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:Pacific Safety Products loses $9.21-million in 2009 2009-10-19 06:08 ET - News Release Mr. David Scott reports PACIFIC SAFETY PRODUCTS INC. ANNOUNCES FOURTH QUARTER AND FISCAL 2009 RESULTS Pacific Safety Products Inc. has released its consolidated financial results for the three- and 12-month period ended June 30, 2009. Fiscal 2009 significant events: - Announced almost $35-million in new multiyear contract awards;
- Increased sales from United States operations by almost 50 per cent as compared with the prior year;
- Generated more than $1.2-million of normalized earnings before interest, taxes, depreciation and amortization (EBITDA), an almost-threefold increase as compared with the prior year;
- Increased gross margins by almost 1 per cent as compared with the prior year;
- Decreased selling, general and administrative expenses by $500,000, or almost 7 per cent as compared with the prior year;
- Established a $1.4-million (U.S.) operating line of credit to finance working capital of growing United States operations;
- Entered into a contract with the National Research Council Canada with a contribution agreement valued at up to $500,000 to begin development of a next-generation integrated helmet for soldier modernization;
- A significant and sustained decrease in the market capitalization of the company led to an $8.5-million non-cash goodwill impairment charge.
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