23.05.03

23.5.2003: Meldung: Trojan Technologies: First Quarter Results

LONDON, ON, May 21, 2003 -- Trojan Technologies Inc. (TSX/TUV) today announced its financial and operating results for the three-month period ended March 31, 2003.

"We have made solid progress in the development of our business" said Allan Bulckaert, President and Chief Executive Officer of Trojan Technologies Inc. "Revenues have grown by 17% and order backlog continues to be strong. Net income is affected by the disappointing outcome of our attempt to acquire a publicly-traded German water treatment company. Fortunately we have a strong balance sheet and the liquidity to withstand this special charge and we are determined to deliver improved results throughout the balance of the year."

Because the Company has changed its financial year-end from August to December, the first quarter results in this report are compared to the three months ended February 28, 2002, the Company"s second 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 March 31.

Financial highlights include:


- For the three months ended March 31, 2003, revenues grew 17% to
$26.6 million from $22.7 million in the three months ended February
28, 2002.


- Consolidated gross margin for the three-month period was
$10.3 million or 38.7%, compared to $9.6 million or 42.1% in the
three-month period ended February 28, 2002.


- Earnings before interest, taxes, amortization and other items
amounted to $1.6 million compared to $2.4 million in the three months
ended February 28, 2002.


- The Company has recorded a charge of $9.5 million representing
advisory fees and costs incurred in connection with negotiations to
acquire a publicly traded, German-based water treatment company. On
May 7, 2003, Trojan was advised that the other party was not willing
to proceed and discussions have been terminated. All costs incurred
have been expensed during the first quarter.


- For the quarter, Trojan reported a net loss of $7.1 million or
$0.32 per share, compared to net income of $1.1 million or $0.06 per
share in the three-month period ending February 28, 2002.


- Order backlog at March 31, 2003 was at $81.4 million, compared to
$69.4 million at December 31, 2002.


- Cash and marketable securities totalled $9.4 million compared to
$5.7 million at December 31, 2002. Approximately $7.7 million of the
failed transaction costs remained to be paid after March 31.


- Shareholders" equity is $77.6 million compared to $84.5 million at
December 31, 2002.
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