MARKHAM, ON, Aug. 10 /CNW/ - PLM Group today reported its financial
results for the three months ended June 30, 2007.
Second Quarter Financial Highlights
- Net earnings were $0.7 million compared to $0.5 million in 2006.
Earnings per share were 2 cents per share basic and diluted unchanged
from the same period in 2006.
- Consolidated sales declined by $2.1 million to $29.4 million compared
to $31.5 million a year ago, reflecting weak market conditions.
- Gross margin was $8.8 million (29.9% margin), compared to $9.4 million
(29.8% margin) a year ago
- Selling, general and administrative expenses decreased to $4.5 million
from $5.5 million in the same period a year ago.
- Pre tax earnings before interest expense were $1.5 million compared to
$1.3 million from the same period in 2006.
During the quarter, the Company repurchased for cancellation 134,200
common shares at an average price of $1.14 under its normal course issuer bid.
The current bid expires on August 13, 2007.
"Second quarter sales for 2007 reflect continued weakness in agency pre
press and web printing. Despite this, the Company achieved strong gross
margins through the period which, combined with reduced selling and admin
expenses allowed the Company to outperform the second quarter of 2006 on the
net income line. The reduction in admin expenses is the result of strong
management of bad debt exposure and cost reductions. The relocation of the
Premedia and Digital large Format segment will be completed in the third
quarter," said Barry N. Pike, Chairman and CEO.
PLM expects the printing industry to remain intensely competitive in
2007, making it imperative for the Company to continue to focus on strategic
marketing and sales, expense management, operational efficiency gains and
maximization of the value of recent investments.
About PLM Group
PLM Group Ltd. (TSX: PGL) is one of Canada's largest commercial printers
providing single source web and sheet-fed print, visual, graphics and display
services to leading companies in a number of industries, including retail,
consumer products, financial services, automotive, pharmaceutical, healthcare
and communications. Visit the Company's web site atwww.plmgroup.com.
This document contains certain forward-looking statements that are
subject to known and unknown risks and uncertainties. PLM makes no assurance
that these forward-looking statements, denoted by words such as "expect",
"should" and other similar qualifiers, will prove to be accurate and cautions
readers to review the risks and uncertainties sections of its recent filings
with securities administrators. PLM disclaims any obligation to update these
forward-looking statements should the assumptions underlying them prove to be
inaccurate. This document also contains reference to gross margin, which does
not have standard meanings prescribed by GAAP and may, therefore, not be
comparable to similar measures presented by other issuers.
For further information:
For further information: Barry N. Pike, Chairman and Chief Executive
Officer, (416) 848-8510; Peter Bradley, C.A., Executive Vice President and
Chief Financial Officer, (416) 848 8530, Email: email@example.com