Timminco reports improved results

One of the world’s leading producers of non-ferrous specialty metals, Timminco (TSE), reports that improvements in the company’s core metals operations helped stem the tide of red ink.

Ongoing productivity and product mix improvements, cost savings at the operating and corporate levels and favorable exchange rates led to a fourth quarter loss of $21,000, down from $1,024,000 in the previous year. For the year ending Dec. 31, Timminco’s net loss in 1993 was $716,000, or 9 cents a share, compared with $9,725,000, or 97 cents a share, in 1992. Year-end revenues, while continuing to be affected by the recession in Japan and Europe, did increase by 2% to $39,316,000 from $38,439,000 in 1992. The company expects the positive trend in results to continue as European and Japanese markets begin to recover from the recession and as other global markets continue to grow.