BlueStar Revenues Up 34 Percent
BlueStar Battery Systems International Corp. (Vancouver, BC) announced revenues for the second quarter ended March 31, 1999 of $39.2 million, a 33.9 percent increase from $29.3 million for the same period last year. BlueStar also announced the appointment of James A. Risher as chairman. Net loss for the quarter was $1.4 million, or $0.02 per share, compared to a net loss $2.6 million, or $0.08 per share, for the same period a year ago. "There has been a tremendous improvement in the gross margins over the past eighteen months," said CFO Mikel Rhodes. "Gross margin improvements and increasing operating earnings are expected to continue on a quarter over quarter basis as efficiencies, created by the size and increased volume purchasing power of the BlueStar ISN and its customer base are achieved." Revenues for the six month period ended March 31, 1999, were $83.1 million, compared to $64.0 million for the same period last year. The company reported EBITDA of $3.0 million for the six month period, compared to a loss of $0.9 million for the same period of 1998. The appointment of Risher, former Chairman of Exide Electronics Group Inc., was made after former BlueStar Chairman Gordon Blankstein announced he was relinquishing his responsibilities as chairman. In addition to his role as Chairman, Risher also served as President and CEO of Exide Electronics. "Jim has exactly the experience we need in supporting us in moving the company forward at a rapid pace," stated BlueStar President and CEO Darwin Sauer. "His proven track record in building growth companies and integrating strategic acquisitions will be extremely valuable.