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 $7.22-million in Q3 2008 2008-11-28 08:02 ET - News Release Mr. John Kelly reports CLEARFORD ANNOUNCES RESULTS FOR THE THIRD QUARTER OF FISCAL YEAR 2008
Clearford Industries Inc. has released the financial results for the third
quarter of 2008 which ended Sept. 30, 2008. 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 current quarter have been segregated to
discontinued operations on the statement of operations. These results include
Brooklin's operating results for the month of July as well as the gain on the
Brooklin divestiture of $12,731,163. 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 Brooklin division recorded net income from discontinued operations
before tax for the third quarter of $8,350,437 compared with $808,404 for the
same period of the prior year. The waste water division recorded $47,910 of
revenue for the current quarter compared with no revenue for the same period of
the prior year and recorded a loss from continuing operations before tax of
$1,122,773 for the current quarter as compared with a loss from continuing
operations of $623,145 for the same period of the prior year. The increase in
the loss for the waste water division was mainly a result of the decrease in
value of marketable securities the company received as partial compensation
for the divestiture of the Brooklin division. An income tax expense of
$2,345,000 has been recorded against the net income from the Brooklin division
discontinued operations which has been fully offset by an income tax recovery
of $2,345,000 on the waste water division continuing operations. Total net
income for the company for the third quarter was $7,227,664 or 28 cents per share
compared with net income of $185,259 or one cent per share for the same period of
the prior year and a net income of $447,217 or two cents per share for the second
quarter of 2008.
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