Lennox International Inc T.LII

MORE NEWS!!!! REVENUE UP 28%

[oilers99]

LANIUK INDUSTRIES INC ("LII-V") - Posts Increased Revenues in First Quarter Laniuk Industries Inc. reports a significant increase in consolidated revenues for its first quarter, the three-month period ending November 30, 1999, compared to the same period 12 months ago. This reflects a continuation of improvements demonstrated in Laniuk Industries Inc.'s annual report for its fiscal year ended August 1999. CONSOLIDATED REVENUES UP 28% Consolidated revenues for the first quarter increased 28% to $6.3 million compared to $4.9 million in the same period a year ago. Net earnings for the quarter were $54,740 compared to a loss of $103,891 in the same period a year ago. EBITDA for the period was $1.733 million compared to $1.693 million in 1998. Strong growth in Western Canada's oil and gas sector due to the rebound in oil prices and demand for natural gas had a major positive impact on Laniuk's wholly owned subsidiary, RJV Gas Field Services Ltd. First quarter revenue growth for RJV increased 62% over the same period a year ago and accounted for $3.9 million of the consolidated gross revenues of Laniuk Industries. Canada's agriculture sector continues to suffer from low commodity prices which impact the operations of Laniuk's wholly-owned subsidiary, Ezee-On Mfg. Ltd. To offset the slow domestic market, Ezee-On has created a subsidiary in Australia to take advantage of the strong demand for its heavy-duty tillage and seeding equipment. Ezee-On had gross revenues of $2.4 million which represents a decline of 5% over the same period a year ago and reflects the overall trend in the Canadian agricultural sector. Despite this reduction in earnings, Ezee-On's export sales in the first quarter, primarily to the United States, increased 78% which reflects management's emphasis on developing additional markets for its products. The creation of the Australian subsidiary, Ezee-On (Australia) Pty Ltd., and an agreement for national floor plan dealer financing with Newcourt Financial (Australia) Limited have strengthened Ezee-On's commitment to the Australian farm implement market. The manufacturing facilities of both Laniuk subsidiaries are located in Vegreville, Alberta. RJV Gas Field Services, which was established in 1976, is a major Alberta-based oil and gas production equipment manufacturer and service provider. Ezee-On Mfg. was established in 1949 and has grown to become a leading farm implement manufacturer with sales in North American and international markets. TEL: [phone] John Yannitsos, Vice President FAX: [phone] E-MAIL: [e-mail] ______________________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:[phone] Fax:[phone] RapidFAX (tm) - To get the NEWS as it happens, call [phone].