STP 3.85% 25.0¢ step one clothing limited

Stericorp profit warning!!!

  1. 94 Posts.
    HOMEX - Melbourne
    Financial & Operating Update
    Market sensitive


    2002/08/23 17:32:56
    The Board of Stericorp at its meeting on the 22nd August have
    reviewed the preliminary financial results for the year ending June

    30th 2002. The Board has determined to take a conservative treatment
    to certain items, specifically not to utilise the tax effect of carry
    forward tax losses. In addition, the Board has decided not to
    capitalise a number of expenses incurred by management during a year
    when many acquisitions have been effected. Further it has initiated
    additional redundancies incurred by the ongoing consolidation of
    acquired businesses prior to year end.
    The effect of these changes will be to increase the estimated
    unaudited loss to $1.6m from the forecast $750k for the year ending
    June 30th 2002.
    At this time the company does not intend to alter its 2003 and 2004
    profit forecasts but recognises that the timing and magnitude of its
    ongoing acquisition activities will have a material effect on the
    components of its financial results. In this regard the company
    continues to identify and be in discussions with acquisition
    The ongoing performance of the business continues to be positive with
    the past 3 months generating positive EBITDA results.
    The construction of the ETD medical waste treatment plant in the ACT
    has been completed. Validation tests were successfully conducted this
    week, it is expected that an operating permit will be issued within
    the next week to enable commercial operations to begin soon after.
    Following on from the successful completion of the ETD facility, the
    board will over the next few weeks review recommendations from
    management as to the rationalisation of existing treatment facilities
    in NSW and Vic.
    The company's joint venture in Argentina has commenced commercial
    operations with contracted medical waste treated by the joint
    ventures ETD plant. The financial forecast indicates that the venture
    will be cash positive in its first year.
    The Australian operations have received the first shipment of
    SteriemTub(TM) containers and will be introducing this unique
    proprietary medical waste container system to major customers from
    September 1st.
    A Metcalfe
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