NORDEX EXPLOSIVES LTD.
TSX VENTURE : NXX

NORDEX EXPLOSIVES LTD.

August 24, 2006 10:27 ET

Nordex Explosives Announces Second Quarter 2006 Results

MISSISSAUGA, ONTARIO--(CCNMatthews - Aug. 24, 2006) -

Not for U.S. Distribution

NORDEX EXPOSIVES LTD. (TSX VENTURE:NXX) today announced financial results for its second quarter ending June 30, 2006.

Revenue for the quarter ending June 30, 2006 was $1,002,570 compared to $803,748 for the same period in 2005 for an increase in revenue of 24.7%. Revenue for the six months ending June 30, 2006 was $2,345,331 compared to $1,647,647 for the same period in 2005 representing an increase in revenue of 42.3%.

This quarter is the eleventh consecutive quarter that sales have increased over the same quarter in the previous year.

For the three months ending June 30, 2006, Nordex recorded a net income before taxes of $48,079 compared to a net income before taxes of $46,478 for the three months ending June 30, 2005. Net profit before taxes for Q2 2006 was 4.8% of revenue compared to 5.8% in Q2 2005. For the six months ending June 30, 2006, Nordex recorded a net income before taxes of $149,600 compared to a net income before taxes of $77,578 for the six months ending June 30, 2005. Net profit before taxes for the first six months of 2006 has increased to 6.4% or revenue compared to 4.7% in the first six months of 2005.

The financial statements and the management discussion & analysis for the quarter is available on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties which could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully disclosed in the disclosure materials, financial statements and MD& A filed with the securities regulatory authorities in Canada on www.sedar.com.

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. (TSX VENTURE:NXX) is a manufacturer and distributor of explosives for the mining, quarry and road construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario.

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

Contact Information

  • Nordex Explosives Ltd.
    John Kozak
    President & CEO
    (416) 907-6933
    (416) 907-9520 (FAX)
    johnckozak@yahoo.ca