VANCOUVER, BRITISH COLUMBIA – (April 28, 2011) Clearlease Reports Trimac Transportation Ltd. (TSX:TMA) reports it had a slim profit in the first quarter, as a combination of increased market share and higher fuel surcharges combined to boost revenue by 11.4 per cent over the same time last year.
Net income was $900,000 for the three months ended March 31, while adjusted net income was $800,000 — three cents per share in each case. Adjusted net income was little-changed from the first quarter of 2010 but the net profit contrasted sharply with a $4.1-million net loss or 31 cents per share during that period.
Trimac’s overall revenue was $73 million, including $7.9 million of fuel surcharges. A year earlier, overall revenue was $65.5 million, including $5.4 million in surcharges.
The company says it’s the leader in Canadian bulk trucking, with operations across the country. It also provides third-party logistics services in Canada and the United States through a subsidiary.
“This increase was the result of increased volumes in most of the commodities hauled from new and existing customers, improved market share and an increase in fuel surcharge revenue of $2.5 million,” Trimac said Wednesday.
Excluding the surcharges, Trimac’s first-quarter revenue gained 8.3 per cent, rising to $65.1 million from $60.1 million.
The company’s shares were at $4.87, up half a cent, on the Toronto Stock Exchange at midafternoon.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports After a first quarter that saw profits at Sherritt International Corp. (TSX:S) more than double, CEO Ian Delaney is looking for the good times to continue into the next and hopefully for the rest the year as well.
“A good quarter. . . . revenues up, commodity prices up,” Delaney told a conference call while speaking by telephone from an unnamed “remote” company location.
The Toronto-based miner and energy company did experience pressure from commodity input price increases and, on the coal side, some “transportation equipment delays and one thing or another keeping cost up,” he said.
“But the good news is that the output commodity prices are very robust.”
“In the nickel world and cobalt world, we think that in the foreseeable quarter or so we see no good reason to presume that commodity prices are going to slack off, so we’re continuing to look for robust earnings in those areas.”
“In the coal world, I think we’re looking at a dramatically better year for our (thermal) coal business,” he said.
Although the earthquake and tsunami in Japan have delayed settlement of the year’s contract price, Delaney noted that the Newcastle price is currently just under $130 a tonne.
“The Newcastle price is generally a pretty good indicator where the annual contract prices are likely to settle in and, at those contract prices, I think we have a very good time in the coal business,” he said.
Earlier, Sherritt reported that its first-quarter net earnings were up 116 per cent at $63.6 million or 22 cents per share, compared with $29.4 million or 10 cents per share in the same 2010 quarter.
Revenue was also up sharply at $474.5 million from $366.4 million in the 2010 quarter.
Net earnings for the quarter included an unrealized foreign exchange loss, after tax, of $3.2 million and equivalent to one cent per share. That was due mainly to the impact of the change in value of the Canadian dollar relative to the U.S. greenback on the corporation’s $700-million of U.S. dollar denominated partner loans for the Ambatovy nickel project in Madagascar.
Sherritt, the project operator, owns 40 per cent of Ambatovy, while Sumitomo and Korea Resources each have a 27.5 per cent stake. The project’s engineering contractor, Montreal-based SNC-Lavalin Group (TSX:SNC), has a five per cent interest.
Sherritt had been struggling with ballooning costs and legal and technical difficulties at Ambatovy, but Delaney indicated things have improved markedly.
“My focus in the past few months has increasingly changed from construction to production,” he said.
“Still don’t know a firm date . . . as to when we think we’ll actually be deemed to be complete, but in my mind we’re almost complete now and we’ll be in partial production within a couple of months.”
In the first quarter, nickel mining and refining revenues increased to $110.74 million from $86.4 million in the comparable year-earlier period as the average realized price rose to $11.73 a pound from $9.20 “due to stronger demand and a weaker U.S. dollar.”
Revenues in the coal segment soared even more, up almost $68 million to $245.9 million from $178.1 million in the 2010 quarter despite a nine per cent decrease in thermal coal production at its Prairie operations, where two-coal fired generating units were removed from service by a mine customer.
However, realized pricing — excluding royalties, activated carbon and char — were 12 per cent or $1.67 a tonne higher, mainly due to the similar contract revenue on lower sales volumes at the Highvale mine, the company said in a release.
Sherritt is a world leader in the mining and refining of nickel from lateritic ores, with projects and operations in Canada, Cuba and Indonesia as well as Madagascar.
The company is also the largest coal producer in Canada and is the largest independent energy producer in Cuba, with extensive oil and power operations across the Caribbean island.
On the Toronto Stock Exchange, Sherritt shares were up two cents at $7.77 in afternoon trading Wednesday.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Pancontinental Uranium Corporation (TSXV:PUC.V) is pleased to announce that the Company is arranging a non-brokered private placement of up to 12,000,000 units at a price of $0.26 per unit for gross proceeds of up to $3,120,000 Cdn.
Each unit will be comprised of one common share in the capital of the Company and one half of one Common Share purchase warrant of the Company. Each Warrant is exercisable to purchase one Common Share at a price of $0.40 per Common Share for a period of two years following the closing of the Offering provided that if, at any time after the date that is more than four months and one day following the closing of the Offering, the Common Shares trade on a stock exchange at a volume weighted average trading price of $0.60, or greater, per Common Share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The funds raised will fund exploration work and general working capital. The financing remains subject to acceptance by the TSX Venture Exchange.
About Pancontinental Uranium Corporation
Pancon is a Canadian-based company focused on uranium and Rare Earth Elements (“REE”) discovery and development, Through a 50:50 joint venture with Crossland Uranium Mines Limited (“Crossland”) of Australia, Pancon has established one of the strongest management teams in the uranium industry. This management and operating team has unparalleled experience from exploration, through development to operations, and includes people who were instrumental in the discovery of two of the largest uranium deposits in the world. Pancon and Crossland hold an impressive uranium exploration portfolio with projects in prolific, mining friendly districts.
Active exploration is ongoing at three Australian projects which include Chilling, Charley Creek, and Kalabity. The Chilling project has the potential to host a mirror image of a portion of the renowned Alligator Rivers Uranium Field containing the large Jabiluka, Ranger and Koongarra deposits. Charley Creek has the potential for large, lower-grade, Rossing-type, granite-hosted uranium deposits and REE deposits in the surface alluvial sands and bedrock. The Kalabity project lies in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.
Pancon has earned a 50% interest in this significant uranium and REE project portfolio through the joint venture with Crossland through the expenditure of A$8 million. Pancon and Crossland are also pursuing exploration beyond Australia through an international subsidiary company, Crosscontinental Uranium Limited, and immediate plans include formulating an exploration program in Burkina Faso.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Apple Inc. (NasdaqGS: AAPL ) says the long-delayed white iPhone 4 will go on sale Thursday in the United States, United Kingdom and 26 other countries for $199 or $299 depending on the model.
Apple Inc. said Wednesday the prices are for phones purchased with a two-year contract from AT&T Inc. or Verizon Wireless in the U.S.
The black iPhone 4 went on sale last June. Apple had hoped to make the white phones available in July, then in late 2010. But it has said that the gadget was more challenging to produce than expected. In October, Apple said the white phones would be available in the spring.
Separately, Apple says the iPad 2 will go on sale in Japan on Thursday and in Hong Kong, South Korea, Singapore and eight more countries on Friday.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Steel construction producer Canam Group is negotiating with a French cable company to help recover some of the higher costs it needs to pay to complete the installation of cables on the roof of Winter Olympic Games venue BC Place.
The Quebec-based company last week announced that it was booking a $25 million after-tax reserve that is expected to fully cover the additional costs. In late 2009, Canam’s Structal division won a $100-million contract to build the world’s largest cable-supported retractable roof to replace the stadium’s air-supported dome.
Canam (TSX:CAM) consulted with cable experts Freyssinet about the project and claims the French firm dramatically underestimated the time and costs required to install the roof.
Chief operating officer Marc Dutil declined to say how much it was seeking from Freyssinet, a partner on past and likely future projects.
“This is not take a shotgun and shoot them in the gut type of negotiations,” he said in an interview on Wednesday.
“We hope that this is something that can be dealt with diligently, between reasonable people.”
Dutil said Canam first approached Freyssinet about six weeks ago about this issue and hopes to reach a settlement in the best interest of its shareholders within a few months.
Canam lost $39.7 million, or 88 cents per share, in the first quarter after taking the financial hit. That compared to a loss of $600,000 a year earlier, when it absorbed $3.9 million gain.
Sales in the quarter rose 48 per cent to $150.6 million.
Prior to the disclosure, analysts polled by Thomson Reuters had expected Canam’s sales to surge 62 per cent to $172 million.
The results were a big disappointment because the project didn’t go as planned, but Dutil said the company is normally well compensation for taking risks.
He noted that other large stadium projects such as the Marlins stadium in Miami was completed on budget and on schedule.
“We really feel this is not a breakdown of our capabilities, it’s a BC Place issue,” he added about the large retractable roof that is expected to be completed by August.
“The world’s first in anything comes with risks and challenges and now we’re faced with one of them.”
Canam announced Wednesday that Dutil will become CEO in January, replacing his father Marcel.
The company also announced it reached an out-of-court settlement over an acquisition five years ago. No financial details were provided because of a confidentiality agreement.
Meanwhile, Canam said Ontario remains a challenging market but other areas in Canada and the U.S. are showing signs of improvement.
The company’s backlog increased seven per cent during the quarter to $519 million as at March 26, 2011. This increase resulted from the addition of the backlog at the company’s Canam U.S. and FabSouth business units.
U.S. revenues increased 200 per cent from last year and the backlog for the joist and deck business is up 270 per cent, suggesting 2011 will be a better year.
It gross margin decreased to negative 16.9 per cent from 13.9 per cent a year ago as it sacrificed some profits to keep people as employed as possible, he told analysts during a conference call.
Canam designs and builds construction products and has more than 25 manufacturing plants and engineering offices in Canada, the United States, Romania, India and China.
The Montreal-area company has continued to suffer from a declining sales related to the slowdown in non-residential construction in North America.
Canam employs about 3,000 people and has partnerships with companies in Saudi Arabia, the United Arab Emirates and China.
Shares in the company gained three cents to $8.03 in afternoon trading on the Toronto Stock Exchange.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Surging gold prices helped Barrick Gold Corp. sharply improve the company’s first-quarter bottom line, but the chairman of the giant gold miner on Wednesday was touting its decision to make a big expansion into copper.
Barrick would be foolish to follow other companies that refuse to change, Peter Munk told the company’s annual meeting in Toronto, adding that copper would provide the cash flow it needs to grow.
Already the world’s largest gold miner, Barrick made a bold move into the copper sector Monday with a friendly $7.3-billion bid to acquire Canadian-Australian miner Equinox Minerals Ltd., in a deal that would double its annual production.
With the world supply of available gold mines wearing thin, the deal allows Barrick to expand into a metal that is selling at near record prices. On Tuesday, copper closed up three cents at $4.33 US a pound.
The company has been riding high on the price of gold, which is topping record highs nearly every day, although it closed down $10.20 at US$1,498.90 per ounce on Tuesday.
But since the Equinox bid on Monday, the stock has backed off sharply from above $53 but was up 43 cents, or 0.9 per cent, to $48.18 in afternoon trading Wednesday on the Toronto Stock Exchange.
Toronto-based Barrick, which reports in U.S. dollars, said earnings in the period ended March 31 rose 22 per cent to $1 billion US, or $1 per share, compared with $820 million, or 82 cents per share, a year earlier.
Revenues increased to $3.09 billion from $2.58 billion. Analysts polled by Thomson Reuters had predicted an average of $1.04 earnings per share in the first quarter.
The results reflected “higher realized prices for both gold and copper and better than expected total gold cash costs,” Barrick said in a news release.
Gold production of 1.96 million ounces at total cash costs of $437 per ounce and net cash costs of $308 per ounce was ahead of plan primarily as a result of higher production from the company’s Cortez, Goldstrike and Veladero mines.
Meanwhile, Barrick said it was on track to meet its 2011 guidance of 7.6 million to eight million ounces at total cash costs of $450-$480 per ounce, or net cash costs of $340-$380 per ounce, “positioning Barrick as one of the lowest cost senior gold producers.”
During the quarter, Barrick was allowed to transport ore from its Cortez Hills mine in Nevada after an environmental review was approved. The mine had been operating on a restricted basis under an injunction since last April.
The Cortez property is expected to produce between 1.30 and 1.45 million ounces in 2011, much higher than its original guidance of between 1.08 million and 1.12 million ounces of gold this year.
Barrick owns and operates gold mines in Canada, the U.S., Peru, Argentina, Chile, Australia and Papua New Guinea and employs about 20,000 people around the world.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
The Toronto stock market trimmed losses Wednesday after the U.S. Federal Reserve said it would leave interest rates “exceptionally low” for “an extended period.” – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports The Toronto stock market trimmed losses Wednesday after the U.S. Federal Reserve said it would leave interest rates “exceptionally low” for “an extended period.”
The Fed left its key lending rate unchanged at 0.25 per cent, an emergency low, while it signalled that its $600 billion Treasury bond-buying program will end in June as planned because the economy has strengthened and companies are starting to hire more.
“The economic recovery is proceeding at a moderate pace and overall conditions of the labour market are improving gradually,” it said in a statement.
The S&P/TSX composite index was down 85.9 points to 13,823.2 after earlier posting triple digit losses as investors sold off stocks in the materials, base metals mining and energy sectors. The TSX Venture Exchange lost 6.5 points to 2,225.9.
The Canadian dollar was down 0.25 of a cent to 104.81 cents US, paring an earlier loss of nearly half a cent as gold prices surged after the Fed announcement.
Federal Reserve chairman Ben Bernanke is holding a press conference later Wednesday that could have further impact on currencies and markets worldwide.
The news conference, the first of three this year, is part of a long-standing Bernanke campaign to make the central bank more transparent and publicly accessible. Bernanke is the first Federal Reserve chief to begin a series of regular news conferences.
After a solid first-quarter earnings season so far in the U.S., investors might be taking profits given the uncertainty over the effects of Bernanke’s comments on markets and the broader economy, said Pat McHugh, senior portfolio manager at Manulife Asset Management.
“My guess is so much money has been made that I suspect people are just a little bit concerned about what Mr. Bernanke might be saying and maybe taking some money off might be worthwhile.”
Uncertainty surrounding Bernanke’s speech and falling oil prices pushed the TSX into the red — overshadowing mostly positive earnings from Canadian companies, McHugh said.
It is another busy earnings day with many resource companies reporting improved earnings Wednesday morning.
Barrick Gold Corp. (TSX:ABX) said first-quarter net earnings rose 22 per cent to $1 billion, or $1 per share, compared to $820 million, or 82 cents per share, a year earlier. Analysts had predicted an average of $1.04 earnings per share. Shares were up four cent to $47.79.
Husky Energy Inc. booked a 70 per cent increase in first-quarter profits to $626 million, or 70 cents per share, compared with $368 million, or 43 cents per share in the same period a year earlier. Analysts polled by Thomson Reuters were on average expecting earnings of 52 cents per share. Shares were up 27 cents to $28.76.
Sherritt International Corp. (TSX:S) profits soared 116 per cent to $63.6 million or 22 cents per share in the first quarter, compared with $29.4 million or 10 cents per share in the same 2010 quarter. Shares gained four cents to $7.79.
Tembec (TSX:TMB) posted a second-quarter profit of $7 million, or seven cents per share, compared to nil in the same period of 2010. Sales declined to $452 million from $476 million. Shares fell gained four cents to $5.37.
Shoppers Drug Mart Corporation (TSX:SC) reports its first quarter net profits fell to $118 million or 54 cents per share from $122 million or 56 cents in the same 2010 period. First quarter sales increased 2.7 per cent to more than $2.3 billion. Shares fell 26 cents to $41.16.
Canadian National Railway (TSX:CNR) shares were up 50 to $71.50 after it reported Tuesday adjusted net income was $414 million, or 90 cents a share, above analyst expectations.
Rogers Communications Inc. (TSX:RCI.B) said Wednesday it’s rolling out an even faster wireless network this year to serve its mobile phone and mobile Internet users. It reported late Tuesday adjusted net income was 76 cents per share, beating analysts’ expectations for 72 cents per share. Rogers shares gained 58 cents to $35.32 Wednesday.
Meanwhile, oil prices gained 33 cents to US$112.54 a barrel on the New York Mercantile Exchange. The energy sector on the TSX lost 0.8 per cent with shares in Canadian Natural Resources (TSX:CNQ) down 36 cents at C$43.50.
Gold prices rose $7.10 to $1,510.70 per ounce.
Copper prices fell nine cents to $4.23 a pound on reports that China may make additional moves to rein in its economy and slow resource demand. The base metals mining sector was one of the biggest decliners on the TSX, down one per cent, with shares in Teck Resources Ltd. (TSX:TCK.B) down C$1.29 to $51.90.
Meanwhile, the Conference Board of Canada said Canadians are feeling better about their economic prospects — especially westerners. The think-tank’s consumer confidence index rose four points to 87.7 this month, largely due to improved job prospects and willingness to make large purchases.
While an improvement over March, the reading is still well below pre-recession levels.
Wall Street markets rebounded into positive territory after the Fed announcement that ended a two-day meeting.
The Dow Jones industrial average gained 40.5 points to 12,635.9, while the Nasdaq index added 3.87 points to 2,851.41 and the broader S&P 500 index gained 1.1 points to 1,348.35.
The Fed has been making bond purchases intended to lower loan rates, encouraging spending and boost stock prices. But critics worried that the purchases would feed inflation. It downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.
In U.S. corporate news, numerous large players like eBay and Starbucks are releasing their latest earnings Wednesday. Before markets opened, big names such as Boeing Co. and Whirlpool Corp. reported better-than-expected earnings.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Automaker Volkswagen AG sharply increased net profit to €1.71 billion ($2.5 billion) in the first quarter as stronger sales in emerging markets such as China, Argentina, and Russia more than made up for slumps in debt-stricken European countries.
Earnings per share of €3.47 topped analyst expectations of €3.23. Company shares rose steadily after Wednesday’s announcement and traded up 6 per cent at €117.45 by midafternoon German time.
The company reiterated that this year’s earnings would exceed last year’s, despite a drag on profits from see-sawing exchange rates and higher raw materials prices.
Volkswagen delivered 1.99 million cars worldwide, up 14 per cent, outperforming the world auto market, which grew 8.1 per cent, the company said. Revenue jumped 31 per cent to €37.47 billion.
Big jumps in vehicle deliveries in China, Mexico and Argentina — up 20 per cent or more — and in India, where they more than tripled, showed how rapidly growing emerging markets are eclipsing richer countries in Europe as markets for European manufacturers.
Company officials said they had boosted their cash holdings, giving them flexibility to continue expanding and meet their goal of being the world’s largest carmaker by 2018.
“Our brand continued to perform succesfully in the first three months of 2011,” the company’s chief financial officer, Hans Dieter Poetsch, said on a conference call. “Thanks in particular to higher revenue and a firm hand on operating costs, operating earnings more than tripled to €2.9 billion.”
While the company stuck with its forecast, shifting currencies, in particular the weakening U.S. dollar and British pound, were expected to have an effect on the companies finances, as would the rising cost of raw materials such as steel.
The company said it had seen only very limited effects on parts supplies due to the earthquake and nuclear disaster in Japan and that earnings had not been affected.
Analyst Max Warburton at Sanford C. Bernstein called the result “a stunning beat,” especially when measured by the EBIT figure, or earnings before interest and taxes, of €2.9 billion, which represents a “fantastic” operating profit margin of 7.8 per cent across the group.
That includes not just higher-margin Audi but the mass market Volkswagen brand as well, a segment where margins are usually lower.
Warburton said the earnings appear to be a part of a wider trend in favour of German cars that also helps competitors BMW AG and Daimler AG , which traded up 2.1 and 2.7 per cent.
Sales in Western Europe grew more slowly, and were hard hit in countries saddled with heavy government debt and slow growth. Sales in Britain rose only 2.4 per cent, while they were flat in Italy and sank in Spain, where the unemployment rate is around 20 per cent.
Volkswagen ‘s home market, Germany, showed some recovery, with sales bouncing back to its 10-year average for the first quarter as a stronger job market gave consumers more confidence.
VW unit sales in the United States rose 16 per cent amid stronger consumer confidence, although the market remains far below the credit-boom period 1999-2007.
Wolfsburg-based Volkswagen AG includes the Volkswagen , SEAT, and Skoda mass-market brands, and luxury makes Audi , Lamborghini , Bentley, and Bugatti.
The company said it was making progress toward completing its complex merger with Porsche. Volkswagen has a 49.9 per cent share in Porsche’s automaking operations and has the right to buy the rest later, but a merger with Porsche’s parent company has been held up by legal questions.
Stuttgart-based Porsche separately announced it had more than doubled operating earnings to €496 million in the first quarter, and raised sales revenue 10 per cent to €2.28 billion. Unit sales rose 13 per cent to 23,442 vehicles in the quarter, an increase of 13 per cent from a year earlier.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports Surging gold prices helped Barrick Gold Corp. (TSX:ABX) sharply improve the company’s first-quarter bottom line, but the chairman of the giant gold miner on Wednesday was touting its decision to make a big expansion into copper.
Barrick would be foolish to follow other companies that refuse to change, Peter Munk told the company’s annual meeting in Toronto, adding that copper would provide the cash flow it needs to grow.
Already the world’s largest gold miner, Barrick made a bold move into the copper sector Monday with a friendly $7.3-billion bid to acquire Canadian-Australian miner Equinox Minerals Ltd. (TSX:EQN), in a deal that would double its annual production.
With the world supply of available gold mines wearing thin, the deal allows Barrick to expand into a metal that is selling at near record prices. On Tuesday, copper closed up three cents at US$4.33 a pound.
The company has been riding high on the price of gold, which is topping record highs nearly every day, although it closed down $10.20 at US$1,498.90 per ounce on Tuesday.
But since the Equinox bid on Monday, the stock has backed off sharply from above $53 and was down an additional 15 cents at $47.60 in morning trading Wednesday on the Toronto Stock Exchange.
Toronto-based Barrick, which reports in U.S. dollars, said earnings in the period ended March 31 rose 22 per cent to US$1 billion, or $1 per share, compared with US$820 million, or 82 cents per share, a year earlier.
Revenues increased to US$3.09 billion from US$2.58 billion.
Analysts polled by Thomson Reuters had predicted an average of $1.04 earnings per share in the first quarter.
The results reflected “higher realized prices for both gold and copper and better than expected total gold cash costs,” Barrick said in a news release.
Gold production of 1.96 million ounces at total cash costs of US$437 per ounce and net cash costs of US$308 per ounce was ahead of plan primarily as a result of higher production from the company’s Cortez, Goldstrike and Veladero mines.
Meanwhile, Barrick said it was on track to meet its 2011 guidance of 7.6 million to eight million ounces at total cash costs of US$450-$480 per ounce, or net cash costs of US$340-$380 per ounce, “positioning Barrick as one of the lowest cost senior gold producers.”
During the quarter, Barrick was allowed to transport ore from its Cortez Hills mine in Nevada after an environmental review was approved. The mine had been operating on a restricted basis under an injunction since last April.
The Cortez property is expected to produce between 1.30 and 1.45 million ounces in 2011, much higher than its original guidance of between 1.08 million and 1.12 million ounces of gold this year.
Barrick owns and operates gold mines in Canada, the U.S., Peru, Argentina, Chile, Australia and Papua New Guinea and employs about 20,000 people around the world.
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VANCOUVER, BRITISH COLUMBIA – (April 27, 2011) Clearlease Reports the Canadian dollar widened its loss against the U.S. dollar at midday Wednesday in advance of Federal Reserve chairman Ben Bernanke ‘s comments on the health of the U.S. economy.
The loonie was off 0.4 of a cent at 104.68 cents US in midday trading as investors focused on the Fed announcement to see if it will change its tune from more easing to tightening.
Bernanke was expected to discuss Wednesday afternoon the outlook for growth. He was also expected to confirm that the Fed would end its $600-billion bond-buying program on schedule in June, although many expect the Fed may continue to invest proceeds from maturing bonds.
The U.S. dollar has slid on expectations that interest rates will remain at their record lows in the United States — the key Fed rate is 0 to 0.25 per cent — while European Central Bank continues to rates after a quarter-point increase earlier this month.
The U.S. saw some positive economic data with much better than expected durable goods orders. Business increased their orders for heavy machinery, computers, autos and steel in March, pushing durable goods orders up 2.5 per cent.
Meanwhile, the Canadian dollar was on weaker footing as oil prices remained elevated, but short of new highs.
West Texas Intermediate crude gained 29 cents to US$112.50 a barrel on the New York Mercantile Exchange. Gold prices rose $4.50 to US$1,508 an ounce but copper prices fell 11 cents to $4.21 a pound.
Growing uncertainty over the May 2 Federal election — with a possibility of an NDP led minority government — weighed on markets more than a possible Conservative majority, Camilla Sutton, chief currency strategist at Scotiabank, wrote in a note.
Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
