FLAGSHIP INDUSTRIES INC.
TSX VENTURE : FII

March 26, 2007 11:00 ET

Flagship Industries Inc.: 1st Quarter Results

TORONTO, ONTARIO--(CCNMatthews - March 26, 2007) - Flagship Industries Inc. (TSX VENTURE:FII) of Markham, Ontario reports net earnings of $37,217 for the three months ended February 28, 2007 compared to $74,907 for the same period in the prior year. Earnings per common share for the three months ended February 28, 2007 were 0.6 cents versus 1.2 cents for the same period in 2006. Book value was 17.3 cents per share at February 28, 2007.



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Three months ended February 28 2007 2006
(unaudited) $ $
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Revenue 50,592 105,385
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Net earnings 37,217 74,907
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Earnings per common share 0.006 0.012
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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, Cynthia J. Devine, G. Michael Devine and Sarah Langdon.

In accordance with National Instrument 51-105, released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited interim financial statements.

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