Perlite Canada Inc.

Perlite Canada Inc.

July 01, 2008 14:10 ET

Perlite Canada Inc. Announces its Results for its Second Quarter of 2008

MONTREAL, QUEBEC--(Marketwire - July 1, 2008) - Perlite Canada inc. (TSX VENTURE:PCI) (the "company") announces hereby the results of its second quarter 2008 ended on April 30, 2008.

For that period, total sales were $1,024,569 generating a before-tax loss of $91,943 compared to sales of $1,412,317 and a before-tax income of $114,415 for the second quarter of 2007. For the half-year period, sales were $1,972,465 generating a before-tax loss of $162,829 compared to sales of $2,615,085 as at April 30, 2007 generating a before-tax income of $201,631.

The sales decrease is principally due to the permanent closing of our New Brunswick's plant and the late opening of the St-Pacome plant which forced certain clients to buy elsewhere during that period. Since the end of March, the plant is working and the management is confident that we will catch up sales for the 2009 year. Concerning the before-tax loss of $91,493 for the second quarter of 2008, it is due, in major part, to the diminution of sales due to the late opening of the St-Pacome's plant but also to the higher production costs and freight related to oil products. The Company sets up a price policy related directly to the fluctuation of oil products which would help to increase the gross margin during the next months.

Despite a diminution of sales and income for the second quarter, the company foresees the next months with optimism following the beginning of operations of its new plant in Saint-Pacome.

Perlite Canada Inc. specializes in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.

Certain statements in this news release may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Perlite Canada inc. does not assume responsibility for the accuracy and completeness of the forward-looking statements and do not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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

Contact Information

  • Perlite Canada Inc.
    Richard Barabe
    514-336-6665 / 514-984-9798
    514-336-6651 (FAX)