CONPOREC : Conporec Inc. releases its 2008 Second Quarter Results
Sorel-Tracy, August 15, 2008 - Conporec Inc. ("Conporec" or the "Company") announces today its results for the second quarter ending on June 30th, 2008. For the period, the Company continued its impetus of the first quarter with incomes of CA$2,4M, compared to incomes of CA$1,8M for the second quarters of 2007.
|CA$M||3 months ending June 30th 2008||3 months ending June 30th 2007||6 months ending June 30th 2008||6 months ending June 30th 2007|
(1)Including the non recurrent debt redemption gain achieved during the first quarter 2007.
This revenues increase combined with a reduction in general sales and administration costs improved net results by 30%, an increase of CA$300 000 in comparison with the same period of last year. The loss for this second quarter is CA$0,7M (CA$0,06 loss per share on a fully diluted base).
The revenues increase is mainly due to the newly combined production capacity of the Sorel-Tracy and Becancour facilities and to the Mindarie Resources Recovery Facility(Western Australia) design/built contract.
In addition, Conporec underlines that the Company requested and obtained starting August 8th, the protection of the Court under the terms of the Companies' Creditors Arrangement Act of Canada (CCAA). The management team currently works on a restructuring plan including an arrangement plan to creditors. The first restructuring measure had been the Sorel-Tracy plant temporary shut down. This decision was made following the unsuccessful discussions with the main client to revise the terms of the 1991 contract. For several years now, the constant and important raises of key elements of the exploitation costs (curb side collection, residuals land filling, etc.) have not been compensated by the client, such a situation resulting directly into constant growing and structural financial imbalance of the Company.
Other than these industrial activities of the Sorel-Tracy plant, all of the other Conporec activities are maintained, including the development, engineering and construction activities in America, Europe and Australia. In this chapter besides, the construction work of the Mindarie Resources Facility Recovery proceeds as planned, in perfect respect of the schedule and the budget.
Conporec inc. develops, owns and operates various patented technologies for the treatment and the recycling of residues into valuable resources and energy. The company successfully delivered or is in the process of completing plants in Canada, France, United States and Australia. Conporec is a socially responsible organization listed on the Toronto Stock Exchange (Venture) and the NYSE/Euronext in Paris (Alternext).
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange has not approved the information contained herein and accepts no responsibility for it, nor the validity of the operation planned.
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