ComWest Releases Q2 Financial Results
July 28 2011 - 3:50PM
Marketwired
Douglas F. Good, President and CEO of ComWest Enterprise Corp. (TSX
VENTURE: CWP)(TSX VENTURE: CWP.A), released the company's second
quarter 2011 financial statements today. ComWest recognized
revenues of $7,501,270 for the three month period ended May 31,
2011 ("Q2"), bringing total revenues for the first half of Fiscal
2011 to $14,379,996. Cash flow from operations for the six month
period ended May 31, 2011 was $2,394,297, comprised of $1,284,182
for Q2 and $1,110,115 reported in Q1. Net income for Q2 was
$481,907, bringing the total for the six month period ending May
31, 2011 to $765,770.
As of May 31, 2011 the Company had an adjusted working capital
of $9,229,599, compared to $9,106,518 as of February 28, 2011
(November 30, 2010: $8,956,882), based on including only the
scheduled principal term loan payments and an accrual for the
estimated additional annual payments equal to 50% of surplus cash,
as defined in the company's term loan facility.
On March 15 2011 and June 15, 2011 the Company paid eligible
cash dividends of $0.02 per share to shareholders of record on
March 1, 2011 and June 8, 2011, respectfully. These dividends were
the first quarterly dividends reflecting a new dividend policy
whereby the Board expects to declare a quarterly dividend of $0.02
per share on an ongoing basis, subject to available cash resources,
terms of credit facilities and regulatory requirements.
The financial statements for the three and six month period
ended May 31, 2011 and related MD&A are available for view on
SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
Douglas F. Good, President
Forward Looking Statements
This news release contains forward-looking statements regarding
the future success of the business of the Company that is subject
to risk and uncertainties. Examples of such forward-looking
statements including, but are not limited to, statements concerning
the Corporation's acquisition of an operating business and the
Corporation's intention to pay dividends. These forward-looking
statements involve known and unknown risk and uncertainties that
may cause the Company's actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied in these forward-looking
statements. These risks include risks related to dependence on key
personnel, competition, risks related to newly acquired businesses,
uncertainty and dilution of additional financing and ability to
service debt, as well as the risk factors described in the
Corporation's Management Discussion and Analysis filed on SEDAR at
www.sedar.com, and the risks to be described in any Management
Information Circular and/or Filing Statement to be prepared in
connection with the transaction. The forward-looking statements
contained herein are made as of the date of this Circular and are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any such forward-looking statements to
reflect any change in its expectations or in events, conditions or
circumstances on which any such forward-looking statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: ComWest Enterprise Corp. Investor Relations Contact
(778) 370-1725 dgood@comwestenterprise.ca