BlueStar Battery Reports First-Quarter Results
BlueStar Battery Systems International Corp. (Vancouver, BC) reported revenues for the first quarter ended December 31, 1998, of $43.9 million, a 27 percent increase from $34.7 million for the same period a year ago. The company reported earnings before interest, income taxes and amortization (EBITDA) of $1.5 million for the quarter, compared to a loss of $0.2 million for the same period in 1997. "We are very encouraged by the tremendous results for the first quarter," stated President and CEO Darwin Sauer. "The integration process continues to identify potential opportunities available to the company that will streamline the North American operations and further enhance the overall profitability."Sauer added that, "The customer and supplier base is being rationalized with the integration of the company's operations, and the development and implementation of the e-based ISN initiatives. Our business to business customer base continues to expand with the recent signing of Amway Canada and the addition of United Parcel Services (UPS) as participants and customers of the ISN."