Business
Century II Holdings Inc. Reports Fiscal 2006 First Quarter Results
Century II Holdings Inc. Reports Fiscal 2006 First Quarter Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\n\nTSX Symbol: CH\n\nTORONTO, May 3 /CNW/ - Century II Holdings Inc. today announced its\nconsolidated financial results for the first quarter ended March 31, 2006. The\nCompany's operations principally reflect its investment in Information\nCommunication Services (ICS) Inc. (operating as ICS Courier).\nThe Company reported net earnings in the first quarter of 2006 of\n$2.7 million ($0.24 per share) compared to $.7 million ($.06 per share) for\nthe same period last year.\nRevenues in the first quarter of 2006 were $23.0 million compared with\n$20.4 million in the first quarter of 2005. The Company's ICS Next Day(TM)\nguaranteed trackable product demonstrated a revenue increase of 19% in the\nquarter compared to the same quarter last year. The recent expansion of the\nICS Ground(TM) product experienced an increase of 36% in revenue compared to\nthe first quarter of fiscal 2005.\nThe Company reported earnings before interest, foreign exchange gains and\nlosses, income taxes, amortization expense (\"EBITDA\") for the first quarter of\n2006 of $3.0 million compared to $0.9 million last year. The improved\nperformance can be attributed to revenue increases of $2.6 million (or 13%)\nagainst operating expenses increasing a nominal $0.6 million (or 3%).\nCash provided by operations in the first quarter of 2006 was $1.3 million\ncompared to a $1.3 million use of funds in the same period last year,\nrepresenting a $2.6 million dollar improvement. Increased earnings, improved\nmanagement of working capital, and the release of funds previously held in\ntrust to support letters of credit give rise to the increase of the Company's\ncash to $14.8 million as at March 31, 2006. Capital expenditures were\n$0.2 million.\nCommenting on the financial performance of the first quarter of 2006,\nMr. Geoff Davies, President and Chief Executive Officer of the Company, said\nthat \"the results for the first quarter of 2006 are very encouraging with\nrespect to the continuation of the momentum we began to build in 2005. The\ndedication and hard work of the entire ICS team with respect to improving\nservice levels, increasing productivity, and increasing revenues are key\nfactors in the continued improvement of our financial performance.\"\n\nAbout Century II Holdings Inc. (TSX Symbol: CH)\n-----------------------------------------------\n\nCentury I...