Business
Garneau Inc. first quarter results ended March 31, 2007
Garneau Inc. first quarter results ended March 31, 2007.
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, May 15 /CNW/ -\n\n\n Corporate Highlights\n\n- $1 million domestic coating equipment project for ShawCor Ltd\n commenced in the first quarter of 2007.\n\nSummary of Results Three months ended\n(In thousands, except per share data, March 31, March 31,\n unaudited) 2007 \t 2006\n-------------------------------------------------------------------------\nRevenue $ 7,245 $ 18,810\nMargin 1,466 3,882\nMargin % 20.2% 20.6%\nEarnings (loss) before income taxes (828) 1,870\n\nNet earnings (loss) (701) 1,130\nEarnings (loss) per share - basic (0.06) 0.10\nEarnings (loss) per share - diluted (0.06) 0.09\n\n\nThis report includes forward looking statements that are based on the\nCorporation's current expectations and therefore are subject to uncertainties\nsuch as the level of industry drilling and coating activity, foreign exchange\nfluctuations and world wide economic conditions that may cause actual results\nto differ materially.\n\n\nThis analysis should be read in conjunction with the unaudited interim\nconsolidated financial statements of the Corporation for the three months\nended March 31, 2007 and 2006 and in conjunction with the audited consolidated\nfinancial statements and Annual Management Discussion and Analysis for the\nyear ended December 31, 2006.\n\n\nMANAGEMENT DISCUSSION & ANALYSIS\n\n\n-------------------------------------------------------------------------\n\n\nFinancial\n\n\nFirst quarter revenue for the period ended March 31, 2007, totaled\n$7.2 million which was a 61.7% decrease from the $18.8 million recorded for\nthe comparative quarter ended March 31, 2006, a direct result of decreased\nCamrose coating activity and Nisku manufacturing activity experienced in the\nfirst quarter.\n\n\nManufacturing revenues for the quarter ended March 31, 2007 totaled\n$2.5 million, a decrease of $1.2 million from the quarter ended March 31,\n2006. Manufacturing activity decreased during the first quarter of 2007 as\nindustry activity slowed down.\n\n\nPipeline revenues for the quarter ended March 31, 2007, totaled\n$4.7 million, a decrease of $10.4 million from the quarter ended March 31,\n2006. Small diameter coating activity decreased, as overall industry activity\nwas curtailed significantly. Also, the mainline ACCESS project was completed\nduring the third quarter of 2006.\n\n\nGarneau margin for the firs...