press release 2008-5
FOR IMMEDIATE RELEASE
Toronto Stock Exchange
Symbol “TSX: CSA”
Commercial Announces First Quarter Fiscal 2008 Results
Edmonton Alberta, Canada, February 14, 2008 - COMMERCIAL SOLUTIONS INC. ("Commercial" or "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, 2007. A complete copy of the Company's report is available on the Internet at www.sedar.com. Financial highlights from the fiscal 2008 first quarter are as follows:
For the three-month period ended December 31, 2007, Commercial reported revenue of $33.7 million compared to revenue of $40.7 million for the same period last year, representing a year-over-year decrease of 17.1 percent. For the quarter, the Company reported a 64.1 percent decrease in Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $1.0 million versus $2.8 million for the same period last year. Net income for the quarter decreased by 95.8 percent to $0.06 million compared to $1.4 million during the first quarter of fiscal 2007.
'Commercial continues to be impacted by the cyclical slowdown in the Western Canadian drilling industry and the forest industry. We are driving costs out of our system and on several initiatives, these costs will not return when this cyclical downturn reverses itself," noted Jim Barker, President & CEO of Commercial. "We believe our strong competitive position will allow us to gain greater market share when our markets return."
The Company will host a conference call to discuss the first quarter results on Thursday, February 14, 2008 at 4:00 p.m. Eastern Standard Time (EST).
Participants should dial 416-641-6136 or 1-866-300-7687 at least 10 minutes prior to the conference time of 4:00 p.m. EST.
For those unable to participate on the call, a replay will be available after 6:00 p.m. at 416-695-5800 or 1-800-408-
3053 passcode 3251893 until midnight, February 21, 2008.
About Commercial
Headquartered in Edmonton, Alberta, Commercial is one of Canada's leading independent industrial distributors with 40 Services Centres and approximately 369 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
Chief Operating and Financial Officer
(780) 577-2215
esauze@csinet.ca
or
Genoa Management Limited
Ali Mahdavi
+1 (866) 430-6247
info@genoa.ca
www.genoa.ca
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