DoveCorp Enterprises Inc.
TSX VENTURE : DOV

DoveCorp Enterprises Inc.

February 21, 2007 12:28 ET

DoveCorp Announces Q1 Results; Revenue Up 21%,Company EBITDA Positive for Second Consecutive Quarter

TORONTO, ONTARIO--(CCNMatthews - Feb. 21, 2007) - DoveCorp Enterprises Inc. (the "Company") (TSX VENTURE:DOV) today announced its financial results for the first quarter ending December 31st, 2006, highlighted by a second, consecutive EBITDA-positive quarter.



Financial Highlights Q1 2007

Q1 2007 Q1 2006
($mm) ($mm)

Revenue $3.4 $2.8
Gross Profit $0.3 $(0.3)
EBITDA (1) $0.0 $(1.1)
Net Loss $(0.8) $(1.7)
Net Loss per Share $(0.01) $(0.02)


(1) EBITDA is calculated as net earnings before interest, income taxes and amortization. EBITDA does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA may not be considered in isolation or as a substitute for (1) net earnings or loss, as an indicator of the operating performance of the Company, or (2) cash flows from operating, investing, and financing activities, as a measure of liquidity. Investors commonly use EBITDA as it provides a measure of cash flows provided by operating activities.

DoveCorp Highlights Q1 2007

- Q1 revenue growth to $3.4 million, up 21% year-over-year.

- Completed installation of $6 million of new equipment and upgrade of operations required to meet ISO 9001-registered standards

- Second Consecutive EBITDA-positive quarter

- $2 million private placement closed

- Winner of the 2006 Canadian Information Productivity Awards (CIPA) for Efficiency and Operational Improvements

About DoveCorp:

DoveCorp is a leader in Canada's dry-cleaning and laundry industry, with the only ISO 9001 dry cleaning registration in the world. For more than 10 years, its flagship Dove Cleaners division has been widely recognized by various fashion and industry magazines as among the best premium dry cleaning and laundry services in Canada. At the same time, its Dove Depot, Meena Cleaners, and Natural Cleaners divisions excel in the mass market. DoveCorp's acquisition of Cadet Cleaners, a leader in the Greater Toronto Area for 50 years, brought the number of DoveCorp's retail locations to 98 in early 2006, making it Canada's largest and fastest-growing company in the industry. In addition, Dove Cleaners Commercial is a full-service provider of linen, uniforms, and mat rentals. The company also provides out-sourced dry cleaning and laundry services.

Forward-looking statements

THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS RELATING TO DOVECORP'S FINANCIAL PERFORMANCE, OPERATIONS OR TO THE ENVIRONMENT IN WHICH IT OPERATES, WHICH ARE BASED ON DOVECORP'S OPERATIONS, ESTIMATES, FORECASTS, AND PROJECTIONS. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES THAT ARE DIFFICULT TO PREDICT, OR ARE BEYOND THE COMPANY'S CONTROL. A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL OUTCOMES AND RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE THOSE SET FORTH IN THE COMPANY'S CORPORATE FILINGS, (POSTED AT WWW.SEDAR.COM). CONSEQUENTLY, READERS SHOULD NOT RELY ON SUCH FORWARD-LOOKING STATEMENTS. IN ADDITION, THESE FORWARD-LOOKING STATEMENTS RELATE TO THE DATE ON WHICH THEY ARE MADE. ALTHOUGH THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE BASED UPON WHAT MANAGEMENT BELIEVES TO BE REASONABLE ASSUMPTIONS, DOVECORP CANNOT BE CERTAIN THAT ACTUAL RESULTS WILL BE CONSISTENT WITH THESE FORWARD-LOOKING STATEMENTS, AND THE COMPANY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE.

This press release shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release. The TSX Venture Exchange has in no way passed on the merits of the transaction described herein.

Contact Information

  • DoveCorp Enterprises Inc.
    Sam Mizrahi
    President and CEO
    416-782-8788 x 223
    Email: sam@dovecorp.com