FLAGSHIP INDUSTRIES INC.

March 23, 2005 13:20 ET

Flagship Industries Inc.-1st Quarter Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FLAGSHIP INDUSTRIES INC.

TSX VENTURE SYMBOL: FII

MARCH 23, 2005 - 13:20 ET

Flagship Industries Inc.-1st Quarter Results

MARKHAM, ONTARIO--(CCNMatthews - March 23, 2005) - Flagship Industries
Inc. (TSX VENTURE:FII) of Markham, Ontario reports a net loss of $7,802
for the three months ended February 28, 2005 compared to net income of
$117,534 for the same period last year. Loss per share for the three
months ended February 28, 2005 was 0.1 cents per share versus income per
share of 1.9 cents for the same period in 2004. Book value was 11 cents
per share at February 28, 2005 and February 29, 2004.



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Three months ended February 28 and 29 2005 2004
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Revenue 309 126,878
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Net income (loss) (7,802) 117,534
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Net income (loss) per share (0.001) 0.019
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Unrealized gain on Marketable Securities 101,047 69,663
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Book value per share 0.11 0.11
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Average number of shares outstanding 6,113,275 6,113,275
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Flagship is a holding company based in Markham, Ontario, having various
investments in Canada and the United States. The Company currently has
issued and outstanding 6,113,275 common shares. The directors of the
Company are Joseph A. Devine, CEO, Cynthia J. Devine, G. Michael Devine
and Sarah Langdon.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Flagship Industries Inc.
    Suzanne Blythe
    (905) 477-7689
    (905) 479-9870 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.