Business
Resin Systems announces second quarter 2006 financial and operating results
Resin Systems announces second quarter 2006 financial and operating results.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Aug. 14 /CNW/ - Resin Systems Inc. (RS - TSX / RSSYF - OTCBB),\na composite products development company (\"RS\"), is pleased to announce\nfinancial and operational results for the quarter ended June 30, 2006. RS has\nfiled its unaudited consolidated financial statements for the quarter ended\nJune 30, 2006 and related management's discussion and analysis with Canadian\nsecurities regulatory authorities. The financial statements and management's\ndiscussion and analysis have also been filed with the United States Securities\nand Exchange Commission. Copies of the respective documents are available at\nwww.sedar.com, www.sec.gov and RS's website at www.grouprsi.com. RS reports in\nCanadian dollars and all financial references in this news release are in\nCanadian dollars unless otherwise noted.\n\nSecond Quarter 2006 Highlights\n\n>\n\nOverview\nSince starting its first product development in 2004, RS has successfully\ncreated the RStandard(TM) product line of leading-edge utility poles. RS\ncontinues to build the RStandard business globally and is receiving increasing\norders from its expanding customer base.\nAs a composite product innovator, RS has numerous products in various\nstages of development including multiple advanced opportunities. In general,\nthese products present significant market opportunities while having\nmanageable barriers of entry. In most cases, RS will actively seek strategic\nrelationships with existing manufacturers to efficiently commercialize these\nnew products.\n\nProduction\nRS's primary focus in the second quarter continued to be the ramp-up and\nefficiency of the new Calgary production facilities. The goal was to reach\nfull efficiency and production capability in the third quarter. By the end of\nthe second quarter, it is apparent that this will not be achieved due to\nunexpected technical issues. These second quarter production challenges\nincluded:\n\n>\n\n\"We have met some unexpected technical issues with our production,\" said\nGreg Pendura, Chairman, President and Chief Executive Officer of RS. \"The good\nnews is we have addressed the issues and believe they are now behind us. We\nhave learned a significant amount about efficiently manufacturing composite\nutility poles, and this new knowledge can now be applied as we grow our\nbusiness.\"\n\nSales and NAFTA Market Pe...