Business
Resin Systems announces third quarter 2006 financial and operating results
Resin Systems announces third quarter 2006 financial and operating results.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Nov. 10 /CNW/ - Resin Systems Inc. (RS - TSX / RSSYF - OTCBB),\na composite products development company (\"RS\"), announces its financial and\noperational results for the quarter ended September 30, 2006. RS has filed its\nunaudited consolidated financial statements for the quarter and related\nmanagement's discussion and analysis with Canadian securities regulatory\nauthorities. The financial statements and management's discussion and analysis\nhave also been filed with the United States Securities and Exchange\nCommission. Copies of the respective documents are available at www.sedar.com,\nwww.sec.gov and RS's website at www.grouprsi.com. RS reports in Canadian\ndollars and all financial references in this news release are in Canadian\ndollars unless otherwise noted.\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 commercialize these new\nproducts through licensed manufacturing arrangements.\n\n>\n\nRStandard Production\nRS has developed a plan to address its production challenges and is\nsuccessfully executing it. The third quarter results have begun to show\ninitial results of RS's plan with significant progress made in the area of\nRStandard production.\nThe most significant impact has been a substantial increase in production\nwith third quarter finished production 3.7 times second quarter production\nlevels.\nIn addition, RS successfully reduced unit costs 58 percent by reducing\nthe amount of material usage not resulting in finished product. Material\nwastage, scrapped modules, and modules used for product testing all contribute\nto costs in this area.\nThe amount of production approved for sale increased substantially, with\npass rates (the percentage of production approved for sale to customers)\nclimbing from an average of 22 percent in the second quarter to 66 percent by\nthe end of the third quart...