ENERNORTH INDUSTRIES INC.
(FORMERLY: ENERGY POWER SYSTEMS LIMITED)
News Release
EnerNorth Reports 3rd Quarter Numbers
Toronto, Canada - May 15, 2003 - EnerNorth
Industries Inc. (AMEX: ENY & Frankfurt Stock
Exchange: EPW1) (www.enernorth.com) ("EnerNorth" or
the "Company") announces that it has issued
unaudited consolidated financial statements for the
nine-month period ending March 31, 2003 expressed in
Canadian dollars. These statements reflect the
activities of EnerNorth and its subsidiaries
operating as an Industrial & Offshore Division and
an Oil & Gas Division:
- consolidated revenues of $18.0 million for the
nine-month period ended March 31, 2003 ($16.7
million -2002);
- consolidated gross profits of $2.4 million for the nine-
month period ended March 31, 2003 ($2.2 million - 2002);
- consolidated net loss of $1.0 million for the nine-month
period ended March 31, 2003 ($0.2 million - 2002); and
- consolidated basic net loss per share of $0.21
for the nine-month period ended March 31, 2003
($0.06 - 2002).
EnerNorth's consolidated revenues increased 8% to
$18.0 million for the nine-month period ending March
31, 2003 from $16.7 million reported during the same
period the previous year. The increased revenues
were primarily derived from the Company's Industrial
& Offshore Division. "We are most pleased with the
success of our Industrial & Offshore Division's
recent award of a significant subcontract for the
White Rose Project through a joint venture company",
stated Scott Hargreaves CFO, "we expect revenue and
gross profit growth to continue through fiscal
2003".
EnerNorth's consolidated gross profit for the nine-
month period ending March 31, 2003 was $2.4 million
compared to $2.2 million in 2002. The increase in
gross profit was primarily driven by increased sales
from the Company's Industrial & Offshore Division.
EnerNorth's consolidated administrative expenses of
$3.3 million for the nine-month period ending March
31, 2003, was 38% higher than administrative
expenses of $2.4 million the previous year. The
increase was primarily derived from increased legal
and professional fees relating to a litigation
currently in trial, salary increases in the
Industrial & Offshore Division and a reversal of a
provision of approximately $0.3 million in 2002,
which did not reoccur in 2003.
As a result of the foregoing, consolidated loss from
operations for the nine-month period ending March
31, 2003 was $1.0 million compared to $0.2 million
during the prior period. Net loss per share was
$0.21 for the nine-month period ending March 31,
2003 versus net loss per share of $0.06 for the
previous nine-month period.
About EnerNorth Industries Inc.
EnerNorth is an energy source and service company
operating as an Industrial & Offshore Division and
an Oil & Gas Division.
There are approximately 4.06 million shares issued
and outstanding in the capital of the Company.
For further information contact:
Scott T. Hargreaves, CA, CFA
Chief Financial Officer
Telephone: (416) 861-1484
www.enernorth.com
Certain statements contained herein constitute
"forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995
(the "Reform Act"), which reflect the Company's
current expectations regarding the future results of
operations, performance and achievements of the
Company. The Company has tried, wherever possible,
to identify these forward-looking statements by,
among other things, using words such as
"anticipate," "believe," "estimate," "expect" and
similar expressions. These statements reflect the
current beliefs of management of the Company, and
are based on current available information.
Accordingly, these statements are subject to known
and unknown risks, uncertainties and other factors
which could cause the actual results, performance or
achievements of the Company to differ materially
from those expressed in, or implied by, these
statements. (See the Company's Annual Information
Form and Annual Form 20 F for Risk Factors.) The
Company is not obligated to update or revise these
"forward-looking" statements to reflect new events
or circumstances.
Suite 301, 2 Adelaide Street West, Toronto, Ontario,
M5H 1L6, Telephone: 416 861-1484, Facsimile: 416
861-9623 www.enernorth.com