Multi-Glass International Corp.
TSX VENTURE : MSS

Multi-Glass International Corp.

August 29, 2005 13:55 ET

Multi-Glass Reports Results for Second Quarter Ended June 30, 2005

TORONTO, ONTARIO--(CCNMatthews - Aug. 29, 2005) -

(Not for dissemination in the United States of America)

Multi-Glass International Corp. (TSX VENTURE:MSS) (the "Company") today announced its results for the year to date and second quarter of 2005.



Six months to June 30 Three months to June 30
--------------------- -----------------------
2005 2004 2005 2004
---- ---- ---- ----
Revenue $ 13,806,756 $ 15,461,658 $ 7,456,427 $ 8,186,310
Gross Profit 3,129,363 3,622,373 1,697,019 1,976,655
Gross Margin % 22.7% 23.4% 22.8% 24.1%
Operating Loss (987,575) (223,488) (456,150) (8,237)
Net Income (Loss) (1,172,782) (180,589) (382,025) 7,671


Revenues decreased by 10.7% from $15,461,658 for the six months ended June 30, 2004 to $13,806,756 for the comparable period in 2005. The reasons for the decline are due mainly to delayed starts in the commercial construction sector in which the Company participates. Consolidated gross margin decreased to 22.7% in the first six months of 2005 from 23.4% in the same period last year due to an extremely competitive environment during the first part of the year.

Operating loss from continuing operations for the first six months of 2005 increased to $987,575 in 2005 from an operating loss of $223,488 in the same period in 2004.

Net loss during the first six months of 2005 was $1,172,782 as compared to a net loss of $180,589 incurred in the same period in 2004.

Cash flow from operations for the period in 2005 was $1,238,646 compared to the $1,055,439 achieved in the comparable period in 2004.

Comparison of the three months ended June 30, 2005 and June 30, 2004

Revenues decreased 9.0% to $7,456,427 for the three months ended June 30, 2005 from $8,186,410 for the three months ended June 30, 2004. Consolidated gross margin decreased to 21.8% in the second quarter of 2005 from 24.1% in the same period last year for the same reasons as sited above for the year to date results.

Operating losses increased to $456,150 for the three months ended June 30, 2005 from $8,237 for the same period in 2004.

Net loss from continuing operations during the second quarter of 2005 was $456,150 as compared to a loss of $8,237 for the same period in 2004.

Cash flow from operations in the 2nd quarter was an outflow of $637, 514 a significant improvement from the same period in 2004 when the outflow was $1,837,701.

Multi-Glass is a leading distributor and customized value-added fabricator of insulation and other construction related products and services to the commercial industrial and residential construction markets in both Ontario and the Atlantic Provinces.

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

Contact Information

  • Multi-Glass International Corp.
    Robert M. Fellows
    President & Chief Executive Officer
    (416) 798-3900, ext. 212
    or
    Multi-Glass International Corp.
    Meier Miller
    Chief Financial Officer & Secretary
    (416) 798-3900, ext. 220