press release 2009-05
FOR IMMEDIATE RELEASE
Toronto Stock Exchange
Symbol "TSX: CSA"
Commercial Announces First Quarter Fiscal 2009 Results
Edmonton, Alberta, February 13, 2009 - COMMERCIAL SOLUTIONS INC. ("Commercial" or the "Company") (TSX:CSA) a leading Canadian distributor of bearings, power transmission, oilfield, industrial, safety, survey and resource management equipment products, today announced its financial results for the first quarter ended December 31, 2008. A complete copy of the Company's report is available on the Internet at www.sedar.com. Financial highlights from the fiscal 2009 first quarter are as follows:
For the three-month period ended December 31, 2008, Commercial reported revenue of $35.8 million compared to revenue of $33.7 million for the same period last year, representing a year-over-year increase of 6.2 percent. For the quarter, the Company reported a 9.0 percent decrease in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $0.9 million versus $1.0 million for the same period last year. Net income for the quarter
decreased by 32.1 percent to $0.04 million compared to $0.06 million during the first quarter of fiscal 2008.
"The increase in quarterly sales over the comparative period is encouraging, especially in these turbulent times and reaffirms our strong competitive position." noted Jim Barker, President & CEO of Commercial. "As we move into our second quarter, we have initiated an accelerated cost reduction program we feel will assist the Company during the current market uncertainty and into the future."
About Commercial
Headquartered in Edmonton, Alberta, Commercial is one of Canada's leading independent industrial distributors with 32 Services Centres and approximately 345 employees located across Canada. Commercial offers more than 160,000 items critical to maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers. The Company represents 450 leading manufacturers and serves over 11,000 customer accounts within a broad cross-section of industries, including oil and gas, forestry, food processing, chemical processing, mining and aggregate, utilities, agriculture and construction. Commercial trades under the symbol "CSA" on the Toronto Stock Exchange. For further information on the Company, please visit www.commercialsolutions.ca and for detailed financial information visit www.sedar.com.
Forward Looking Statements
From time to time, the Company may publish forward-looking statements relating to such matters as expected financial performance, business prospects, development activities and like matters. These statements involve risk and uncertainties, including but not limited to the risk factors previously described. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Commercial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, with an exception to securities laws requirements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Commercial Solutions Inc.
Eric Sauze CA
Chief Operating Officer
(780) 577-2215
esauze@csinet.ca
or
Rozina Kassam CA
Chief Financial Officer
(780) 577-4360
rkassam@csinet.ca
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