THE MACYRO GROUP INC.
TSX : MYO

THE MACYRO GROUP INC.

September 12, 2005 11:04 ET

The Macyro Group Inc. Announces its Results for First Quarter Ended July 31, 2005

QUEBEC CITY, QUEBEC--(CCNMatthews - Sept. 12, 2005) - The Macyro Group (TSX:MYO) announces its results for its first quarter ended July 31, 2005, during which sales increased by 7.8% over the same quarter during the previous year to $7.84 M. Net income was $665,000 ($0.061 per share) in the first quarter versus $63,000 ($0.015 per share) in the first quarter of 2004.

During the quarter, the Company completed the sale of its interest in Solaris Quebec inc. realizing a gain on disposal of $537,000. The Company also declared and paid a special dividend in the amount of $0.10 per share during the quarter.

The Canadian market has weakened in terms of new projects being brought to the market in recent months. The US market remains strong and we continue to have a number of projects that we are actively pursuing. We continue to purchase foreign exchange contracts to hedge against currency fluctuations. Our new fabrication facility will open in Florida shortly which we expect to help with currency fluctuations and an overall improvement in efficiency in servicing our US projects. Our current backlog sits at $46 M versus $36M for the same quarter in 2004 and $47.3M at the end of the previous quarter. Our cash position at the end of the quarter remains very strong with cash and term deposits sitting at $5.98 M. We are confident in our competitive position in the market place and our ability to continue to grow our market share percentage over the next few of years.

The Macyro Group remains focused on its manufacturing and installation of aluminium curtain walls, panels, windows and doors for use in commercial and residential construction through its subsidiary Gamma Industries. Gamma is recognized as a leader in its field in Quebec and has, over the last several years, developed a valuable niche for itself in the south eastern United States where 70% of its sales now originate.



Highlights

Thousand of dollars, except per share amount

PERIOD OF 3 MONTHS
ENDED JULY 31,
2005 2004
$ $
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Revenues 7,840 7,268
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Income before income taxes and undernoted items 218 78
Income taxes 90 (7)
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Income resulting from continuing activities 128 85

Gain on disposal of company under
significant influence 537 -

Net loss from discontinued activities - 22
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Net income 665 63
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Income per share 0.061 0.015
Average weighted number of
shares outstanding 10 951 900 10 951 900


Contact Information

  • The Macyro Group Inc.
    Kevin McCrann CA
    President and Chief Executive Officer
    (613) 237-7075