Search Only in this section

Financial News
R.A.N.K.I.N. Technologies Inc. Q3 net Earnings Increase by 330% as Activations of Boomerang Units Rise by 406%
Overall, revenues increased 232% to $1,438,513 from $432,945 in the last year's comparable period.
BMG.A
Company Press Release
R.A.N.K.I.N. Technologies Inc
3/17/2000
Friday March 17, 2:43 pm Eastern Time
Company Press Release
R.A.N.K.I.N. Technologies Inc. Q3 net Earnings Increase by 330% as Activations of Boomerang Units Rise by 406%

Rankin Technologies Inc. announces third quarter earnings ended January 31, 2000 with a 330% increase in net earnings to $264,837 (0.0120 per share) from $61,616 (0.0041 per share) for the same quarter the previous year.

Rankin Technologies continues to grow at an exceptional rate, leading to record operating results for the third quarter. Overall, revenues increased 232% to $1,438,513 from $432,945 in the last year's comparable period.

For the nine months ended January 31, 2000, revenues increased 168% to $3,062,226 from $1,143,742 compared to the same period in 1998-1999. Net earnings were $487,936 (0.0222 per share) in the first nine months of 1999 compared to $36,070 (0.0024 per share) a year earlier. For the nine months ended January 31, 2000, activations of Boomerang units rose by 241% to 7,800 from 2,285 a year earlier.


Third Quarter Year to Date
For the three For the nine
months ended months ended
2000 1999 2000 1999

Revenues $1,438,513 $432,945 $3,062,226 $1,143,742
Net earnings before
taxes $414,437 $61,616 $759,188 $36,070

Net earnings $264,837 $61,616 $487,936 $36,070

Earnings per share
0.0120 0.0041 0.0222 0.0024

Activations 3,910 772 7,800 2,285


This past quarter has been a rewarding one for Rankin Technologies, one marked by numerous accomplishments, supporting Rankin's continued vision and focus.

Rankin continues to sign agreements with leading national and multinational Insurance Companies in the provinces of Quebec and Ontario mandating the installation of the Boomerang unit in most new vehicles retailing for a value of $30,000 or more. These agreements have led to an exponential increase in activations of Boomerang units from 772 in last year's third quarter compared to 3,910 in this year's. It is anticipated that some of these multinational Insurance Companies will extend their support of the Boomerang System in new markets both in Canada and abroad as Rankin continues its expansion nationally and internationally.

As previously reported, Rankin has entered into a license agreement for the Dominican Republic. Rankin is actively examining other foreign markets including the United States and is in serious discussions with wireless carriers and potential distributors and/or licensees in these markets granting to the licensee the right to use the Boomerang Tracking System including the right to distribute the Boomerang Tracking Device in the country.

``We are confident that our expansion into foreign markets will continue at an aggressive rate'' said Mr. Peter Lashchuk, Rankin's President. ``Our entry into new markets will be made through strategic alliances so as to realize rapid but controlled growth.''

``Our Board has been expanded to include highly respected members of the business and financial communities who will provide the additional experience required for our anticipated growth. We have appointed both Mr. Pierre Laurin, former Vice-Chairman of Merrill Lynch Canada and an Officer of the Order of Canada and Mr. Erik Peladeau, Chairman of the Board, Quebecor Communications Inc. and Vice-Chairman of the Board, Sun Media Corporation as Members of the Board of Directors. The solid business and financial experience that these gentlemen provide will prove to be an invaluable asset as Rankin Technologies proceeds with its intended expansion of the Boomerang System into the United States and other foreign markets.''

About R.A.N.K.I.N. Technologies

Rankin Technologies Inc. markets and distributes the BoomerangŪ, a proprietary product using technology patented by the Company. The BoomerangŪ is the central device in a cellular-based asset tracking system, capable of locating stolen automobiles, heavy equipment and valuable objects utilizing the cellular systems of major regional telecommunications companies. The Company's proven recovery record has received endorsement by members of the Insurance Industry. Boomerang is a registered trademark of Rankin Technologies Inc. Rankin's headquarters and production facilities are in Montreal, and its products are sold and distributed in Quebec, Ontario, British Columbia, and most recently, in the Dominican Republic. The shares of Rankin Technologies are currently being traded on the Canadian Venture Exchange under the symbol BMG.A.

The Canadian Venture Exchange (CDNX) neither approves nor disapproves of the information contained herein.


Boomerang Tracking Inc. assembles, markets and distributes the Boomerang Tracking System, a proprietary product using technology patented by the Company. The Boomerang Tracking System is the central device in a cellular-based asset tracking system utilizing the wireless systems of major regional telecommunications companies. The Boomerang Tracking System is capable of locating stolen automobiles, heavy equipment and valuable objects. The Company's proven recovery record has received endorsement by members of the insurance industry. The Boomerang Tracking System is installed through a network of authorized dealers located throughout the provinces of Quebec, Ontario and British Columbia. The Company's head office, research and development, production and corporate installation facilities are located in Montreal, Quebec. Boomerang is a registered trademark of Boomerang Tracking Inc. The shares of Boomerang Tracking Inc. trade on The Toronto Stock Exchange under the symbol BMG.