Resin Systems Announces Third Quarter 2007 Results

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 14 /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 September 30, 2007. RS\nreports in Canadian dollars and all financial references in this news release\nare in Canadian dollars unless otherwise noted.\n\n\nThird Quarter 2007 Highlights\n\n- Net loss of $3.1 million or $0.02 per share, down 74 percent from\n fourth quarter 2006 of $11.9 million or $0.13 per share and down\n 76 percent from third quarter 2006 of $12.8 million or $0.14 per\n share;\n- year to date net loss of $17.5 million or $0.15 per share, down\n 44 percent from 2006 year to date net loss of $31.5 million or\n $0.36 per share;\n- use of cash in operations of $3.3 million, down 67 percent compared\n to $9.9 million in the fourth quarter 2006 and down 66 percent\n compared to $9.7 million in the third quarter 2006;\n- commercial production of RStandard(TM) utility poles from the Global\n Composite Manufacturing, Inc. facility started and commercial\n shipments resumed during this period;\n- the first shipments and revenue from RStandard roller tube sales were\n recorded during this period; and\n- RS received certification for use of RStandard roller tubes in\n underground applications from the U.S. Mining Safety and Health\n Administration (MSHA) opening a new market segment for the roller\n tube business line.\n\n\n"Our third quarter accomplishments mark the start of our growth phase,"\nsaid Paul Giannelia, president and chief executive officer. "The start of pole\nproduction and shipments, and roller tube sales, along with our significantly\nlower use of cash are important milestones in our goal of reaching\nprofitability in 2008."\n\n\nRStandard Utility Poles\n\n\nCommercial production of RStandard utility poles by Global Composite\nManufacturing, Inc. started during the third quarter 2007 with the first\nproduction cell currently operating with two shifts with a third shift\noperating by year end. Commercial shipments of RStandard poles also resumed\nduring the third quarter. Although initial production from Global Composite\nManufacturing, Inc. will be modest, increases in production are planned\nthrough the balance of the year, allowing RS to begin regular shipments ...

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