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St. Joseph Corporation Announces Revenue of $76.9 Million in Q1

Press release from the issuing company

CONCORD, ON, May 21 - St. Joseph Corporation today announced its consolidated financial results for the first quarter ended March 31, 2003. Revenues for the first quarter 2003 were $76.8 million, a decrease of $2.7 million or 3% over the same quarter in 2002. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $10.6 million, from $10.5 million in the same quarter last year. Operating margin for the quarter increased to 13.8% from 13.2% a year earlier. Net Income for the first quarter was $2.3 million, consistent with the same period last year. "Although the business climate continues to be challenging, we are pleased that we have been able to maintain our earnings and improve our operating margins over 2002. Despite lower revenues, which reflect excess capacity in the marketplace, we have increased our EBITDA as a result of cost reductions and improvements in operating efficiencies." noted Tony Gagliano, Executive Chairman and Chief Executive Officer. "Our strong management team remains focused on pursuing growth through generating value-added businesses, introducing new products and creative solutions, and increasing operational efficiencies across the company." "We are also pleased to announce that St. Joseph has recently been advised by Unisen, that we have been awarded a 3-year commitment from AGF Asset Management for print and mail services, which will generate $9 million revenue. In addition, the Company has introduced a new wide-format digital printing service. Our major customer for this service is Sears Canada, with whom we have a 10-year commitment for their in-store signage program. We are very proud of these achievements and will continue to strive for new business opportunities in 2003."