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NEWS RELEASE TRANSMITTED BY Marketwire FOR: Pacific Safety Products Inc.TSX VENTURE SYMBOL: PSP Pacific Safety Products Inc. Announces Fourth Quarter and Fiscal 2008 Results SEP 24, 2008 - 15:40 ETKANATA, ONTARIO--(Marketwire - Sept. 24, 2008) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or "the Company") today announced financial results for its fourth quarter and for fiscal 2008. For the quarter ending June 30th, 2008, the Company reported, on a consolidated basis, net income of $0.7 million on sales of $10.2 million. For fiscal 2008, the Company reported on a consolidated basis, a net loss of $0.2 million on sales of $34.8 million. Fiscal 2008 Highlights: - Assembled an experienced leadership team to execute the Company's transformation and growth strategy - Acquired APS Distributors Inc. of Bedford, Nova Scotia to reinforce the Company's dominant position in the Canadian Law Enforcement market - Announced nearly $40 million in new multi-year contract awards - Continued to grow the US body armour business generating over $1 million in sales from US operations during the month of June, leading to an almost fourfold increase in US sales during the year - Increased US production efficiencies through the use of cell based manufacturing - Expanded product offering with the next generation helmet liner selected for use in US Army user trials - Consolidated Canadian operations and head office in the Ottawa area resulting in a one-time gain of $1.4 million related to the disposition of manufacturing facilities in Kelowna, British Columbia and a one-time charge of $1.1 million for relocation costs Mr. David Scott, CEO, commented, "I am extremely pleased with our progress to date. After a very difficult start to the year we have been able to put together two consecutive profitable quarters, with net income exceeding $1 million during the second half of the year. As a result of consolidating our operations we anticipate improvements to our overhead structure yielding improved gross margins. We continue to make significant strides in our growth strategy. Our investments in our US operations and APS Distributors Ltd. in Canada are continuing to gain traction and now account for almost 50% of sales. We are also making considerable progress with our newly formed Defence group. Customer interest in our next generation defence products remain robust as we continue to participate in a number of user trials. We anticipate being able to build on these successes in fiscal 2009." 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. Summary consolidated financial results for the quarter and year ended June 30, 2008 and June 30, 2007, are as follows:
About PSP The mission statement of Pacific Safety Products Inc. is ...we bring everyday heroes home safelyTM. PSP is an established industry leader in the production, distribution and sale of high-performance and high quality safety 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 chemical and biological hazards. PSP is the largest armour manufacturer in Canada, directly supplying the Canadian Department of Defence, Federal Government Agencies and major Canadian law enforcement organizations. The Company also provides specialized law enforcement and safety products through APS Distributors, a wholly owned subsidiary that services law enforcement and public safety agencies across the country. The Company, through its U.S. subsidiary Sentry Armor Systems Inc., provides body armour products to U.S. based law enforcement and private security firms. The Company also produces tactical clothing and emergency medical kits. 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. 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. 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. Shawn Sutton (613) 254-9488 (613) 271-9384 (FAX) Website: www.pacsafety.com |
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