Multi-Glass International Inc., a Canadian manufacturer and distributor of commercial and industrial insulation products, has announced its financial results for the second quarter ended June 30, 2000…
Multi-Glass International Inc., a Canadian manufacturer and distributor of commercial and industrial insulation products, has announced its financial results for the second quarter ended June 30, 2000. The results include the financial results of Guildfords (2000) Inc. and Multi-Glass International Corp. For the same period last year, the comparative results were those of Multi-Glass Insulation Ltd. only. Sales for the three months ended June 30, 2000 were C$ 15.6 million which were approximately three times higher than the sales for the second quarter ending June 30, 1999 of C$ 5.3 million. Sales during the second quarter also increased by approximately 13% over first quarter sales of C$ 13.8 million. Sales for the six months ended June 30, 2000 were C$ 29.4 million which were approximately 3 times higher than sales for the six months ended June 30, 1999 of C$ 9.9 million. Gross margins for the second quarter were 23.1 % compared to 23.7% for the same period last year. Gross margins for the first two quarters were 21.4% compared to 24.4% for the same period last year. Gross margins for the second quarter were slightly lower as a higher proportion of sales were to large high volume lower margin accounts. Expenses as a percentage of sales for the second quarter and the first two quarters combined were 20.9% and 21.8 % respectively compared to 20.4% and 22.1% for the same periods last year. The corporation earned a pre-tax profit of C$ 322,467 in the second quarter compared to a pre-tax profit of C$ 172,897 last year. For the first six months ended June 30, 2000 the Corporation had a pre-tax loss of C$ 175,903 compared with a pre-tax profit of C$ 188,506 last year. EBITDA for the second quarter and the first two quarters combined was C$ 681,746 and C$ 452,967, respectively. The net income after tax for the second quarter was C$ 176,880 compared with net earnings of C$ 94,156 last year. For the first two quarters combined the net loss after tax was C$ 100,335 compared with net earnings of C$ 103,190 last year. Although retained earnings were approximately the same as for the quarter ended June 30, 1999, net shareholders“ equity grew to C$ 5.5 million as at June 30, 2000 from C$ 1.0 million last year, principally on account of new equity being raised during the year through two private placements and as a result of the shares issued for the acquisition of Guildfords. In addition, working capital increased to approximately C$ 5.0 million as at June 30, 2000 from approximately C$ 1.4 million as at June 30, 2000. Working capital remained approximately the same from March 31, 2000 to June 30, 2000.