Marsulex Inc. (TSX: MLX) today announced results for the three and nine months ended September 30, 2008. Revenue for the quarter was $83.2 million compared with $68.7 million in 2007, an increase of 21.1%.
Gross profit increased 10.6% to $28.1 million from $25.4 million in 2007. Earnings before income taxes for the quarter were $10.3 million compared to $6.8 million in 2007. Net earnings for the quarter were $7.6 million ($0.23 per share) compared to $5.4 million in 2007 ($0.16 per share).
Commenting on the results, Marsulex President and Chief Executive Officer, Laurie Tugman, said, "It was another solid quarter for the Company. Western Markets Group and MET reported higher revenue and gross profit, while Industrial Services reported higher revenue with gross profit comparable to the prior year. In addition to the ongoing strength of our core operations and their ability to generate stable cash flow and earnings, Industrial Services and Western Markets were again able to capitalize on the strong market for sulphur."
Mr. Tugman said, "Despite the clear signs of an economic slowdown, our long term contractual relationships with customers and essential nature of our services should allow us to better withstand the impact of a slowdown. Given a strong balance sheet and available credit, the Company remains well positioned to take advantage of organic growth or acquisition opportunities." -- www.cnxmarketlink.com
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