Business
/C O R R E C T I O N from source -- Komet Manufacturing Inc./
In c4295 sent on Monday, May 26 2008, an error occurred in the title. "fourth quarter results" sh...
About this update from Brunswick Exploration, Inc.
[{"type":"text","content":"\n\n\n\nIn c4295 sent on Monday, May 26 2008, an error occurred in the title.\n\n\n"fourth quarter results" should have read "second quarter results".\n\n\nCorrected copy follows:\n\n\nKomet announces second quarter 2008 results\n\n\nWith a view to continuity and stability, Francois Nadeau, Chairman of the\n\n\nCompany's board, succeeds Marc Leblanc\n\n\nMONTREAL, May 26 /CNW Telbec/ - Komet Manufacturing Inc. "Komet" (TSX-V:\nAQD) today disclosed its financial results for its second quarter of 2008,\nended March 31, 2008.\n\n\nDuring this quarter, Komet recorded net income of $59,205. This is\nslightly down from the second quarter of 2007 when net income was $93,873.\nThis decline is mainly attributable to the temporary slowdown in sales\nexperienced by superstore retailers in Canada, which is the Company's primary\nclientele.\n\n\nThe Company's manufacturing costs and sales and administration expenses\ntotalled $2,136,899 during the same period, which compares to the $2,620,956\nrecorded for the same quarter in 2007.\n\n\nFurthermore, Komet recorded revenues of $2,296,648 from current business\nactivities. At the same date last year, the Company recorded revenues of\n$2,837,962. This decline is also attributable to the slowdown mentioned above.\n\n\nIn addition, cash and cash-equivalents reached $1,098,356 for the\nsix-month period ended March 31, 2008. As at March 31, 2007, there was a\ndeficit of $39,421. Interest revenues generated by the Company's temporary\ninvestments over the last quarter were $12,743, whereas they were $151 over\nthe same period last year.\n\n\nChange in the Company's management\n\n\nMr. Marc Leblanc, President and Chief Executive Officer, announced his\ndeparture from the Company to accept an executive position with a\nnon-competing, pan-Canadian company. "The eight years which I have spent with\nKomet have been extremely rewarding. Unquestionably, it is a dynamic,\nexperienced and prosperous company that is full of potential. I would like to\nsincerely thank the employees, clients, as well as the shareholders and board\nmembers, in particular the members of the Nadeau family. Knowing that Komet\nwill be in the hands of a visionary leader and manager of Francois Nadeau's\ncalibre, certainly made my decision easier," added Mr. Leblanc.\n\n\nMr. Francois Nadeau, t...