, ONTARIO--Invesprint Corporation today reported financial results for the year ended April 30, 2001.
Sales for the year ended April 30, 2001 were $80.4 million compared to $111.3 million last year. Excluding Beckett Corporation, which was sold on July 20, 2000, the sales for fiscal 2001 and 2000 were $74.9 million and $75.1 million respectively. Net earnings for this year were $4.4 million ($0.82 per share) compared to a loss of $1.3 million ($0.25 per share) in theprior year. The fiscal 2001 net earnings include pretax gains of $7.3 million on the sale of the Company's investment in ExtendMedia Inc. and $4.7 million on the sale of assets of Beckett Corporation; and a pre-tax loss of $2.6 million resulting from the write-off of the investment in Arthurs-Jones Clarke Lithographing Limited which is in receivership. The after tax loss of Beckett in both years was approximately $600,000.
"Fiscal 2001 was a watershed year for Invesprint'' stated Tony Wong, President and Chief Executive Officer. "On February 4, 2000, the Board of Directors announced the commencement of a process to explore strategic alternatives for the Company. In the first quarter of the year, we successfully completed the sale of our investment in ExtendMedia Inc. and the sale of the assets of Beckett Corporation. The proceeds from these sales were used toreduce bank debt by over $40 million, putting the Company in a sound financial position. All ofour divisions are currently operating profitably with Jonergin and Jonergin Pacific recording substantially improved earnings. We continue to pursue several options to enhance shareholdervalue.''
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.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.