Volume 37, Issue 4, April 2002

FinancialFlash

LBL Skysystems Reports Third-Quarter Revenues Rise to $29 Million
LBL Skysystems has released third-quarter results for the period ending December 31, 2001. According to information from the company, revenues totaled $29 million, an 81-percent increase from the $16 million reported the previous year.

In addition, earnings for the company improved, with profit reaching $2.4 million and net profit reaching nearly $1 million.

“As we expected, results for the third quarter and for the first nine months of the 2001-2002 fiscal year reflect continued progress in numerous projects as well as major savings arising from the optimization of our operations,” said Louis Potvin, president and chief operating officer. “Continuous improvement in cash flow during the third quarter, just as in the first half of the fiscal year, helped finance our growth strategy and served to enhance shareholder value,” he said.

Goldray Announces Third Consecutive Annual Profit Record
In a letter written on behalf of Goldray Inc.’s board of directors, company president and chief executive officer Gregory Saroka announced Gold-ray’s third consecutive profitable year for the Calgary-based company.

“The year 2001 was highlighted by the contraction of the overall North American economy and the impact of the September 11 terrorist attacks,” wrote Saroka. “These unfortunate events were clearly reflected in the corporation’s results being considerably short of our earlier expectations for both revenue and earning.”
However, Goldray also finished 2001 with a back order of $7.7 million, a strong financial position and a broadened range of products, wrote Saroka. “The construction segment of the order backlog is in excess of all 2001 construction segment sales. With these firm orders, our ongoing marketing efforts and surplus productive capacity, we expect to be able to deliver significant growth and establish 2002 as a new year for Goldray.”


USG

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