ZCL Composites Inc. Reports 1st Quarter Results

22 August 2000

ZCL Composites Inc. reported net earnings for the quarter ended June 30, 2000 were $225,000 compared to net earnings of $111,000 for the same period last year.Revenue increased to $6.5 million for the first quarter ended June 30, 2000, compared with revenue of $5.7 million for the same period last year. Operating earnings for the first quarter were $342,000 compared to $438,000 for the same period last year. Strong tank sales within the Canadian market contributed to an increase of 13.4% in revenues over the first quarter last year and are expected to remain strong for the remainder of the year. Activity in the upstream market sector has been robust during the first quarter as a result of strong prices for oil and gas experienced during the period. "We are encouraged to report earnings more than doubled over the first quarter last year. We will continue to focus on improving the performance within our core business." says Ven Côté, President ZCL Composites Inc. is Canada's largest manufacturer of fibreglass underground storage tanks. ZCL's complete fuel storage systems are marketed under the "Prezerver" trademark.

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