Doug Ashbury
Northern News Services

NNSL (Apr 06/99) - Yellowknife-based expediting company Braden-Burry Expediting Ltd. reports its third-quarter earnings were in the red.

For the three months ended Jan. 31, the company lost $93,947, or 1.1 cents per share, compared to a $48,792 loss (.61 cents a share) in third- quarter 1998.

"Low revenues were anticipated by management in the first quarter versus prior years due to changes in the operating environment of BBE's clients," the company said.

"Results are expected to improve for the second quarter over the first quarter as revenues and cash-flows gain seasonal momentum."

Third-quarter revenues were $367,275 versus $472,063, a 22 per cent drop.

Although revenues decreased, gross profit as a percentage of revenue was 53.5 per cent for the first quarter compared to 47.2 per cent in first quarter 1998.

Gross profit fell $26,252, from $222,659 to $196,407 in 1999.

BBE specializes in expediting and transporting logistics services, primarily to mining and exploration companies.

The company recently acquired a 35 per cent stake in Baker Lake-based Peter's Expediting.