22.8.2003: Meldung: Trojan Technologies: Second Quarter Results
Wednesday August 20, 10:27 am ET
Quarterly Revenue Reaches Record of $29.4 million
LONDON, ON, Aug. 20 / - Trojan Technologies Inc. (TSX/TUV) today announced its financial and operating results for the three-month and six- month periods ended June 30, 2003."Revenue in the quarter reached a record of over $29 million," stated Marvin DeVries, President and Chief Executive Officer of Trojan Technologies Inc. "I am pleased with the growth rate of 17% and, in particular, with the increased diversification of our revenue. We have seen very strong growth in our drinking water and industrial/commercial businesses confirming that our strategies for growth outside our core wastewater business are winning in the marketplace. Order backlog continues to be strong as we reach the mid-point of 2003. We delivered a profit this quarter and are on track to deliver on our revenue and income objectives for the year."
Because the Company has changed its financial year-end from August to December, the second quarter results in this report are compared to the three months and six months ended May 31, 2002, the Company"s third quarter under its previous reporting schedule. In accordance with accepted practice, this period has been selected as the comparative because it is the closest to June 30.
Financial highlights include:
Revenue for the quarter was $29.4 million, an increase of 17.0% compared to $25.2 million in the third quarter of fiscal 2002. For the six months ended June 30, 2003, revenues grew 17.0% to $56.0 million from $47.9 million in the six months ended May 31, 2002.
For the quarter, consolidated gross margin was $11.5 million or 39.1% compared to $11.9 million or 47.3% in the similar period last year. Consolidated gross margin for the six-month period was $21.8 million or 38.9%, compared to $21.5 million or 44.8% in the six-month period ended May 31, 2002. The gross margin is impacted by business mix from both a geographic and product perspective during the first six months of the year.
For the quarter, income before other income and expenses was $1.5 million compared to $2.6 million in the third quarter of fiscal 2002. Net income is adversely impacted by $0.6 million of costs associated with management changes in the second quarter. On a year-to-date basis, income before other income and expenses amounted to $2.3 million compared to $4.3 million in the six months ended May 31, 2002.
In the second quarter, Trojan reported net income after tax of $1.1 million or $0.05 per share compared to $1.2 million or $0.06 per share in the similar quarter last year. For the six-month period, Trojan reported a net loss of $6.0 million or $0.27 per share, compared to net income of $2.4 million or $0.12 per share in the six- month period ending May 31, 2002. The results for the six months ended June 30, 2003 were negatively impacted by $9.5 million pre-tax of abandoned transaction costs recognized in the first quarter.
Order backlog at June 30, 2003 was $77.3 million, compared to $81.4 million at March 31, 2003 and $37.3 million at May 31, 2002. Cash and marketable securities totalled $3.9 million compared to $9.4 million at March 31, 2003. This decrease reflects the payment of almost all of the $9.5 million of abandoned transaction costs but does not include approximately $8 million of cash generated by the renegotiation of the hedging program subsequent to June 30, 2003 Shareholders" equity was $80.9 million compared to $84.5 million at December 31, 2002.
Source: Trojan Technologies