Business
Komet announces fourth quarter 2008 results
With a view to continuity and stability, Francois Nadeau, Chairman of the Company's board, succee...
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[{"type":"text","content":"\n\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, the Company's Chairman of the Board of Directors and\nPresident and Chief Executive Officer of the Aquadis Group, will take on the\ninterim position of President and Chief Executive Officer of Komet. "On behalf\nof the Komet board members, I ...