Business
Resin Systems Announces Second Quarter 2007 Results
Resin Systems Announces Second Quarter 2007 Results.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - Resin Systems Inc. (RS - TSX/RSSYF - OTCBB), a\ndeveloper of innovative advanced material products ("RS"), today announced its\nfinancial and operating results for the quarter ended June 30, 2007. RS\nreports in Canadian dollars and all financial references in this news release\nare in Canadian dollars unless otherwise noted.\n\n\nSecond Quarter 2007 Highlights\n\n- Net loss of $8.1 million or $0.06 per share, down 32 percent from\n fourth quarter 2006 of $11.9 million or $0.13 per share and down\n 24 percent from second quarter 2006 of $10.6 million or $0.12 per\n share;\n- use of cash in operations of $4.1 million, down 58 percent compared to\n $9.9 million in the fourth quarter of 2006 and down 56 percent\n compared to $9.3 million in the second quarter 2006;\n- completion of the move and upgrade of RStandard pole production in\n Tilbury, Ontario;\n- completion of the installation and commissioning of the manufacturing\n equipment and process of the first RStandard(TM) pole production cell;\n- together, RS and FMC Technologies, Inc. have identified over 20\n initial customer-paid pilot sites for Link-Belt(R) Composite Conveyor\n Idler Rollers exclusively using RS's composite roller tubes with\n installations occurring over the remainder of 2007; and\n- RS delivered its first significant shipment of composite roller tubes\n to FMC Technologies, Inc.\n\n\n"Our second quarter results demonstrate that we have successfully met our\ngoal of dramatically reducing the use of cash in operations from 2006 levels,"\nsaid Paul Giannelia, president and chief executive officer. "All our focus is\non resuming and then increasing our RStandard utility pole production, adding\nmore production cells and successfully introducing our composite roller tube\nto the market with the objective of reaching profitability in 2008."\n\n\nRStandard Utility Poles\n\n\nFurther to RS's binding letter of intent with Global Composite\nManufacturing, Inc. announced February 2, 2007, RS entered into a definitive\nmanufacturing and licensing agreement with Global Composite Manufacturing,\nInc. in August 2007. This agreement provides the framework whereby Global\nComposite Manufacturing is responsible to move, upgrade and re-commission the\nexisting RStandard utility pole manufacturing equipment as wel...