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[May 2003]
Zemex First Quarter 2003 Earnings
Zemex Corporation (Toronto, Ontario, Canada) has announced net income of
$0.01 per share for the first quarter of 2003, unchanged from the first
quarter of 2002. Revenue increased by 35% from $15 million in Q1 2002 to
stand at $20.2 million for Q1 2003.Of the increase, 73% or $3.8 million was due to acquisitions completed in
February and March of 2002. Operating income increased from $100,000 for Q1
2002 to $600,000 for Q1 2003. Operating income was adversely impacted by
operational problems experienced at the Spruce Pine feldspar plant and
one-time legal expenses associated with settlement of the Hecla Mining
litigation.Peter Gillin, President of Zemex, said: "In general, the industrial
minerals business has been steady in most of our product lines and appears
to be following seasonal patterns and strengthening into the second quarter.
Our aluminium recycling group had a good first quarter continuing the
turnaround that began in the third quarter of 2002".
ENDS