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Specializes in the national distribution and sales of bearing, power transmission, industrial, safety, forestry, mining and resource management equipment products and services.

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HPQ Silicon Receives 43-101 Report on Beauce Gold Property and Prepares For Spin Out And Dividend In Q1 $HPQ.ca

  • Received required 43-101 Tech report for Beauce Gold property, a prerequisite of the listing documentation for the planned spin-out of the company’s gold assets
  • Project holds the largest historical placer gold deposit in eastern North America
  • Spin out and dividend Expected by March 31, 2017

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Message: Commercial Solutions says Q1 earnings sank 96 per cent to $56K (Commercial-Solut

Commercial Solutions says Q1 earnings sank 96 per cent to $56K (Commercial-Solut

posted on Feb 14, 2008 02:15PM
EDMONTON _ Industrial distributor Commercial Solutions Inc. (TSX:CSA) says its first-quarter earnings sank 96 per cent to about $56,000 from a year-ago $1.4 million as revenue fell 17 per cent amid a slowdown in Western Canada.

Sales for the quarter ended Dec. 31 decreased to $33.7 million from $40.7 million.

Earnings per share amounted to nil, versus seven cents per share a year earlier.

Commercial Solutions is a major distributor of bearings, power transmission, oilfield, industrial, safety, survey and resource-management equipment products.

"Commercial continues to be impacted by the cyclical slowdown in the western Canadian drilling industry and the forest industry," CEO Jim Barker said Thursday.

"We are driving costs out of our system and on several initiatives these costs will not return when this cyclical downturn reverses itself. We believe our strong competitive position will allow us to gain greater market share when our markets return."

Edmonton-based Commercial Solutions is one of Canada?s top independent industrial distributors, with 40 service centres and 369 employees across Canada.

On the Toronto stock market, Commercial shares were down six cents at $1.40.
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