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   Gold/Mining/EnergyIMARK Corporation (IAK was Durkin Hayes DHP)


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To: DANIEL who wrote (23)3/25/1998 9:04:00 PM
From: Pierre J. LeBel
   of 57
 
Thanks for the information Daniel.

I noticed that the release said:

"...The Board of Directors announces..."

NOT

"...The Board of Directors is pleased to announce..."

Does it mean that management does not welcome Ms Caver on the Board?

Just wondering...

Have a very nice day.

Pierre

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To: Pierre J. LeBel who wrote (24)3/26/1998 5:34:00 PM
From: DANIEL
   of 57
 
Pierre, that is good question and it is somewhat related to one of the questions I left on Don Matheson's voice mail. What I want to find out is:

1. Why was Ms. Caver appointed to the board immediately as opposed to being voted at the Annual Meeting(in May) as was the case when Algounquin purchased their shares about a year and a half ago?

2. Who was Ms. Caver appointed by? I am not sure if both of the board and management has the right to appoint board members or one of them.

If it was management that appointed Ms. Caver, it would obviously be a good sign that something will be happening soon and that this somehting will be beneficial to shareholders. It is possible that the board may have appointed her (ie algounquin) but I would think that due to the fiduciary duties of directors and the conflict of interest that Algounquin faces that they would have opted for waiting until the AGM so that they could exercise their power as shareholders and therefore not risk breaching their duties.

Looking forward to substantive developments soon.

Regards,

Daniel

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To: DANIEL who wrote (23)3/30/1998 12:59:00 PM
From: Pierre J. LeBel
   of 57
 
Daniel,

Further to your posts of March 19 and March 25, did Don Matheson ever returned your calls regarding when earnings will be announced?

He never answered mine.

Have a nice day.

Pierre

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To: DANIEL who wrote (25)3/31/1998 9:16:00 AM
From: Pierre J. LeBel
   of 57
 
Finally, earnings are released:

DURKIN HAYES PUBLISHING LTD. - REPORT TO SHAREHOLDERS</p>
BURLINGTON, ONTARIO--
Report to Shareholders

Revenues for 1997 were $5,564,698, an increase of 27% over 1996 revenues of
$4,373,851. For the year we are reporting a loss of $919,386 as compared to
a 1996 loss of $2,994,286.

Results for 1997 reflect three significant factors: an operating loss during
the startup phase of the Animazing Entertainment venture of $150,000; a
restructuring provision of $270,000 relating to the closure of the Florida
and Toronto offices and the Burlington warehouse; and a provision of $250,000
for potential tax liability relating to an I.R.S. audit of the period 1992 to
1994.

During the last half of 1997 we undertook a critical reassessment of the
company, it's product offerings and it's perception in the marketplace. As a
result of this analysis we have implemented many changes. First we
repackaged our Paperback audio product in order to penetrate the US bookstore
marketplace. Second we raised the profile of our product offerings through a
publishing arrangement with Harlequin Enterprises Ltd. Under this arrangement
we will publish audio versions of such high profile authors as Debbie
Macomber whose current release, Montana,is number 8 on the U.S.A. Today
bestseller list. Third we recognized the necessity to expand beyond our base
of fiction publishing. We have entered a publishing agreement with Bloomberg
Press to market, in audio, their highly acclaimed "Bloomberg Personal
Bookshelf" series. This series covers a range of financial topics and has
been featured in Newsweek. Fourth we have contracted for several self
improvement releases from Golden Books featuring authors such as Dr. Gilda
Carle who can be seen on MTV. Finally we have developed a branding strategy
for all of our products. All of our new releases will be branded DH Audio in
prominent places. In addition we have negotiated the use of Harlequin brands
and the Bloomberg brand on our packaging. The first significant impact of
these changes will be seen in the second quarter.

Our investment in Animazing continues to make progress. Currently the show is
aired for 30 minutes daily on The Learning Channel at 8:30 a.m. Starting in
the fall it will be aired for 60 minutes daily, form 11:00 a.m. to noon.
During 1997 we launched successful video and plush toy merchandising programs
with Bass Pro Shops and on QVC, a television shopping channel. In the first
quarter we expanded our product offering to include activity books, read
along books and a music c.d.. Initial orders have been received from Borders
Books and the Opryland Hotel. The product will also be featured in the J.C.
Penny Christmas 1998 catalog.

We have totally refocused the company, from operational efficiencies to
marketplace initiatives. Our new alliances with Harlequin, Bloomberg and
Golden Books will favourably impact our results.

Durkin Hayes is a company with renewed energy and desire to grow and succeed.
The initiatives of 1997 bode well for the future performance of Durkin Hayes.

(signed)
D.L. Matheson
President

3385 Harvester Road, Suite 215, Burlington, On.
Tel 905 639-6552

DURKIN HAYES PUBLISHING LTD.
CONSOLIDATED BALANCE SHEETS AS AT DECEMBER 31, 1997 AND 1996

1997 1996
ASSETS
CURRENT ASSETS
Cash and term deposits $ 985,688 $2,590,545
Accounts receivable 2,843,763 2,808,804
Inventory 2,185,130 1,294,792
Royalty advances 997,630 634,332
Prepaid expenses and deposits 130,325 209,197
---------------------------------------------------------------------------
7,142,536 7,537,670
PRODUCTION COSTS AND MASTERS 806,916 864,247
CAPITAL ASSETS 276,449 179,075
FILM COSTS 2,450,716 -
FUTURE INCOME TAX DEBITS 202,000 202,000
----------------------------------------------------------------------------
$10,878,617 $8,782,992
---------------------------------------------------------------------------
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 1,478,026 $ 746,009
Income taxes payable 248,907 -
---------------------------------------------------------------------------
1,726,933 746,009
---------------------------------------------------------------------------
LONG TERM LIABILITY 415,900 458,000
---------------------------------------------------------------------------
MINORITY INTEREST 207,562 -
---------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
CAPITAL STOCK (Note 8) 8,989,663 7,374,124
CONTRIBUTED SURPLUS 19,000 19,000
RETAINED EARNINGS (DEFICIT) (821,643) 97,743
FOREIGN CURRENCY TRANSLATION ACCOUNT 341,202 88,116
---------------------------------------------------------------------------
8,528,222 7,578,983
---------------------------------------------------------------------------
$10,878,617 $8,782,992
---------------------------------------------------------------------------

DURKIN HAYES PUBLISHING LTD.
CONSOLIDATED STATEMENTS RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1997 AND 1996

1997 1996
RETAINED EARNINGS -as previously stated $ 97,743 $ 3,348,029
Prior period adjustment - (256,000)
---------------------------------------------------------------------------
RETAINED EARNINGS - as adjusted 97,743 3,092,029
Net loss for the year (919,386) (2,994,286)
---------------------------------------------------------------------------
RETAINED EARNINGS (DEFICIT)- END OF YEAR $ (821,643) $97,743


DURKIN HAYES PUBLISHING LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 1997 AND 1996

1997 1996
REVENUE
Sales $ 5,196,197 $ 4,026,258
Royalty and other income 368,501 347,593
---------------------------------------------------------------------------
5,564,698 4,373,851
Cost of sales 1,659,022 1,938,991
---------------------------------------------------------------------------
GROSS MARGIN 3,905,676 2,434,860
---------------------------------------------------------------------------
OPERATING EXPENSES
Administration 2,220,246 1,854,072
Marketing 1,281,180 1,538,734
Development 741,783 479,811
Interest expense 22,914 3,353
Depreciation and amortization 431,484 411,700
Write-down of goodwill - 1,252,527
---------------------------------------------------------------------------
4,697,607 5,540,197
---------------------------------------------------------------------------
LOSS BEFORE INCOME TAXES AND MINORITY INTEREST (791,931) (3,105,337)
INCOME TAX (EXPENSE) RECOVERY (277,873) 111,051
---------------------------------------------------------------------------
(1,069,804) (2,994,286)
MINORITY INTEREST 150,418 -
---------------------------------------------------------------------------
NET LOSS FOR THE YEAR $ (919,386) $(2,994,286)
---------------------------------------------------------------------------
NET LOSS PER SHARE
. based on the weighed average number of shares
outstanding during the year $ (0.04) $ (0.15)
---------------------------------------------------------------------------
DURKIN HAYES PUBLISHING LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 1997 AND 1996

1997 1996
OPERATING ACTIVITIES
Net loss for the year $(919,386) $(2,994,286)
Items not requiring cash -
Depreciation and amortization 431,484 411,700
Imputed interest 22,900 -
Minority interest 150,418 -
Write-down of goodwill - 1,252,527
---------------------------------------------------------------------------
(314,584) (1,330,059)
Change in non-cash operating working
capital balances (1,468,401) 809,521
---------------------------------------------------------------------------
(1,782,985) (520,538)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Issuance of capital stock 1,615,539 -
Payment of long-term liability (65,000) 61,970
---------------------------------------------------------------------------
1,550,539 61,970
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Production costs and masters (363,805) (345,529)
Acquisition of capital assets (172,585) (31,055)
Film costs (836,021) -
Other - 25,601
-----------------------------------------------------------------------------
(1,372,411) (350,983)
---------------------------------------------------------------------------
INCREASE (DECREASE) IN CASH (1,604,857) (809,551)
CASH - BEGINNING OF YEAR 2,590,545 3,400,096
---------------------------------------------------------------------------
CASH - END OF YEAR $ 985,688 $ 2,590,545
---------------------------------------------------------------------------

<br>

Have a very nice day

Pierre

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To: Pierre J. LeBel who wrote (27)4/16/1998 11:23:00 PM
From: Bron-y-aur
   of 57
 
daniel/pierre

very quiet on the thread. are either of you hearing anything going on in the dh audio camp??

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To: Bron-y-aur who wrote (28)4/17/1998 8:09:00 AM
From: Pierre J. LeBel
   of 57
 
It is rather quiet indeed.

I guess everyone is simply waiting for a takeover bid at .67. What else is there ?

Good Luck and have a very nice day.

Pierre

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To: Pierre J. LeBel who wrote (29)4/18/1998 10:35:00 PM
From: Bron-y-aur
   of 57
 
pierre

your point about waiting for a takeover @ .67 is taken. i hope this is not the case. the company seems to have revamped its strategy on the audio side and good things should start to happen with new product, packaging and deals in the us.

as well, the potential of swamp critters revenue is huge. remember it took barney a long time to get off the ground. i understand that dhp has/was consulting with a former executive from toysrus regarding strategy for swamp critters. there are people involved in this intiative with much experience and motivation to get this rolling.

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To: Bron-y-aur who wrote (30)5/5/1998 5:35:00 PM
From: Bron-y-aur
   of 57
 
1.news on dhp
2. anyone have a sense of how last quarter shaped up. certainly last report to shareholders sounded like some intitiatives undertaken could serve to turn things around...

sam g

GONQUIN MERCANTILE CORP - DURKIN HAYES PUBLISHING LTD - Algonquin
Sold Remaining Holdings in Durkin Hayes [170]

Canadian Market News from Market News Publishing, Monday, May 04, 1998 at 20:35

Algonquin Mercantile Corporation ("Algonquin") announces that it has
sold privately 4.6 million shares representing substantially all of its
remaining holdings in Durkin Hayes Publishing Ltd. for proceeds of $2.3
million, which approximates its carrying cost.

- The transaction will close June 15, 1998.
- Algonquin will use the proceeds of the sale to reduce debt and to support
the expansion of its subsidiary Automodular Assemblies Inc.

TEL: (905) 841-4473 Algonquin Mercantile Corporation
FAX: (905) 841-2714 Winston R. Ash

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To: Bron-y-aur who wrote (31)5/8/1998 12:45:00 PM
From: Pierre J. LeBel
   of 57
 
Hi Sam.

I feel very uneasy about DHP these days.

Algonquin managed to get .67 share for the first half of their holdings and then settled for only .50 a few months later for the balance. Obviously, the takeover at .67 is now out of the question in the near future.

Long term, I do not know. We will have to hear from the new controlling shareholders and see what they have in mind for the company. In the meantime, I am not rushing to buy at .40 as I would have two weeks ago!

Have a very nice day.

Pierre


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To: Pierre J. LeBel who wrote (32)7/3/1998 11:51:00 AM
From: Bron-y-aur
   of 57
 
pierre/anybody

What do you think about this and the share consolidation.

DURKIN HAYES PUBLISHING LTD - New Board Launches Acquisition of First American
Law [33]

Canadian Market News from Market News Publishing, Wednesday, June 24, 1998 at 10:18

Donald Matheson, President & CEO of Durkin Hayes Publishing Inc., at
the Company's annual shareholders meeting earlier today, received approval
to change the name of the company to SOFT-NET INC., and announced that DHP
has entered into a Letter of Intent to acquire by way of a share exchange,
all of the outstanding shares of First Lawcorp of Toronto, Canada. The
transaction which is expected to close by August 23rd, is subject to due
diligence and the approval of requisite regulatory authorities.
First Lawcorp, who owns the registered trademark FIRST AMERICAN LAW,
has established 22 member firms in the Tampa Bay market. Gary Swernik,
founder and President of First Lawcorp will head up the North American
expansion of First American Law as a division under the SOFT-NET umbrella.
It is expected that First American Law will expand to 2,500 members by the
year 2000, with expected revenues of over $50.0 million.
Donald Matheson, President & CEO, of Durkin Hayes, stated, "We are
pleased to announce under our new proposed banner of SOFT-NET INC, an
expanded vision for the Company as a marketer of intellectual property. The
addition of First American Law is only one step in our mandate to expand
under the direction of the new Board who were elected at the shareholders
meeting today.

TEL: (416) 340-7507 J.C. Pennie, Chairman

TEL: (800) 263-5224 Don Matheson, President

(c) 1998 Market News Publishing Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.

Companies or Securities discussed in this article:
Symbol
Name
TSE:DHP
Durkin Hayes Publishing Ltd.
BB:DKHPF

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believed to be reliable, but we cannot guarantee they are accurate or complete. This data is not intended to provide legal, accounting or tax advice and
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