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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Fiscal 2006 Year End Results SEP 29, 2006 - 06:00 ETKELOWNA, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2006) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") today announced its financial results for fiscal year 2006. For the year ended June 30, 2006, the Company reported revenue of $32.2 million, EBITDA of $2.6 million and net income before taxes of $1.074 million. "Management is extremely pleased with these results, particularly after having addressed a serious shortfall in the first quarter and a restructuring cost of approximately three quarters of a million dollars," said David Scott, CEO. "Accomplishments for fiscal 2006 include: - Realizing the expected gross margins on our major contracts - Generating healthy growth in our core business lines - Launching Sentry Armor Systems Inc. in the United States - Introducing the Sigma 6 Armour line - Partnering with i-systems to market an integrated clothing solution - Improving the balance sheet through cash generation and reduction of debt obligations - Consolidating the Canadian facilities and appointing a new executive management team" "Going forward we expect to see continued growth and profitability for the company," continues Scott. "We have issued our fiscal year 2007 outlook which shares our views on market conditions and expectations for the Company." For complete consolidated financial statements with notes and management discussion and analysis please refer to PSP's annual report to shareholders. This report is posted on SEDAR (www.sedar.com) and on our web site or one can be requested by contacting PSP using the methods listed at the end of this release. Summary consolidated financial results for the year ended June 30, 2006 and June 30, 2005, are as follows:
Forward Looking Statements: This release may contain forward looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward looking statements. Some of the forward looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products. OVERVIEW OF THE BUSINESS PSP is an established industry leader in the development production, distribution and sale of high-performance and high-quality protective products for the defence and security market. These products include body armour to protect against ballistic, stab and fragmentation threats, ballistic blankets to reduce blast effects, and protective products against ChemBio hazards. PSP is the largest armour manufacturer in Canada and supplies its products to the Canadian Department of National Defence, Federal government agencies and major law enforcement organizations across the country. The Company, through its subsidiary, Sentry Armor Systems, provides body armour products to U.S. based law enforcement and private security firms. The Company provides quality protection solutions by effectively integrating the latest technologies to serve our customers' needs. Founded in 1984, PSP has grown to include more than 280 employees at our Canadian and U.S. facilities. These facilities are equipped with complete design, production and research capabilities. Pacific Safety Products is a reporting issuer in British Columbia, Alberta and Ontario, Canada and publicly trades under the symbol PSP on the TSX Venture Exchange. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Pacific Safety Products Inc. David Scott Chief Executive Officer (250) 491-0911 or Toll Free: 1-888-PSP-ARMR (1-888-777-2767) (250) 491-0930 (FAX) Email: dscott@pacsafety.com or ir@pacsafety.com Website: www.pacsafety.com |
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