FLAGSHIP INDUSTRIES INC.
TSX VENTURE : FII

March 31, 2006 11:36 ET

Flagship Industries Inc.: 1st Quarter Results

MARKHAM, ONTARIO--(CCNMatthews - March 31, 2006) - Flagship Industries Inc. (TSX VENTURE:FII) of Markham, Ontario reports net earnings of $74,907 for the three months ended February 28, 2006 compared to $50,761 for the same period in the prior year Earnings per common share for the three months ended February 28, 2006 was 1.2 versus cents for the same period in 2005. Book value was 17 cents per share at February 28, 2006.



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Three months ended February 28 2006 2005
$ $
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Revenue 105,385 58,873
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Net earnings 74,907 50,761
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Earnings per common share 0.012 0.008
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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. 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.

Notice - the unaudited interim financial results of Flagship Industries Inc. have not been reviewed by the Corporation's auditors. The prior year results have been restated for a change in accounting policy.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Flagship Industries Inc.
    Suzanne Blythe
    (905) 477-7689
    (905) 479-9870 (FAX)