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Redlaw Industries Inc. Announces Q4 and Year End Results

14 July 1998

Redlaw Industries Inc.

    MISSISSAUGA, Ont., July 13 /CNW-PRN/ - The financial results of Redlaw
Industries Inc. of Mississauga, Ontario for the fourth quarter and year ended
March 31, 1998 were today released by the company. The company's year end was
changed from September 30 to March 31 effective March 31, 1997. All dollars
quoted are Canadian.
    Loss from continuing operations for the fourth quarter was $462,000 or 7
cents per share which was reduced by a gain from discontinued operations of
$70,000 or 1 cent per share to bring final results for the quarter to a loss
of $392,000 or 6 cents per share. The results for the comparable quarter last
year were a loss from continuing operations of $429,000 or 11 cents per share
which was increased by a provision for discontinued operations' costs of
$114,000 or 3 cents per share to bring final results for the quarter ended
March 31, 1997 to a loss of $543,000 or 14 cents per share.
    Loss from continuing operations for the year ended March 31, 1998 was
$5,385,000 or $1.25 per share which was increased by a net provision for
discontinued operations' costs of $71,000 or 2 cents per share to bring final
results for the year to a loss of $5,456,000 or $1.27 per share. The results
for the comparable period last year were a loss from continuing operations of
$162,000 or 4 cents per share which was reduced by a nominal gain from
discontinued operations of $1,000 to bring final results for the twelve months
ended March 31, 1997 to a loss of $161,000 or 4 cents per share.
    The bulk of the 1998 loss was directly attributable to restructuring
measures taken at Johnston Industries, Incorporated.