Malette Industries Inc.
TSX VENTURE : MLT

Malette Industries Inc.

May 30, 2006 16:07 ET

Malette Industries Inc. Reports Financial Results for its Second Quarter Ended March 31, 2006

MONTREAL, QUEBEC--(CCNMatthews - May 30, 2006) - (TSX VENTURE:MLT) Consolidated sales for the second quarter ended March 31, 2006 were $5,450,525 million, up from $3,516,981 million in the comparable period last year. Gross profit was $1,078,382 (19.8% margin) an increase from $479,732 (13.6% margin) for the previous year's corresponding quarter. Earnings before interest, income taxes, depreciation and amortization (EBITDA) was $309,594 as compared to an EBITDA of $40,792 a year ago. The Company generated a net loss of $50,240 or $0.00 per share compared to a net loss of $210,124 or $0.02 per share in the corresponding quarter ended March 31, 2005.

Sales for the 6 month period ending March 31, 2006 reached $11,000,688 an increase of $4,131,375 over the same period of 2005. Gross profit margins for the 6 months are at 18.2% versus 15.6% in 2005. EBITDA has grown to $588,513 compared to $175,259 last year. After six months of operation in fiscal 2006, the net loss is $96,273 or $0.00 per share compared to a net loss of $383,769 or $0.04 at March 31, 2005.

The working capital of the company as of March 31, 2006 was $5,414,678 million, a substantial increase from the working capital in September 30, 2005 of $1,819,865.

These results reflect the reverse takeover of Malette Industries Inc. (previously named Cowansville Capital Inc.) by Malette International Inc. as well as the acquisition of Bois Franc Imperial Ltd where both transactions took place on October 19, 2005.

Malette Industries Inc. is a forest products company principally involved in the manufacturing and distribution of hardwood flooring products. It has operations in Cowansville and Chambly , Quebec. Malette's common shares are listed on the TSX Venture Exchange under the symbol MLT. Additional information is available at www.malette-intl.com.

The above commentary contains statements that are forward-looking in nature. Such statements involve known and unknown risks and uncertainties that may cause the actual results of the Company to be materially different from those implied by such forward-looking statements. Such items include, among others: general economic and business conditions; product selling prices; raw material and operating costs; changes in foreign currency exchange rates and other factors referenced herein and in the Company's MD&A.

Contact Information

  • Malette Industries Inc.
    Gilles Malette
    C.E.O.
    (450) 266-5555
    (450) 266-4343 (FAX)
    or
    Malette Industries Inc.
    Patsie Ducharme
    C.F.O.
    (450) 266-5555
    (450) 266-4343 (FAX)