TSX Symbol: CH
TORONTO, Oct. 30 /CNW/ - Century II Holdings Inc. today announced its consolidated financial results for the third quarter ended September 30, 2007. The Company's operations principally reflect its investment in Information Communication Services (ICS) Inc. (operating as ICS Courier).
The Company reported net earnings in the third quarter of 2007 of $2.4 million ($0.21 per share) compared to $1.3 million ($0.11 per share) for the same period last year. Earnings before income tax expense of $3.6 million represents an increase of $1.6 million in pre-tax earnings compared to the same period last year. Earnings before income tax expense for the nine months was $10.8 million compared to $5.0 million for the same period last year.
Revenue for the third quarter of 2007 was $24.1 million compared with $22.2 million in 2006, an increase of 8.9% over the prior year's quarter. Revenue for the nine months was $73.3 million (an increase of 7.5%) compared to $68.2 million for the same period last year.
Commenting on the financial performance for the third quarter of 2007, Mr. Geoff Davies, President and Chief Executive Officer of the Company, said that "The financial results for this quarter reflect the ICS teams continued success in improvement in revenues, customer service and cost controls".
About Century II Holdings Inc. (TSX Symbol: CH)
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Century II Holdings Inc. is a publicly listed holding company whose wholly-owned subsidiary, ICS Courier, operates a structured route courier business servicing in excess of 35,000 accounts largely in the insurance, financial, optical, dental and hearing appliance business sectors across Canada.
Certain statements in this press release constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, competition and technological changes. These factors and other risks and uncertainties are discussed in the Company's Annual Report for the year ended December 31, 2006 and in the subsequent reports filed by the Company with the Ontario Securities Commission.
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