Trimin Capital Corp.
TSX : TMN

Trimin Capital Corp.

November 14, 2005 15:58 ET

CORRECTION FROM SOURCE: Trimin Capital Corp.: 2005 Third Quarter Financial Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) - This release corrects and replaces the release that was disseminated at 1519 ET. In the Financial Highlights table the Income (loss) from continuing operations for the Nine Months ended September 30 2004 should read 317. The following is the corrected release.

Trimin Capital Corp. ("Trimin") (TSX:TMN) announces its financial results for the quarter ended September 30, 2005.

For the three month period ended September 30, 2005, Trimin reported an income from continuing operations of $221,000 ($0.01 per share) on sales of $14.0 million compared with an income of $388,000 ($0.02 per share) on sales of $6.6 million for the same period last year. Net income including discontinued operation was $1.5 million ($0.09 per share) for the three month period ended September 30, 2005 compared to a net loss of $2.9 million ($0.18 per share) for the same period in 2004.

For the nine month period ended September 30, 2005, Trimin reported a net loss of $1.3 million ($0.08 per share) from continuing operations on sales of $35.9 million and an income of $317,000 ($0.02 per share) from continuing operations on sales of $20.4 million. For the same period, net loss including discontinued operations was $2.8 million ($0.18 per share) and $5.0 million ($0.31 per share) for 2005 and 2004, respectively.



Financial Highlights

Three Months ended Nine Months ended
September 30 September 30
---------------------------------------------------------------------
($000's except per
share data) 2005 2004 2005 2004
---------------------------------------------------------------------
Sales 14,041 6,625 35,869 20,389
Income (loss) from
Operations 202 330 (1,286) (317)
Income (loss) from
continuing operations 221 388 (1,292) 317
Net income (loss)
including discontinued
operations 1,460 (2,882) (2,845) (4,976)
Earnings (loss)
per share
Basic - continuing
operations 0.01 0.02 (0.08) (0.02)
Basic - including
discontinued
operations 0.09 (0.18) (0.18) (0.31)
Diluted - continuing
operations 0.01 0.02 (0.07) (0.02)
Diluted - including
discontinued
operations 0.08 (0.17) (0.16) (0.29)



The following schedule and notes thereto provide a breakdown of Trimin's financial results for the three months and nine months ended September 30, 2005 and 2004:



-----------------------------------------------------------
($000's) Net Net Net Net
Income Income Income Income
Sales (Loss) Sales (Loss) Sales (Loss) Sales (Loss)
---------------------------------------------------------------------


Snack
Alliance 14,041 370 6,625 77 35,869 (530) 20,389 136
HPG -
Discon-
tinued
opera-
tions - 165 - (3,676) - (3,665) - (5,860)
Vantis -
Discont-
inued
opera-
tions - 1,074 - 406 - 2,102 - 567
Integrated
Paving
Concepts 126 222 37 194
Burntsand (23) 45 (146) 21
Dilution
gain
(loss) 2 - 2 6
Gain on
sale of
investment,
net of
income
taxes - - 9 214
Corporate/
Other (254) 44 (655) (155)
---------------------------------------------------------------------
Total 14,041 1,460 6,625 (2,882) 35,869(2,845) 20,389 (4,976)
---------------------------------------------------------------------


Notes:

(1) Trimin's financial results consolidate the operations of 61.9% owned Snack Alliance under the proportionate interest method of consolidation and 100% owned HPG (77.5% at December 31, 2004) and 76.2% owned Vantis under the purchase method of consolidation. Also included, under the equity method, are its 39.6% legal ownership interest in IPC and its 8.1% indirect interest in Burntsand.

(2) Vantis results include Vantis International Corporation from its date of acquisition in September 2002 and Lexington Services Corp. (Lexington) from its date of acquisition in November 2003. Certain comparative figures for Vantis have been restated to reflect corrections made to the Lexington purchase equation.

(3) On March 31, 2004, in conjunction with Trimin's previously announced management transition, Terry Holland acquired 4.6%, 9.1% and 9.6%, respectively, of Trimin's holdings in Snack Alliance, Vantis and Integrated Paving. This transaction resulted in a gain of $208,000 for the Company.

(4) In June 2005, Trimin decided to discontinue operations at HPG. The comparative figures have been restated to reflect this. On June 30, 2005, Trimin purchased the 22.5% minority interest in HPG from Allan Davis, a director of the Company in HPG, for $10,000.

(5) Vantis was sold on October 25, 2005. Consequently, as at September 30, 2005, Vantis is identified as a discontinued operation with the comparative figures restated accordingly.

Highlights for third Quarter 2005

Trimin reported a net income including discontinued operations of $1.5 million in the third quarter of 2005 compared to a loss of $2.9 million for the same period in 2004.

As previously reported HPG was discontinued in the second quarter. On October 25, 2005, Vantis was sold to TravelCLICK. HPG and Vantis are both included in discontinued operations in these third quarter results.

The sale of Vantis has significantly added to Trimin's available cash reserves which after the sale, amounted to approximately $32 million. In addition to the redemption of its $7.7 million in subordinated debt Trimin received approximately $14.5 million in cash for its preferred stock and common shares of Vantis. Trimin also received common and preferred stock of TravelCLICK representing a 12% interest in TravelCLICK, a private company, on a fully diluted basis.

Snack Alliance has significantly increased its sales in 2005 - $57.9 million for the first nine months compared to $32.5 million in the comparable 2004 period. Snack Alliance's operating results have not been up to expectation because of higher start-up costs associated with the Bristol plant acquisition as well as higher commodity and energy costs. The company is focusing on additional operating steps to reduce costs and preserve margins, in addition to actively considering various strategic possibilities.

About Trimin Capital Corp.

Trimin Capital Corp. is a management company. Trimin's strategy is to acquire large equity interests in operating businesses - its "Partners in Industry" - and build value for its shareholders through a combination of the established skills of its corporate management and the strong operating management teams of acquired businesses.

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