OTTAWA, April 30 /CNW Telbec/ - Clearford Industries Inc. ("Clearford",
TSX-V: CLI) today announced financial results for the fourth quarter and
fiscal year of 2006, which both ended December 31, 2006 (all figures in
Canadian dollars and in accordance with Canadian GAAP).
Revenue for the fiscal year 2006 was $22,270,000 compared to $23,000 for
the fiscal year 2005. Gross margin was $9,492,000 compared to $3,000 for the
same period of the prior year. Operating income for the fiscal year was
$606,000 compared to an operating loss of $2,383,000 for the same period of
the prior year. The net loss for the fiscal year was $2,983,000 or $0.12 per
share compared to a net loss of $2,324,000 or $0.11 per share for the same
period of the prior year.
All revenue for fiscal year 2006 was provided by the Brooklin Concrete
Division. Brooklin revenues reflect construction activity and are therefore
affected by seasonal conditions.
Revenue for the fourth quarter was $5,344,000 compared to no revenue for
the same period of the prior year and $7,795,000 of revenue for the third
quarter of 2006. Gross margin was $2,057,000 compared to zero gross margin for
the same period of the prior year and $3,767,000 for the third quarter of
2006. Operating loss for the quarter was $345,000 compared to an operating
loss of $638,000 for the same period of the prior year and an operating income
of $1,343,000 for the third quarter of 2006. Net loss for the fourth quarter
was $1,356,000 or $0.05 per share compared to a net loss of $622,000 or
$0.03 per share for the same period of the prior year and a net income of
$394,000 or $0.02 per share for the third quarter of 2006.
For the fiscal year 2006 cash used in operations was $854,000 compared to
cash used in operations of $1,716,000 for the same period of the prior year.
Cash used in operations for the fourth quarter was $919,000 compared to cash
used in operations of $387,000 for the same period of the prior year and cash
provided by operations of $1,498,000 for the third quarter.
For the fiscal year 2006, the growth in revenue and improvement in
financial performance as compared to the prior year was due to the
contribution provided by the Brooklin Concrete Division, since its acquisition
in January 2006. The Wastewater Systems Division provided strong growth in the
backlog of bids during the fiscal year, entering the year with 17 qualified
bids outstanding and exiting the year with a total of 69 bids outstanding with
potential contract value in excess of $200 million. While it can not be
assumed that bids convert into contracts, this progress is very encouraging
for the future growth prospects of the division.
"Clearford is a dramatically stronger company than it was one year ago,"
stated Bruce Linton, President and CEO of Clearford. "I expect that 2007 will
provide for expansion and advancement across the entire company, as
infrastructure growth requirements represent opportunities for both Clearford
Any forward looking statements made in this press release involve risks
and uncertainties, and actual results could differ materially from those
expressed or implied in such statements. However, we disclaim any intention
and assume no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. More detailed information of the matters
described herein is included in the public documents Clearford files from
time to time with Canadian securities regulatory authorities.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is comprised of two divisions: the
Wastewater Systems Division and the Brooklin Concrete Division. The Wastewater
Systems Division designs and implements the patented Small Bore Sewer(TM)
(SBS(TM)), a watertight small diameter wastewater collection system that
provides servicing with superior operational and environmental performance at
a significantly lower cost when compared to historic gravity sewers. With its
first installation in 1989, the SBS(TM) has since had several installations
within Canada and the U.S. The Brooklin Concrete Division has been in
operation since 1952, with 4 locations in Ontario, including: Brooklin,
Newmarket, Huntsville and Haliburton. A leading producer of septic tanks in
Ontario, Brooklin manufactures precast concrete products ranging from
interlocking pavers and patio slabs, to retaining walls and storage
structures. For more information on Clearford Industries Inc., please visit
For further information:
For further information: Mr. Bruce Linton President and CEO, Clearford
Industries Inc., (613) 599-6474 ext. 301, www.clearford.com