Business
Resin Systems Announces First Quarter 2008 Results
CALGARY, May 14 /CNW/ - Resin Systems Inc. ("RS"), (RS - TSX / RSSYF - OTCBB), a technology innov...
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[{"type":"text","content":"\n\n\n\nCALGARY, May 14 /CNW/ - Resin Systems Inc. ("RS"), (RS - TSX / RSSYF -\nOTCBB), a technology innovator that develops advanced composite material\nproducts for infrastructure markets today announced its financial and\noperating results for the quarter ended March 31, 2008. RS reports in Canadian\ndollars and all financial references in this news release are in Canadian\ndollars unless otherwise noted.\n\n\nFirst Quarter 2008 Highlights\n\n- revenue increased to $2.0 million in the first quarter of 2008 versus\n $0.1 million in the first quarter of 2007;\n- net loss for Q1 2008 was $7.2 million or ($0.05) per share compared\n to a net loss of $6.3 million or ($0.06) per share for the first\n quarter of 2007;\n- use of cash in operations before non-cash working capital of\n $3.3 million, down 20 percent compared to $4.2 million in the first\n quarter 2007;\n- cash balance as of the end of the first quarter was $9.0 million\n compared to $10.2 million at the end of the fiscal year 2007, the\n cash balance is sufficient to fund future operations;\n- the current utility pole production backlog is in excess of\n $50 million;\n- the initial shipment of $1.1 million of backlog will be delivered in\n May and the remaining shipments will be delivered over the 24 month\n contract period;\n- the first production cell of RStandard(TM) utility poles is operating\n with three shifts;\n- production from the second cell will start in the second quarter; and\n- full launch of RStandard composite roller system will commence during\n the second quarter of 2008.\n\n\nRStandard Utility Poles\n\n\nRS has contracted the manufacture of its composite utility poles to\nGlobal Composite Manufacturing, Inc. ("GCM") in Tilbury, Ontario. GCM has been\nfocusing its attention on increasing production output on the first production\ncell, and upgrading, installing and recommissioning the second production\ncell. Production on the second cell is expected to begin during the second\nquarter of 2008. Optimal production for both cells is expected to be achieved\nby the end of the third quarter of this year.\n\n\nRS continues to work with HD Supply Utilities, Ltd. ("HDs") on North\nAmerican market penetration of RStandard poles by adding key customers and\nincreasing the number of repeat orders from existing customers. With the\np...