Business
Resin Systems Announces First Quarter 2007 Results
Resin Systems Announces First Quarter 2007 Results.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\nCALGARY, May 3 /CNW/ - Resin Systems Inc. (RS - TSX/RSSYF - OTCBB), a\ncomposite products innovation company ("RS"), today announced its financial\nresults for the quarter ended March 31, 2007. RS reports in Canadian dollars\nand all financial references in this news release are in Canadian dollars\nunless otherwise noted.\n\n\nFirst Quarter 2007 Highlights\n\n- Net loss of $6.3 million or $0.06 per share, down 47 percent from\n fourth quarter 2006 of $11.9 million or $0.13 per share and down\n 22 percent from first quarter 2006 of $8.1 million or $0.09 per\n share;\n- Loss before interest, taxes, depreciation and amortization of\n $3.7 million, down 59 percent from fourth quarter 2006 of\n $9.1 million and down 44 percent from first quarter 2006 of\n $6.6 million;\n- Funds used in operations of $4.2 million compared to $9.9 million in\n the fourth quarter of 2006 and $7.1 million in the first quarter\n 2006;\n- Completion of a $5 million short-term bridge financing followed by\n a common share offering resulting in:\n - the retirement of $3.6 million of notes from the short-term\n bridge financing by the issuance of 3,661,111 common shares; and\n - the issuance of 31,338,889 million common shares for gross\n proceeds of $31.3 million.\n\n\nThe net loss in first quarter 2007 included $877,000 in charges related\nto the short-term bridge financing and $143,000 in restructuring charges.\n\n\n"Our first quarter results met our goal of substantially reducing our\noperating losses and implementing an extensive restructuring plan," said Paul\nGiannelia, president and chief executive officer. "With this behind us, we can\nfocus on working towards profitability in 2008."\n\n\nRS continued to make progress on the commercialization of its two product\nlines. RStandard(TM) utility poles entered the market penetration stage of\nRS's business plan with an exclusive distribution agreement with HD Supply\nUtilities, Ltd. Progress on the VRoll(TM) composite roller tubes also\ncontinued with RS and FMC Technologies, Inc. working towards jointly\nintroducing to market in the second quarter FMC Technologies's line of\nLink-Belt(R) Composite Conveyor Idler Rollers made with VRoll composite roller\ntubes. Over the next quarter, RS expects to manufacture product samples of\nVRoll roller tubes in the most common r...