THE MACYRO GROUP INC.
TSX : MYO

THE MACYRO GROUP INC.

March 15, 2007 16:41 ET

The Macyro Group Inc. Announces its Results for the Third Quarter Ended January 31, 2007

QUEBEC CITY, QUEBEC--(CCNMatthews - March 15, 2007) - The Macyro Group (TSX:MYO) announces its results for the third quarter ended January 31, 2007, during which sales totalled $9.1M, vs. $7.4M in the previous quarter. Sales were lower by 2.5% for the nine month period ended January 31, 2007 versus the same period last year. The Company recorded Net income for the quarter of $544,000 or $0.050 per share. Net Income for the nine month period ending January 31, 2007 amounted to $810,000 ($0.074 per share) compared to Net income of $897,000 ($0.082 per share) for the nine month period ended January 31, 2006.

The Company continues to bid on a number of smaller projects in the Canadian market. However, the market has continued its slow pace in bringing forward new projects. The US market remains very strong and currently makes up over 67% of our backlog at the end of this quarter. We continue to purchase foreign exchange contracts to hedge against currency fluctuations. Our current backlog sits at $66M versus $59M at the end of the previous quarter. We have continued to be successful in growing our market position in the United States and look forward to new growth opportunities as a result of our market position.

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 where 70% of its sales now originate.

Highlights

Thousand of dollars, except per share amount



3 month period ended January 31,
2007 2006
$ $
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REVENUE 9,138 6,431
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Income (loss) before income taxes
and undernoted items 800 (16)
Income taxes 256 8
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Net income (net loss) 544 (24)
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Net income (net loss) per share 0.050 (0.002)
Net income (note loss) per share fully diluted 0.049 (0.002)

Contact Information

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