USA: Gibraltar Springs Capital Corporation Announces Its Operating Results For The Nine Month Period Ended August 31, 2000
The results are summarized below.
Consolidated sales for the nine months ended August 31, 2000 increased 61% to $6,846,436. Net income increased 641% from $83,079 to $615,754 for the same period. The net income represents 2.9 cents of earnings per share for the period. Management expects sales and profits to continue to increase due to the strength of the bottled water industry and the addition of a number of new private label customers. Water continues to be the fastest growing segment of the beverage industry in North America.
Third Quarter Operating Results Nine months ended
August 31, 2000 and August 31, 1999
August 31, 2000 August 31, 1999 Increase
Total Revenue $6,846,436 $4,252,444 61%
Cost of Sales 4,869,192 3,198,477 52%
Gross Margin 1,977,244 1,053,967 88%
Operating and Other Expenses 1,361,490 929,407 46%
Net Income $615,754 $83,079 641%
Earnings per share $0.0292 $0.0039 641%
Construction is to commence immediately for a 25,000 square foot warehouse addition to the bottling facility in Ravenna. Completion is anticipated to be the end of November, 2000. The additional warehouse space will improve efficiencies in the flow of raw materials and finished goods on site. The 50,000 square feet of warehousing occupied by Gibraltar Springs at its 196,000 square foot Collingwood warehouse facility, will continue to house finished products and remain a distribution center. Racking will soon be installed to increase the amount of finished product that can be stored.
Gibraltar Springs Capital Corporation/Corporation Capital Gibraltar Springs, through its wholly owned subsidiary 848733 Ontario Limited, bottles natural Canadian Mountain Spring Water at source in Ravenna, Ontario. The water originates from a rechargeable aquifer known as the Guelph Annabelle Aquifer. The company is licensed to take water by the Ontario Ministry of the Environment.
Gibraltar Springs Capital Corporation/Corporation Capital Gibraltar Springs has recently been approved for trading on the Canadian Venture Exchange (CDNX). Trading on the CDNX will commence on Monday October 2, 2000 under the symbol YGP. Pending the commencement of trading on the CDNX, the common shares of the company will continue to trade on the Canadian Dealer Network under the symbol GSPR.
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