Marsulex Inc. (TSX: MLX) today announced results for the three and six months ended June 30, 2008. Revenue for the quarter was $89.7 million compared with $77.3 million in 2007, an increase of 16.0%. Gross profit increased 4.8% to $26.3 million from $25.1 million in 2007.
Earnings before income taxes for the quarter were $8.5 million compared to $6.6 million in 2007. Net earnings for the quarter were $6.1 million ($0.18 per share) compared to $5.4 million in 2007 ($0.16 per share).
Commenting on the results, Marsulex President and Chief Executive Officer, Mr. Laurie Tugman said, "Overall, our businesses continued to perform well in the second quarter, with Industrial Services and MET (Marsulex Environmental Technologies - previously the Power Generation segment) reporting improvements in gross profit. Western Markets posted solid revenue growth but this was more than offset by higher raw material input costs, particularly sulphur."
Mr. Tugman said the results for the first half of the year demonstrates the strength of Marsulex's diverse base of operations and the capacity to deliver reliable and consistent earnings and cash flow. "Despite indications of a slowing North American economy, we remain confident in the Company's business prospects. The new FGD contracts awarded to MET earlier this year are now contributing to revenue, and opportunities for our Industrial Services Group continue to be active and promising."
Marsulex, which is based in Toronto, Ontario, is a leading provider of industrial services, including environmental compliance solutions for air quality control, processing or handling of industrial by-products or waste streams, and is a producer and marketer of sulphur-based industrial chemicals. The Company's services and products are provided to a broad base of industrial customers in a wide range of industries. -- www.cnxmarketlink.com
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