Business
Century II Holdings Inc. Reports Fiscal 2006 Fourth Quarter and Year End Results
Century II Holdings Inc. Reports Fiscal 2006 Fourth Quarter and Year End Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\nTSX Symbol: CH\n\n\nTORONTO, March 23 /CNW/ - Century II Holdings Inc. today announced its\nconsolidated financial results for the fourth quarter and fiscal year ended\nDecember 31, 2006. The Company's operations principally reflect its investment\nin ICS Courier.\n\n\nThe Company reported net earnings in the fourth quarter of 2006 of\n$0.3 million ($0.03 per share) bringing fiscal 2006 net earnings from\noperations to $6.9 million ($0.60 per share). In 2005 the Company reported net\nearnings in the fourth quarter and fiscal year of $0.7 million ($0.07 per\nshare) and $3.6 million ($0.32 per share), respectively. Revenues from the\nfourth quarter of 2006 were $21.7 million compared with $21.2 million in the\nfourth quarter of 2005. Revenue in the fourth quarter was impacted by the fact\nthat the Christmas Holiday scheduling in 2006 resulted in a three day business\nweek the last week of December. Operating expenses in the fourth quarter\nreflect the impact of the increase in labour costs associated with collective\nagreement renewal terms. The timing of annual price increases is such that\nthere was a lag in terms of providing for these cost increases.\n\n\nRevenues for fiscal 2006 totaled $89.9 million compared with\n$83.2 million in fiscal 2005. The Company's ICS Next Day(TM) guaranteed\ntrackable product demonstrated a revenue increase of 15% in fiscal 2006 over\nlast year and accounted for 53% of total revenue in 2006 compared with 50% in\n2005. There is a very deliberate strategy to continue to grow the ICS Next\nDay(TM) revenues. ICS Everyday Economics(TM), the Company's traditional\nhigh-volume, low cost fixed-route product accounted for approximately 35% of\ntotal revenues for fiscal 2006 compared with 39% in fiscal 2005.\n\n\nThe improvement in earnings for 2006 is attributed to an 8% increase in\nrevenues compared to a 5% increase in operating expenses.\n\n\nCash provided by operations in 2006 was $8.4 million compared to\n$5.8 million in 2005. The Company's available cash position increased by\n$5.7 million to $19.1 million at December 31, 2006. The Company no longer has\ncash held in trust to support issued letters of credit for courier fleet\nleasing activities and corporate credit cards.\n\n\nCommenting on the financial performance of 2006, Mr. Geoff Davies,\nPresident and Chief Executive Officer of the Com...