This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Clearford Industries earns $3.22-million in 2008 2009-04-30 17:06 ET - News Release Mr. John Kelly reports CLEARFORD ANNOUNCES RESULTS FOR THE FISCAL YEAR 2008
Clearford Industries Inc. is releasing its financial results for the fourth
quarter and fiscal year of 2008, which both ended Dec. 31, 2008 (all
figures in Canadian dollars and in accordance with Canadian generally accepted accounting principles (GAAP)).
As a result of the previously announced divestiture of the Brooklin
concrete division on July 31, 2008, the results of
operations of Brooklin for the fiscal year 2008 have been segregated to
discontinued operations on the statement of operations. These results include
Brooklin's operating results from January to July, as well as the gain on the
Brooklin divestiture of $12,341,363, which is net of a working capital
adjustment of $389,800. This gain has been partially offset by expenses
relating to the divestiture, and the full repayment of bank and convertible
debenture debt, which includes $2,369,314 of transaction costs, $1,942,285 of
debenture settlement expenses and $768,376 for the write-off of previous
financing costs. The working capital adjustment of $389,800 was negotiated and
settled during March, 2009. This adjustment, which was effectively a reduction
in the purchase price, will be settled through the return of 27,000 escrow
units to the purchaser.
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