Canada’s Wajax Posts Strong 2nd Quarter

Mississauga, Ont.-based Wajax announced a CD $38.7 million increase in the second quarter, a 14-percent year-over-year jump from the same period in 2005. The percentage increase was 18 percent after adjusting for the decline in the value of the U.S. dollar. Mobile equipment revenues increased 14 percent, industrial components 12 percent and power systems 16 percent, primarily as a result of continuing strength in the Alberta energy sector. Net earnings for the quarter were $18.5 million, or $1.11 per unit, compared to $3.0 million, or 19 cents per unit in 2005’s second quarter. “The continuation of our strong operating performance relates not only to the robust economy in western Canada, but also to numerous cost reduction and recovery programs implemented across our organization and our margin improvement initiatives in industrial components,” said president and CEO Neil Manning. “Assuming no significant changes in the economic climate, we remain confident that the factors driving our revenues and earnings in the first six months of 2006 will continue to positively impact our results for the balance of the year.” Wajax is a leading Canadian distributor and service support provider of mobile equipment, industrial components and power systems. It is also a strong player in rental, ranked No. 70 on the RER 100.