THE MACYRO GROUP INC.
TSX : MYO

THE MACYRO GROUP INC.

December 13, 2006 16:05 ET

The Macyro Group Inc. Announces its Results for the Second Quarter Ended October 31, 2006

QUEBEC CITY, QUEBEC--(CCNMatthews - Dec. 13, 2006) - The Macyro Group (TSX:MYO) announces its results for the second quarter ended October 31, 2006, during which sales totalled $7,375M, an increase of 17.5% over the previous quarter. Sales were lower by 19.3% for the six month period ended October 31, 2006 versus the same period last year. Net income was $138,000 ($0.012 per share) in the second quarter versus $257,000 ($0.023 per share) in the second quarter of 2005.

The Company's cash position remains very strong with cash and cash equivalents at the end of the quarter amounting to $8.8M, an increase of $965,000 over the previous quarter.

The Canadian market has improved over the last quarter with more projects being brought to the market place. The Southern US market continues to perform well however we have experienced some delays in certain projects for reasons outside of our control. The US market currently makes up 76% of our backlog at the end of this quarter. The Canadian dollar has stabilized over the past couple of quarters, this along with our hedging programs have enabled us to control our exposure to currency fluctuations and losses. Our current backlog sits at $59M versus $54,2M at the end of the previous quarter. Our backlog for the same quarter in 2005 was $37M. The backlog reflects our competitive position in the market place and our ability to continue to grow our market share percentage over the next few of years.

The Macyro Group remains focused on its manufacturing and installation of aluminium curtain walls, panels, windows and doors for use in commercial and residential construction through its subsidiary Gamma Industries. Gamma is recognized as a leader in its field in Quebec and has, over the last several years, developed a valuable niche for itself in the south eastern United States.



HIGHLIGHTS

THOUSAND OF DOLLARS, EXCEPT PER SHARE AMOUNT

3 month period ended
October, 31
2006 2005
$ $
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Revenue 7,375 9,095
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Income before income taxes 237 377
Income taxes 99 120

Net income 138 257
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Income per share 0.012 0.023

Average weighted number
of shares outstanding 10,951,900 10,951,900


Contact Information

  • The Macyro Group Inc.
    Kevin McCrann CA
    President and Chief Executive Officer
    613-237 7075