Business
Century II Holdings Inc. Reports Fiscal 2007 Second Quarter Results
Century II Holdings Inc. Reports Fiscal 2007 Second Quarter Results.
About this update from Futuregen Industries Corp.
[{"type":"text","content":"\n\n\n\nTSX Symbol: CH\n\n\nTORONTO, Aug. 8 /CNW/ - Century II Holdings Inc. today announced its\nconsolidated financial results for the second quarter ended June 30, 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 second quarter of 2007 of\n$2.5 million ($0.22 per share) unchanged from the same period last year.\nEarnings before income tax expense of $4.0 million represents an improvement\nof $3.7 million in pre-tax earnings compared to the same period last year. Net\nearnings for the six months ended June 30 were $4.6 million compared to\n$5.3 million in 2006. Comparisons of net earnings for both the three and six\nmonth periods are impacted as a result of the Company incurring income tax\nexpense in 2007 and the reversal of a future income tax assets valuation\nallowance in the second quarter of 2006. Comparison of pre-tax earnings for\nthe second quarter is impacted because of expenses recognized in June 2006\nassociated with stock options and the renewal of the CEO's employment\nagreement.\n\n\nRevenue for the second quarter of 2007 was $25.2 million compared with\n$23.1 million in 2006, an increase of 8.9% over the prior year's quarter. \nRevenue for the six months was $49.2 million, a 6.8% increase.\n\n\nCommenting on the financial performance for the first half of 2007, Mr.\nGeoff Davies, President and Chief Executive Officer of the Company, said that\n"growth in revenues together with effective cost controls are driving the\nimprovement in our financial performance for the first 6 months of this year".\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 forward-looking statements involve known and unknown risks,\nuncertainties and other factors which may cause the actual results,\nperformance and achievements of the Com...