Business
Century II Holdings Inc. Reports Fiscal 2007 First Quarter Results
Century II Holdings Inc. Reports Fiscal 2007 First Quarter Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\nTSX Symbol: CH\n\n\nTORONTO, May 2 /CNW/ - Century II Holdings Inc. today announced its\nconsolidated financial results for the first quarter ended March 31, 2007. The\nCompany's operations principally reflect its investment in Information\nCommunication Services (ICS) Inc. (operating as ICS Courier).\n\n\nThe Company reported net earnings in the first quarter of 2007 of\n$2.1 million ($0.18 per share) compared to $2.7 million ($0.24 per share) for\nthe same period last year. Earnings before income tax expense of $1.1 million\nwere $3.2 million. This represents an improvement of $0.5 million or 17.3% in\npre-tax earnings compared to last year. Comparisons of net earnings are\ndistorted as a result of the reversal of the Company's tax valuation allowance\nin the second quarter of 2006. There was no income tax expense in the first\nquarter of 2006.\n\n\nRevenues for the first quarter of 2007 were $24.0 million compared with\n$23.0 million in the first quarter of 2006 and $21.7 million in the previous\nquarter. Revenue increased 4.7% over the prior year's quarter. Net of capital\nexpenditures of $0.5 million the Company's available cash position increased\nby $1.6 million to $20.8 million at March 31, 2007.\n\n\nCommenting on the financial performance for the first quarter of 2007,\nMr. Geoff Davies, President and Chief Executive Officer of the Company, said\nthat "the pre-tax earnings improvement in excess of 17% is a very real\nindication that the focus on customer service and cost controls continues to\ngenerate very positive improvements in the Company's financial performance.\nThis continued improvement greatly enhances the Company's ability to invest in\nits operations and grow." Mr. Davies adds that "the success to date is very\nmuch a result of the dedication and commitment of the entire team."\n\n\nAbout Century II Holdings Inc. (TSX Symbol: CH)\n\n\n-----------------------------------------------\n\n\nCentury II Holdings Inc. is a publicly listed holding company whose\nwholly owned subsidiary, ICS Courier, operates a structured route courier\nbusiness servicing in excess of 35,000 accounts largely in the insurance,\nfinancial, travel, optical, dental and hearing appliance business sectors\nacross Canada.\n\n\nCertain statements in this press release constitute forward-looking\nstatements. Such ...