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Multi-Glass International: fiscal 1999 results

Multi-Glass International Inc., a Canadian producer and distributor of industrial and commercial glass insulation products, recently announced its financial results for the 10-month fiscal period ende…

Multi-Glass International Inc., a Canadian producer and distributor of industrial and commercial glass insulation products, recently announced its financial results for the 10-month fiscal period ended December 31, 1999. As a result of the recent change in the year-end of the company from February 28th to December 31st, these results are for the ten-month period ended December 31, 1999. Comparisons are with the 12-month period ended February 28, 1999. Sales for the ten months ended December 31, 1999 were US$ 18.98 million up marginally from the 12-month sales last year of US$ 18.85 million. Income before taxes was US$ 362,533 versus US$ 302,064 and net earnings increased to US$ 197,964 compared to US$ 167,268. Increases in the retained earnings and in the share capital during the period led to a doubling in shareholders“ equity from US$ 798,535 to US$ 1.8 million. On March 16, 2000 the company, through subsidiaries, completed the acquisition of the business assets of Guildfords Limited and two subsidiaries, Guild Contracting Specialties Limited and Dover Insulation Contractors Limited. Guildfords Limited is based in Dartmouth, Nova Scotia. Since the purchase was effective December 31, 1999, no operating activity for this company is presented in the financial statements; however, the balance sheet and statement of cash flows include this transaction. On February 17, 2000, the company, through a subsidiary, purchased the business assets of Refractory and Insulation Supply Corp. of Bristol, Pennsylvania. These financial statements do not include the results, balance sheet or cash flows of Refractory and Insulation Supply Corp. “Our objective is to grow Multi-Glass International Inc. into a major North American distributor of commercial and industrial insulation products – principally through a series of carefully planned acquisitions of companies directly related to our core business”, said Peter Kelly, president and CEO of Multi-Glass International Inc. “These acquisitions should be able to create economies of scale and synergistic benefits arising from an increase in critical mass and from commensurately lower overhead,” he added.

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