11:03 AM EST - Conporec Inc. : reports a first-quarter profit of $5.91 million from a year-earlier loss of $1.28 million after a financial restructuring. Earnings for the quarter amounted to six cents a share, the Quebec-based company said Friday. "This income is mainly the result of extraordinary revenues following a debt and debentures writeoff that allowed the company to present a solid current balance sheet, i.e., term debts of only $563 000 relative to shareholder equity of $16.72 million," the firm said in a release. Conporec eliminated debt of $12.9 million last March with a payment of $5.83 million, made up of $3.75 million in cash and $2.08 million in shares at 25 cents each, generating a gain of $6.92 million. First-quarter revenues declined to $1.8 million from $2.08 million. Direct operating costs fell to $1.39 million from $2.04 million, attributable to the temporary suspension of the Tournan-en-Brie Facility project in Paris. "The exceptional first-quarter result is a consequence of the work carried out by our team and its partners over the past year," said Jean Beaudoin, chairman and CEO. Conporec Inc.
shares CNP:CA are trading up six cents at $0.31.
