Werbung
Meldungen 20.03.2003

20.3.2003: Meldung: Dynetek Inc: Results 2002

Dynetek Industries Ltd. (TSE:DNK - News) today released its report to shareholders on its financial and operating results for the year ended December 31, 2002. All amounts are reported in Canadian dollars.

 

2002 Financial Highlights

(tabular amounts in thousands of Canadian dollars,

except share capital and per share data)

Year ended December 31

2002 2001

Revenue

Cylinder and system sales 10,871 8,013

Research and development income 1,965 1,476

Investment and other income 769 1,502

----------------------------------------------------------------------

13,605 10,991

 

Net loss (4,933) (1,156)

Net loss per common share (0.24) (0.06)

Capital expenditures 4,986 8,810

Cash and cash equivalents 20,453 32,072

Long-term debt 1,512 1,096

Common shares outstanding 20,120,395 20,120,395

Weighted average common shares outstanding 20,120,395 19,549,622

----------------------------------------------------------------------

----------------------------------------------------------------------

 

Operations Update

 

Cylinder and system sales were $10.9 million for the year ended 2002, up

36% from $8.0 million for the year ended December 31, 2001. The net loss for

the year was $(4.9) million or $(0.24) per share, compared to a net loss of

$(1.2) million or $(0.06) per share for 2001. The net loss for 2002 can be

attributed to two key strategic decisions. Firstly, the investment in the

German operations to service the European compressed natural gas (CNG) market

incurred set-up and infrastructure costs in the first year of operations

greater than realized sales. Secondly, the research and development group

increased its original equipment manufacturer (OEM) activity and the Company

commissioned a valve division to develop the peripherals to compliment the

development of higher pressure cylinders. Even though many of the research and

development group"s projects are funded by the OEM"s and other governmental

agencies, the expenses are often incurred in advance of when the funding is

received.

Dynetek increased its gross margin to $2.6 million, or 24% of sales

compared to $1.7 million or 21% of sales in 2001. The change in gross margin

percentage can be attributed to an increase in the number of cylinders sold in

2002 (economies of scale) as well as a shift in the product mix. The product

mix in 2002 included an increase in the number of larger cylinders sold

compared to the cylinders sold in 2001.

"Dynetek had an extremely successful fourth quarter capping off another

year of increased sales," said Robb Thompson, President and Chief Executive

Officer. "In 2002, our sales revenue increased 36% from 2001 levels, which

included CNG sales attributed to our European operations. We expect our

revenues to continue to grow in 2003, along with a reduction in our cash

consumption related to operating and capital expenditures," Mr. Thompson said.

 

Highlights of 2002

During 2002, Dynetek made significant evolutionary strides:

 

- In February, Dynetek announced that a Volkswagen prototype utilizing a

DyneCell(R) cylinder successfully climbed the Swiss Alps through the

Simpion Pass - the first long-range test drive of the hydrogen-powered

Fuel Cell Vehicle (FCV) in cold temperatures.

 

- In the first quarter of 2002, the TUV approved on-board storage of CNG

to ISO 11439:2000 and for compressed hydrogen storage to ISO/CD 15869-

4:2001 for Dynetek Europe GmbH for two types of cylinders for bus,

truck and car applications in the European market.

 

- In April, the Company supplied Ford Motor Company with the first of

five of Dynetek"s 5000psi (350 bar) compressed hydrogen Advanced

Lightweight Fuel Storage System(TM) for the new Ford Focus FCV.

 

- In July, Dynetek announced the successful testing of the world"s first

12500psi (825 bar) lightweight hydrogen storage cylinder. The cylinder

was developed for hydrogen storage at refueling stations. These

refueling stations will be capable of fast filling the next generation

of FCV"s or hydrogen internal combustion engine vehicles, which will

have on-board storage of hydrogen compressed at 10000psi (700 bar).

 

- In September, Dynetek announced an order from Ballard Power Systems for

the final 16 on-board hydrogen fuel storage systems required for the 30

fuel cell buses bound for European cities previously announced by

DaimlerChrysler. Dynetek delivered 14 systems by the end of 2002 and

early 2003, with the remaining 16 systems to be delivered in 2003.

 

- In September, Heinz Portmann, Chairman of Dynetek Industries Ltd.

announced the appointment of Robb Thompson to President and Chief

Executive Officer.

 

- During the third quarter, Dynetek formed a valve division as a result

of customers and partners requiring a regulator and valve solution

operating at higher pressures. Dynetek acquired certain valve

technology (including tangible assets, patents and patents pending) for

approximately $1.5 million (U.S.).

 

- In October, Dynetek announced the delivery of 96 CNG cylinders for

eight complete systems to Chance Coach, Inc. for their CNG American

Heritage Streetcar.

 

- During 2002, we had several repeat customers with significant cylinder

orders. In particular we supplied approximately 800 cylinders to Thomas

Built buses for their CNG school bus program and approximately 1,000

cylinders to Marubeni Metals for the Japanese CNG and hydrogen markets.

 

Management"s Discussion and Analysis

 

Management"s discussion and analysis ("MD&A") should be read in

conjunction with the unaudited consolidated financial statements for the year

ended December 31, 2002 and the audited consolidated financial statements and

MD&A for the year ended December 31, 2001.

 

Revenue

(thousands of Canadian dollars)

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

------------------------------------------------------------------------

------------------------------------------------------------------------

Cylinder and system sales 3,740 2,538 10,871 8,013

Research and development income 529 459 1,965 1,476

Investment and other income 355 310 769 1,502

------------------------------------------------------------------------

4,624 3,307 13,605 10,991

------------------------------------------------------------------------

------------------------------------------------------------------------

 

Cylinder and system sales for the year ended December 31, 2002 were

$10.9 million or 36% higher than the same period in 2001. The 2002 fourth

quarter sales of $3.7 million were 47% higher than the same quarter in 2001.

During 2002, a selection of customers who purchased the DyneCell(R) fuel

storage systems for CNG were: Thomas Built Buses (United States), Nova Bus

(United States), Neoplan USA Corporation (United States), Neoplan (Germany),

MAN Technologie AG (Germany), Marubeni Metals Corp. (Japan) and Chance Coach

(United States). A selection of customers who purchased hydrogen fuel storage

systems were: General Hydrogen (Canada), Stuart Energy (Canada), Marubeni

Metals Corp. (Japan) and Ballard Power (Canada).

Research and development income for the year ended December 31, 2002 was

$2.0 million or 33% higher than the same period in 2001. The 2002 fourth

quarter research and development income of $0.5 million was 15% higher than

the same period in 2001. During 2002, Dynetek was involved with Natural

Resources Canada (NRCan) as well as nine OEMs on 16 confidential development

programs. Due to the confidentiality agreements with these OEMs, Dynetek is

unable to disclose the nature or application of these projects. The subsidies,

which Dynetek receives from the OEMs regarding these projects, are based on

completion of the project and therefore timing differences occur between when

costs are incurred and funding is received. Funding received from NRCan is

recorded as a loan, repayable as a royalty percentage from future sales of

products developed.

Investment and other income for the year ended December 31, 2002 was

$0.8 million compared to $1.5 million for 2001. This decrease is due to the

decrease in cash invested in short-term securities. At December 31, 2002,

Dynetek had $20.5 million in cash invested in AAA rated securities for less

than 90-day terms, compared to $32.1 million at December 31, 2001.

Cost of goods sold was $8.2 million for the year ended December 31, 2002

compared to $6.3 million for the same period in 2001. Correspondingly, gross

margins were $2.6 million, or 24% of sales compared to $1.7 million or 21% of

sales in 2001. Cost of goods sold for the fourth quarter was $2.7 million

compared to $2.0 million for the same quarter in 2001. Correspondingly, gross

margins were $1.1 million, or 29% of sales compared to $0.6 million or 23% of

sales in 2001. The change in gross margin percentage can be attributed to an

increase in the number of cylinders sold in 2002 (economies of scale) as well

as a shift in the product mix. The product mix in 2002 included an increase in

the number of larger cylinders sold compared to the cylinders sold in 2001.

General and administrative expense was $3.2 million in 2002 compared to

$2.2 million for 2001. The fourth quarter expenses for 2002 were $1.1 million

compared to $0.6 million for the same quarter of 2001. The increase in general

and administrative expense was the result of 2002 being the first full year of

operations for Dynetek Europe GmbH, the number of employees increasing to 80

from 68, and the Company evaluating acquisition opportunities.

Research and product development expense was $4.2 million in 2002

compared to $2.2 million in 2001. For the fourth quarter of 2002, research and

product development expense was $1.8 million compared to $0.7 million in 2001.

During 2002, Dynetek increased the number of research and development

personnel by 38%, increased the number of research projects including

cylinder, regulator and valve development for higher pressure solutions and

expanded the number of OEM projects.

The majority of Dynetek"s research and development programs are co-funded

with major OEMs and government grants (NRCan). The subsidies, which Dynetek

receives from the OEMs regarding these projects, are based on completion of

the project and therefore timing differences occur between when costs are

incurred and funding is received. The funding from the OEM"s is recorded as

research and development revenue and the government funding is recorded as a

loan.

Marketing expense was $1.6 million in 2002 compared to $0.6 million in

2001. The marketing expense for the fourth quarter of 2002 was $0.7 million

compared to $0.2 million for the same period in 2001. The increase is directly

related to expansion of the Company"s sales force to service the existing and

expanding customer base as well as the enhancement of Dynetek"s profile in the

global marketplace. The trade shows Dynetek attended during 2002 included:

Clean Heavy Duty Vehicles Conference Tempe, AZ, CaFCP Technology Forum

Sacramento, CA, Waste Expo Las Vegas, NV, ENGVA Nice, France, World Hydrogen

Energy Conference Montreal, PQ, APTA Expo 2002 Las Vegas, NV, NGV 2002

Washington, DC, CNG-GNC Conference Brazil, Ford Focus Drive Across Canada.

Amortization for the year ended December 31, 2002 was $0.4 million

compared to $0.7 million in 2001. The fourth quarter amortization in 2002 was

$0.1 million compared to $0.2 million in 2001. Items included in amortization

expense include process and development costs, patents and deferred start-up

costs.

Depreciation was $0.8 million in 2002 compared to $0.5 million in 2001.

The fourth quarter depreciation for 2002 was $0.3 million in 2002 compared to

$0.2 million in 2001. This increase is due to the addition of capital assets

employed by Dynetek, related to the production of the DyneCell fuel storage

systems. The majority of the capital expenditures took place in 2001 with

these assets being deployed into the commercial production process during

2002. Until assets are available for use in the production process they are

considered assets under construction and are not depreciated.

Net loss for 2002 was ($4.9) million or ($0.24) per common share compared

to ($1.2) million or ($0.06) per common share for 2001. The net loss for the

fourth quarter of 2002 was ($2.0) million or ($0.10) per share compared to

($0.4) million or $(0.02) for 2001. The net loss for 2002 can be attributed to

two key strategic decisions. Firstly, the investment in the German operations

to service the European CNG market incurred set-up and infrastructure costs

greater than realized sales in the current year. Secondly, the research and

development group increased its activity and the Company commissioned a valve

division to develop the peripherals to compliment the development of higher-

pressure cylinders. Even though many of the research and development group"s

projects are funded by the OEM"s and other governmental agencies the expense

are often incurred in advance of when the funding is received.

 

 

Intangible Assets and Deferred Costs

(thousands of Canadian dollars)

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

------------------------------------------------------------------------

------------------------------------------------------------------------

 

Patents - 369 1,931 696

Deferred Costs - 489 655 901

------------------------------------------------------------------------

- 858 2,586 1,597

------------------------------------------------------------------------

------------------------------------------------------------------------

 

In the third quarter of 2002 Dynetek announced the purchase of patents

(intellectual property) to enable production of high-pressure solutions for

additional cylinder components including valves and regulators. The Company

will invest additional resources into patents in future years to ensure

protection from competitors of our developed products and production

processes. Deferred costs substantially relate to capitalized start-up costs

for the European operations. With commercial operations underway in 2002,

these amounts will be amortized over a five year period.

 

Capital Expenditures

(thousands of Canadian dollars)

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

------------------------------------------------------------------------

------------------------------------------------------------------------

 

Building and leaseholds 6 273 40 883

Manufacturing equipment 2,342 376 4,227 1,143

Office furniture and other equipment 7 29 7 259

Computer hardware and software 34 136 212 208

Manufacturing equipment

under construction (2,153) 874 (2,086) 4,720

------------------------------------------------------------------------

236 1,688 2,400 7,213

------------------------------------------------------------------------

------------------------------------------------------------------------

 

Capital expenditures for the year ended 2002 were $2.4 million compared

to $7.2 million for 2001. During 2002 the Company invested $2.1 million in

assets associated with the manufacturing process. Dynetek also deployed assets

of $2.1 million previously considered assets under construction into the

commercial production process. The efficiencies and higher production

capabilities of the new manufacturing process will attribute directly to cost

reductions and higher production output. With the additional infrastructure

necessary to manage the Company, additions were made to the building, office

furniture and computer hardware and software.

 

Financial Resources and Liquidity

 

As at December 31, 2002 Dynetek had cash and cash equivalents of

$20.5 million compared to $32.1 million at December 31, 2001. This decrease in

cash and cash equivalents is attributable to purchasing manufacturing

equipment, financing working capital levels, and funding research and

development activities. The Company"s actual funding requirements will vary

depending on a number of factors, including the increase of CNG system sales

on a global basis, the progress of research and development projects and the

development of additional relationships with strategic partners. Dynetek

remains committed to enhancing its technological leadership position and

continuing to be a market leader in the industrial gas fuel storage industry,

including CNG and hydrogen.

The Company"s accounts receivable position at December 31, 2002 was

$3.8 million compared to $3.3 million at December 31, 2001. This difference

relates to the increase in sales orders from 2001 to 2002. Accounts payable at

December 31, 2002 was $2.8 million compared to $2.5 million as at December 31,

2001. This difference is due to the commitments at December 31, 2002 made to

outside suppliers for manufacturing equipment and raw materials purchased for

inventory.

The loans relate to research and development funding supplied by NRCan.

These agreements allow Dynetek to retain the intellectual property and to

receive long-term funding. The debt is repayable in the form of royalties

based on specific related commercial product sales. The Company to date has

repaid $0.6 million of this debt and $0.1 million is due in the current year.

The Company believes that additional subsidies are expected to be available

for future research and development projects from governments and OEMs.

 

Outlook

 

Our company is unlike others in the alternative energy market. We have a

product, we design and manufacture and we sell commercially into the CNG

market. Our strategy is to continue to increase our CNG sales to keep our net

outflow of cash related to operation and general and administrative expense at

negligible levels compared to peers in our industry while we continue to

invest in the hydrogen economy.

The Company"s storage solution is one of the key"s to the success of the

hydrogen economy. The U.S. announcement of "The Presidents Hydrogen Fuel

Initiative" is significant to our market and growth strategy over the long

term. One need only look at others participating whose products depend on

hydrogen storage and transportation solutions. Dynetek is positioned to be the

future infrastructure solution provider as our current relationships position

us for the approaching commercial opportunities.

As recognized market leaders in gas storage, we are also expanding our

market focus in compressed gas sales and solutions. The market for industrial

gases is substantial. Already, there are billions of dollars in a market

beyond CNG and hydrogen. We recognize the tremendous opportunities to

complement our CNG and hydrogen markets by expanding to other gases, including

helium, nitrogen and oxygen. These gases are being stored and transported

today. Dynetek can be a part of this sizable market.

 

Events to date in 2003:

 

- In January 2003, Dynetek supplied the stationary compressed hydrogen

storage system to Stuart Energy which was part of the patented Stuart

Energy intelligent hydrogen fueling station sold to Toyota Motor Sales

U.S.A.

 

- Also in January 2003, Dynetek announced its participation in a new $8

million hybrid fuel cell bus project. NRCan is committing $3 million of

the total project over a three-year period. The project - led by

Hydrogenics Corporation along with other industrial partners - focuses

on the development of new hybrid fuel-cell bus technology. Dynetek is

developing the complete fuel storage solution using its certified

hydrogen fuel storage system.

 

- In February 2003, Dynetek announced its selection by Deere & Company

(John Deere) to supply its 5000psi (350bar) hydrogen storage system for

a technology demonstrator fuel cell-powered commercial work vehicle

(CWV). The demonstrator will be a modified John Deere Pro-Gator(TM)

utility vehicle.

 

Dynetek develops, produces and markets Advanced Lightweight Fuel Storage

Systems for storing CNG for low emission CNG vehicles and compressed hydrogen

for zero emission hydrogen fuel cell and internal combustion engine vehicles.

The Dynetek advanced fuel storage system is designed with a seamless thin-wall

aluminum liner with a full carbon fibre overwrap, and is marketed under the

DyneCell brand name. Dynetek"s shares trade under the symbol DNK on the TSX.

 

Forward-Looking Statements

 

In addition to historical information, this review of financial results

contains forward-looking statements. Forward-looking statements are based upon

current assumptions, expectations and estimates that involve a number of risks

and uncertainties and actual results could differ materially from those

discussed in the forward-looking statements. Investors are encouraged to

review the section in the Management"s Discussion and Analysis titled

"Business Risks" contained in the 2001 Annual Report for a discussion of

factors that could effect Dynetek"s future operations and financial results.

Forward-looking statements are based upon management"s assumptions,

expectations and estimates at the time that the statements are made. Dynetek

does not update forward-looking statements should circumstances or

management"s assumptions, expectations or estimates change.

 

 

Consolidated Balance Sheets

December 31

 

(thousands of Canadian dollars)

2002 2001

------------------------------------------------------------------------

------------------------------------------------------------------------

Assets

Current assets

Cash and cash equivalents 20,453 32,072

Accounts receivable 3,843 3,332

Inventory 4,381 1,677

Prepaid expenses 691 213

------------------------------------------------------------------------

29,368 37,294

 

Intangible assets and deferred costs 4,081 1,721

 

Capital assets 13,417 11,819

 

Process and product development costs - 184

 

Future income tax asset 2,505 2,505

------------------------------------------------------------------------

49,371 53,523

------------------------------------------------------------------------

------------------------------------------------------------------------

Liabilities

Current liabilities

Accounts payable and accrued liabilities 2,833 2,468

Current portion of long-term debt 55 143

------------------------------------------------------------------------

2,888 2,611

 

Long-term debt 1,457 953

 

Shareholders" Equity

Share capital 52,249 52,249

Deficit (7,223) (2,290)

------------------------------------------------------------------------

45,026 49,959

 

49,371 53,523

------------------------------------------------------------------------

------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements

 

 

Consolidated Statements of Operations and Deficit

(thousands of Canadian dollars except share capital and per

share amounts)

 

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

-------------------------------------------------------------------------

 

Revenue

Cylinder and system sales 3,740 2,538 10,871 8,013

Research and

development income 529 459 1,965 1,476

Investment and other income 355 310 769 1,502

-------------------------------------------------------------------------

4,624 3,307 13,605 10,991

Expenses

Cost of goods sold 2,656 1,955 8,238 6,294

General and administrative 1,132 583 3,232 2,182

Research and product

development 1,772 692 4,202 2,243

Marketing 688 191 1,579 618

Depreciation 257 220 802 527

Amortization of

intangible assets and

deferred costs 76 187 410 741

-------------------------------------------------------------------------

6,581 3,828 18,463 12,605

-------------------------------------------------------------------------

Loss before income taxes (1,957) (521) (4,858) (1,614)

-------------------------------------------------------------------------

Provision for taxes

Future income taxes (benefit) - (139) - (556)

Large corporations tax 20 22 75 98

-------------------------------------------------------------------------

20 (117) 75 (458)

-------------------------------------------------------------------------

 

Net loss (1,977) (404) (4,933) (1,156)

-------------------------------------------------------------------------

 

Deficit, beginning of period (5,246) (1,886) (2,290) (1,134)

-------------------------------------------------------------------------

Deficit, end of period (7,223) (2,290) (7,223) (2,290)

-------------------------------------------------------------------------

-------------------------------------------------------------------------

 

Per Share Information

Net loss per share

(basic and diluted) (0.10) (0.02) (0.24) (0.06)

Weighted average number

of common shares

outstanding 20,120,395 19,549,622 20,120,395 19,549,622

-------------------------------------------------------------------------

-------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements

 

 

Consolidated Statements of Cash Flows

(thousands of Canadian dollars)

 

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

-------------------------------------------------------------------------

 

Cash flows provided by (used

for) operating activities

Net loss (1,977) (404) (4,933) (1,156)

Items not involving cash

Depreciation 257 220 802 527

Amortization 76 187 410 741

Future income taxes (benefit) - (139) - (556)

-------------------------------------------------------------------------

(1,644) (136) (3,721) (444)

Changes in non-cash working

capital

Accounts receivable 835 (643) (511) (330)

Inventory (165) 2 (2,704) (130)

Prepaid expenses (592) (147) (478) (103)

Accounts payable and

accrued liabilities (126) (24) 365 704

-------------------------------------------------------------------------

Cash flow from

operations (deficiency) (1,692) (948) (7,049) (303)

 

Investing activities

Additions to intangible

assets and deferred costs - (858) (2,586) (1,597)

Additions to capital assets (236) (1,688) (2,400) (7,213)

-------------------------------------------------------------------------

(236) (2,546) (4,986) (8,810)

Financing activities

Common shares issued

on private placement - 2,154 - 2,154

Warrants exercised - - - 14

Share issue costs - (44) - (44)

Advances, long-term debt 57 - 504 248

Repayments, long-term debt - - (88) (384)

-------------------------------------------------------------------------

57 2,110 416 1,988

 

Decrease in cash and

cash equivalents (1,871) (1,384) (11,619) (7,125)

 

Cash and cash

equivalents, beginning

of period 22,324 33,456 32,072 39,197

-------------------------------------------------------------------------

 

Cash and cash

equivalents, end of

period 20,453 32,072 20,453 32,072

-------------------------------------------------------------------------

-------------------------------------------------------------------------

 

Cash and cash equivalents includes a reduction for outstanding cheques.

Interest income received in, 2002 was $0.6 million and $1.5 million for same

period in 2001. Interest income received during the three months ended

December 31, 2002 was $0.1 million and $0.2 million for the same period in

2001.

See accompanying notes to the consolidated financial statements

 

Selected Notes to Consolidated Financial Statements

For the year ended December 31, 2002 and 2001

(tabular amounts in thousands of Canadian dollars, except share capital

amounts)

 

1. Basis of Presentation

The unaudited interim consolidated financial statements of Dynetek

Industries Ltd. ("Dynetek" or "the Company") have been prepared by management

in accordance with accounting principles generally accepted in Canada. The

unaudited interim consolidated financial statements have been prepared

following the same accounting policies and methods of computation as the most

recent annual audited consolidated financial statements for the year ended

December 31, 2001. The unaudited interim consolidated financial statements

should be read in conjunction with the audited consolidated financial

statements and the notes thereto in the Company"s Annual Report for the year

ended December 31, 2001 except as noted below.

 

2. Share Capital

The issued and outstanding common shares of the Company along with

securities convertible into common shares are as follows:

 

December 31, 2002 December 31, 2001

-------------------------------------------------------------------------

Issued and outstanding:

Common shares 20,120,395 20,120,395

 

Securities convertible into common shares:

Employee stock options 1,942,000 1,798,500

Warrants 2,374,294 2,704,424

-------------------------------------------------------------------------

 

Effective January 1, 2002, Dynetek adopted, on a prospective basis, the

Canadian Standards for accounting for stock-based compensation. The standard

requires the Company to account for direct share awards and grants of options

to non-employees using the fair value method of accounting for stock-based

compensation. Options granted to employees and directors will be accounted for

using the settlement date method of accounting for stock-based compensation.

Accordingly, no compensation cost has been recognized for such grants as the

exercise price is equal to or greater than the market price of the stock on

the date of grant.

If compensation cost for the employee"s stock option plans had been

determined using the fair value method of accounting for stock-based

compensation, the Company would increased the 2002 loss by ($0.5) million or

($0.02) per share and ($0.2) million or ($0.01) per share for the three months

ended December 31, 2002.

The value was determined using the Black-Scholes valuation model assuming

an average option life of five years, no dividends, expected volatility of 85%

and a risk-free interest rate of 2.93%.

 

3. Segmented information

The Company currently operates in one operating segment, which involves

the manufacture and sale of lightweight fuel storage systems. The majority of

the Company"s operations and assets relating to commercial production were

located in Canada at December 31, 2002. Revenues attributed to foreign

countries are based on the location of the customer.

 

Three months ended Year ended

December 31 December 31

2002 2001 2002 2001

-------------------------------------------------------------------------

Revenue

Canada 278 411 1,090 1,323

United States 1,585 1,129 5,782 2,689

Japan 844 610 1,422 2,768

Germany 803 517 1,697 1,111

Other foreign countries 180 129 810 122

-----------------------------------------------------------------------

3,690 2,796 10,801 8,013

-------------------------------------------------------------------------

-------------------------------------------------------------------------

 

 

Corporate Information

 

Board of Directors

 

Heinz O. Portmann(x)

Chairman of the Board

Dynetek Industries Ltd.

Calgary, Alberta

 

Andrew T.B. Stuart (xxx)

Vice Chairman

Stuart Energy Systems Corporation

Mississauga, Ontario

 

Peter A. Leus(x) (xx)

Director

Starlaw Holdings Ltd.

Montreal, Quebec

 

Michael J. Lang(x) (xx)

Chairman

Stonebridge Merchant Capital Corp.

Calgary, Alberta

 

Larry A. Wright (xxx)

Executive Vice President

Multimatic Inc.

Markham, Ontario

 

Robb D. Thompson

President and Chief Executive Officer

Dynetek Industries Ltd.

Calgary, Alberta

 

(x) Audit Committee member

(xx) Compensation Committee member

(xxx) Corporate Governance Committee member

 

 

Officers and Management

 

Heinz O. Portmann

Chairman of the Board

 

Robb D. Thompson

President and Chief Executive Officer

 

Michael D. Portmann

Vice President and General Manager

 

Ulrich Imhof

Vice President, Engineering

 

Dr. Christian Rasche

Managing Director

Dynetek Europe GmbH

 

Karen Y. Minton

Vice President, Finance and

Administration

 

Tim A. Richard

Vice President, Sales and Marketing

 

Norman E. Hall

Corporate Secretary

 

Corporate Head Office

4410 - 46th Avenue SE

Calgary, Alberta, Canada

T2B 3N7

Tel (403) 720 0262

Fax (403) 720 0263

Web site:www.dynetek.com

 

Subsidiary

 

Dynetek Europe GmbH

Breitscheider Weg 117a

D-40885 Ratingen

Germany

 

 

Bankers

Bank of Nova Scotia

Calgary, Alberta

 

Auditors

KPMG LLP

Calgary, Canada

 

Legal Counsel

Gowling Lafleur Henderson LLP

Calgary, Alberta

 

Transfer Agent and Registrar

CIBC Mellon Trust Company

with offices in Toronto, Montreal and Calgary

 

Stock Listing

Toronto Stock Exchange

Trading Symbol: DNK

 

Investor Relations

To obtain additional information about Dynetek or to be placed on our

supplemental mailing list for quarterly reports please contact:

 

Robb D. Thompson

Dynetek Industries Ltd.

Investor Relations

4410 - 46th Avenue SE

Calgary, Alberta, Canada

T2B 3N7

Tel (403) 720 0262

Fax (403) 720 0263

Email: investor(at)dynetek.com

 

 

For further information

 

Heinz Portmann, Chairman of the Board or Robb Thompson, President and Chief Executive Officer

Dynetek Industries Ltd., Tel: (403) 720-0262, Toll-free: 1-888-396-3835, Fax: (403) 720-0263, Web: www.dynetek.com

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