Business
Century II Holdings Inc. Reports Fiscal 2005 First Quarter Results
Century II Holdings Inc. Reports Fiscal 2005 First Quarter Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol: CH\n\nTORONTO, May 2 /CNW/ - Century II Holdings Inc. today announced its\nfinancial results for the first quarter ended March 31, 2005. The Company's\noperations reflect the business of ICS Courier.\nThe Company reported net earnings in the first quarter of 2005 of\n$644,000 ($0.06 per share) compared with a net loss of $549,000 ($0.05 per\nshare) in 2004. The Company attributed the improvement in the net earnings to\nimproved efficiencies and an increase in both volumes and tariffs.\nThe Company reported revenues of $20,350,000 in the first quarter of 2005\nrepresenting a 5.9% increase in revenues over the first quarter of 2004\ndespite the fact that the first quarter of 2005 experienced two less business\ndays than the first quarter in 2004. This increase is a direct result of\nmeasures implemented late last year to bolster ICS Courier's market share. The\ntrackable ICS Next Day(TM) product continues to show year-over-year growth.\nICS Courier completed an agreement with Document IP Limited (\"IPG\"), pursuant\nto which ICS became, effective March 1, 2005, the designated provider of\ncourier services (other than same day) for IPG's membership. The purchase\nprice of $200,000 was capitalized to Intangible Assets.\nThe Company also reported significant improvement in its operating\nresults as earnings before interest, foreign exchange gains and losses, income\ntaxes, and amortization (\"EBITDA\") for the first quarter of 2005 increased to\n$944,000 compared with a loss of $335,000 in the first quarter of 2004 (an\nimprovement of $1,279,000 or 380%). A 14% reduction in corporate overhead\ncosts also contributed to increasing EBITDA in the first quarter of 2005\ncompared with a year ago.\nThe Company reported net earnings for the first quarter of 2005 of\n$644,000 ($0.06 per share) compared with a net loss of $549,000 ($0.05 per\nshare) in the first quarter last year. This is the second consecutive first\nquarter to show significant improvement.\nCash used in operations in the first quarter of 2005 amounted to\n$1,243,000. The change is a result of increased accounts receivables from a\nstronger revenue stream combined with the reduction in accounts payable and\naccrued liabilities. Cash decreased for the period by $1,321,000 leaving cash\navailable of $8,476,200 at March 31, 2005. The Company also has a $35...