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Clarke revenues climb

TORONTO, Ont. -- Clarke Inc. says results for the first quarter of fiscal 2003, ended June 30, are looking good.


TORONTO, Ont. — Clarke Inc. says results for the first quarter of fiscal 2003, ended June 30, are looking good.

Revenue increased 7.4 per cent, reflecting higher volumes in the U.S. market offset by lower domestic revenues. Consolidated operating expenses increased 7.7 per cent primarily as a result of higher volumes related to acquisitions.

EBITDA increased three per cent mainly as a result of the continued Concord turnaround and earnings from U.S. acquisitions offset by lower contribution from domestic operations.

Net income improved by $500,000 and earnings per share increased by $0.09 to $0.27, principally due to increased EBITDA combined with lower amortization resulting from new accounting rules regarding amortization of goodwill and reduced interest expense.

“We are particularly pleased with the continued turnaround at Concord Transportation,” says Roy Rideout, chairman and chief executive officer. “This, combined with increased revenue from our U.S. logistics operations, is fuelling our growth this year.”


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