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ZCL Composites’ revenue for the first quarter increased to $6.6 million from $6.5 million for the quarter last year.
Operating earnings for the quarter were $904,000 compared to $382,000 last year and net earnings for the quarter were $387,000 compared to $225,000 for the same period last year. The profitable first quarter reflects strong domestic markets, together with the ongoing success in reducing manufacturing costs and overheads. In addition to the buoyant petroleum industry markets, other sectors using the Company’s products and new products introduced into industrial and consumer markets have contributed to the increased revenue and earnings.
“We had a very strong start to our 2002 fiscal year and are looking to the future with confidence. Costs incurred to restructure our operations impacted our results in the past and are now behind us – the benefits are now being realized,” said Ven Côté, President. “These positive results are expected to continue over the next year.”
ZCL Composites is Canada’s largest manufacturer of fiberglass underground storage tanks.
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