Business
Century II Holdings Inc. Reports Fiscal 2005 Fourth Quarter and Year End Results
Century II Holdings Inc. Reports Fiscal 2005 Fourth Quarter and Year End Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol: CH\n\nTORONTO, March 22 /CNW/ - Century II Holdings Inc. today announced its\nconsolidated financial results for the fourth quarter and fiscal year ended\nDecember 31, 2005. The Company's operations principally reflect its investment\nin ICS Courier.\nThe Company reported net earnings in the fourth quarter of 2005 of\n$0.7 million ($0.07 per share) bringing fiscal 2005 net earnings from\noperations to $3.6 million ($.32 per share). In 2004 the Company reported net\nlosses in the fourth quarter and fiscal year of $.8 million ($0.07 per share)\nand $1.8 million ($.16 per share), respectively.\nRevenues from the fourth quarter of 2005 were $21.2 million compared with\n$19.1 million in the fourth quarter of 2004. Revenues for fiscal 2005 totaled\n$83.2 million compared with $77.2 million in fiscal 2004. The Company's\nICS Next Day(TM) guaranteed trackable product demonstrated a revenue increase\nof 15% in fiscal 2005 over last year and accounted for 50% of total revenue in\n2005 compared with 46% in 2004. There is a very deliberate strategy to\ncontinue to grow the ICS Next Day(TM) offering. ICS Everyday Economics(TM),\nthe Company's traditional high-volume, low cost fixed-route product accounted\nfor approximately 39% of total revenues for fiscal 2005 compared with 43% in\nfiscal 2004.\nThe Company reported earnings before interest, foreign exchange gains and\nlosses, income taxes, amortization expense and write-down of goodwill\n(\"EBITDA\") for the fourth quarter of 2005 of $1.1 million compared to a loss\nof $0.7 million last year. EBITDA profit for fiscal 2005 was $4.8 million\ncompared to a loss of $1.1 million, an improvement of $5.9 million over 2004.\nThe improved performance can be contributed to revenue increases of\n$6.1 million or 7.9% year-over-year against operating expenses increasing a\nnominal $0.2 million. Amortization for the year for property and equipment was\n$1.1 million compared to $1.3 million in 2004. The decrease arises from a\ncombination of reduced spending and certain assets being completely written\noff by the end of 2004.\nCash provided by operations in 2005 was $5.8 million compared to a\n$1.0 million use of funds in 2004. After capital expenditures, the purchase of\ncertain courier routes from Docucorp Systems Inc., scheduled repayments of\nlong-term debt and capital lease obl...