NORDEX EXPLOSIVES LTD.
TSX VENTURE : NXX

NORDEX EXPLOSIVES LTD.

August 13, 2008 08:26 ET

Nordex Explosives Announces Second Quarter 2008 Results

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 13, 2008) -

NOT FOR U.S. DISTRIBUTION

LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. (TSX VENTURE:NXX) today announced financial results for its second quarter ending June 30, 2008.

Revenue for the quarter ending June 30, 2008 was $1,686,237 compared to $1,781,120 for the same period in 2007 representing a decrease of 5.3%. Revenue for the first six months of the year was $3,268,482 compared to $3,403,401 for the same period in 2007 representing a decrease of 4%. Revenue has decreased over the first six months as a result of minimal blasting operations at one of the Company's mining clients throughout the first half of 2008. Excluding the one mining client, revenue from other clients increased by approximately 26% for the six months ending June 30, 2008 compared to the same period in 2007.

For the three months ending June 30, 2008, Nordex recorded a net income before taxes of $73,481 compared to $101,561 for the same period in 2007. For the six months ending June 30, 2008, Nordex recorded a net income before taxes of $170,367 compared to $241,254 for the same period in 2007.

The Corporation has filed amended tax returns for the years 2005 and 2006 which have been assessed favourably, which will provide tax deductions and credits to reduce current and future taxes payable. As a result, in the second quarter ended June 30, 2008, the Corporation has recorded recovery of prior current tax provisions of $41,895 largely resulting from the favourable amended tax return assessments. Net income after accruals for income taxes for the three months ending June 30, 2008 was $115,376 compared to $101,561 for the same period in 2007 representing an increase of 13.6%. Net income after accruals for income taxes for the six months ending June 30, 2008 was $198,940 compared to $241,254 for the same period in 2007 representing a decrease of 17.5%.

Earnings per share were $0.016 per share for the second quarter of 2008 compared to $0.018 during the same period in 2007. Earnings per share were $0.028 for the first six months of 2008 compared to $0.043 for the first six months of 2007.

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 developer, manufacturer and distributor of explosives for the mining, quarry and road construction industries. Founded in 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.

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