Mississauga, Ontario-based Strongco last week reported a third quarter $1.5 million profit from operations, with per share earnings up 16 cents from continuing operations, up from a 7 cent loss per share for the same period last year. Net income for the quarter was $1.5 million compared to a net loss of $2.5 million in last year’s third quarter.
The turnaround was based on higher gross profit margins combined with lower operating and interest expenses. Earnings in the company’s equipment distribution segment, 85 percent of its revenue, rose to $3.6 million during the quarter, up from $1.4 million year over year.
Strongco’s two other business segments – equipment rentals and engineered systems – reduced their losses for the quarter to $0.1 million each, after losses of $0.6 million and $1 million respectively in the same period last year.
Strongco also announced that Robert Beutel has been appointed chairman and Larry Pirnak has been appointed president and CEO.
