Trimin Capital Corp.
TSX : TMN

Trimin Capital Corp.

November 10, 2006 11:49 ET

Trimin Capital Corp.: 2006 Third Quarter Financial Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Trimin Capital Corp. ("Trimin") (TSX:TMN) announces its financial results for the quarter ended September 30, 2006.

For the three month period ended September 30, 2006, Trimin reported net income of $1.7 million ($0.10 per share). For the same period in 2005, net income from continuing operations was $220,000 ($0.01 per share) and net income including discontinued operations was $1.5 (0.09 per share).

For the nine month period ended September 30, 2006, Trimin reported net income of $707,000 ($0.04 per share). For the same period in 2005, net loss from continuing operations was $1.3 million ($0.08 per share) and net loss including discontinued operations $2.8 million ($0.18 per share).



---------------------------------------------------------------------------
Financial Highlights Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------
($000's) except per share data 2006 2005 2006 2005
(restated) (restated)
---------------------------------------------------------------------------
Net loss from Corporate (101) (224) (266) (576)
---------------------------------------------------------------------------
Income (losses) from equity
accounted investments
---------------------------------------------------------------------------
Snack Alliance 1,789 369 1,238 (530)
---------------------------------------------------------------------------
Integrated Paving Concepts (22) 126 (197) 37
---------------------------------------------------------------------------
Burntsand - (23) - (146)
---------------------------------------------------------------------------
Income (loss) from
continuing operations,
after tax 1,669 220 707 (1,292)
---------------------------------------------------------------------------
Net income (loss) including
discontinued operations,
after tax 1,669 1,461 707 (2,845)
---------------------------------------------------------------------------
Earnings per share
---------------------------------------------------------------------------
Basic and diluted
- continuing operations 0.10 0.01 0.04 (0.08)
---------------------------------------------------------------------------
Basic - discontinued
operations - 0.08 - (0.10)
---------------------------------------------------------------------------
Diluted - discontinued
operations - 0.07 - (0.10)
---------------------------------------------------------------------------
Basic - net income (loss) 0.10 0.09 0.04 (0.18)
---------------------------------------------------------------------------
Diluted - net income (loss) 0.10 0.08 0.04 (0.18)
---------------------------------------------------------------------------


Increased cash resources resulting from the sale of Vantis in late 2005 have given rise to greater investment income in the first two quarters of 2006 than in the corresponding periods of 2005. Unrestricted cash and short-term investments amounted to $28.4 million at September 30, 2006, compared to $29.0 million at December 31, 2005.

The increase in income from equity accounted investments in the third quarter of 2006 over the same period in the prior year is primarily due to a settlement agreement reached by Snack Alliance with a major customer that resulted in the early termination of a long-term supply contract. Compensation commensurate with the loss of future business resulted in profits that were recognized in the third quarter. Both Snack Alliance and Integrated Paving Concepts have been impacted by the weakening US dollar.

N-Viro continues to be in discussion with other business groups interested in expanding into the waste management industry.

TravelCLICK numbers, while not as strong in the third quarter, continue to reflect the successful integration of Vantis into the Company. Operating results for this partner company did not exceed plan for August although, for the nine months ended September 30, 2006 results are ahead of plan.

On October 23, 2006, Trimin announced that Mr. James D. Meekison, the Chairman, Chief Executive Officer and 50% shareholder of Trimin, has agreed to purchase all of the common shares of Trimin not already owned by Mr. Meekison and his affiliates for a purchase price of $3.25 per share. Trimin established a special committee of its directors to consider this transaction. Based in part on financial advice from Blackmont Capital Inc which had been engaged by the special committee as an advisor, the special committee recommended that the board of directors approve the transaction.

About Trimin Capital Corp.

Trimin Capital Corp. is a management company. Trimin's strategy is to acquire large equity interests in operating businesses - its "Partners in Industry" - and build value for its shareholders through a combination of the established skills of its corporate management and the strong operating management teams of acquired businesses.

Contact Information