ROMAN CORPORATION LIMITED

ROMAN CORPORATION LIMITED

March 24, 2005 20:00 ET

Roman Corporation Announces 2004 Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ROMAN CORPORATION LIMITED

TSX SYMBOL: RMN

MARCH 24, 2005 - 20:00 ET

Roman Corporation Announces 2004 Results

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Roman Corporation
Limited (TSX:RMN) reported a net loss of $5.4 million or $1.73 per share
for the year ended December 31, 2004 on revenue of $112.4 million
compared to a net loss of $1.4 million or $0.70 per share on revenue of
$111.3 million for the year 2003. Earnings before interest, taxes,
depreciation and amortization expense were $13.8 million in 2004
compared to $18.2 million in 2003. Earnings before interest and taxes
were $5.5 million in 2004 compared to $10.8 million in 2003. Interest
and bank charges were $12.6 million in 2004, including an amount of $1.4
million related to the write-off of deferred financing fees occasioned
by the prepayment of high yield subordinated debt and amendment to the
Company's credit agreement to reduce the interest costs in future
periods, compared to $11.7 million in 2003. Gross profit was $23.1
million, representing a gross profit margin of 20.5% for the year,
compared to $27.6 million or 24.8% for 2003.

For the fourth quarter of 2004, revenue was $29.7 million compared to
revenue of $27.1 million in the fourth quarter of 2003. The net loss for
the fourth quarter of 2004 was $2.7 million compared to $1.3 million
recorded in the fourth quarter of 2003. Earnings before interest, taxes,
depreciation and amortization expense were $2.9 million in the fourth
quarter of 2004 compared to $4.7 million recorded in the last three
months of 2003.



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Year ended December 31, 2004 2003
$ $
Revenue 112,394,012 111,311,924
Expenses:
Cost of goods sold 89,318,198 83,633,288
Selling, general and administrative 17,985,293 17,148,520
Net (gain)/loss on investments (392,543) (243,583)
----------- -----------
106,910,948 100,538,225
Earnings before the following: 5,483,064 10,773,699
Interest and bank charges 11,243,089 11,708,941
Write-off of deferred financing fees 1,390,992 --
----------- -----------
12,634,081 11,708,941
Loss before income taxes (7,151,017) (935,242)
Net Loss for the year (5,381,710) (1,431,407)
Loss per share ($1.73) ($0.70)
---------------------------------------------------------------------

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Three months ended December 31, 2004 2003
$ $
Revenue 29,701,518 27,072,210
Expenses:
Cost of goods sold 23,534,066 20,095,784
Selling, general and administrative 5,358,028 4,589,642
Net (gain)/loss on investments 6,945 (290,175)
----------- -----------
28,899,039 24,395,251
Earnings before the following: 802,479 2,676,959
Interest and bank charges 2,664,888 3,235,555
Write-off of deferred financing fees 1,145,858 --
----------- -----------
3,810,746 3,235,555
Loss before income taxes (3,008,267) (558,596)
Net Loss for the period (2,667,430) (1,345,243)
Loss per share ($0.86) ($0.65)


Roman Corporation manufactures and sells paperboard packaging for the
consumer packaged goods industry. The Company's products are the
packaging choice for many of the leading private label and national
brand manufacturers in North America and are used in the packaging of
food and household goods, ranging from frozen and dry food and beverages
to laundry detergent, toys, pet products and hardware. Consumer goods
packaged in the Company's paperboard products can be found in many of
North America's leading retail outlets.



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Roman Corporation
    P. Gael Mourant
    Chief Financial Officer
    (416) 971-3329
    mourantg@romancorp.com