Consolidated Mercantile Incorporated reports second quarter financial results

Share Name	Share Symbol	Market	Type
Consolidated Mercantile (MM)	NASDAQ:CSLMF	NASDAQ	Ordinary Share

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NASDAQ:CSLMF

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Consolidated Mercantile Incorporated reports second quarter financial results

13/08/2004 4:30pm

PR Newswire (US)

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Consolidated Mercantile Incorporated reports second quarter financial results Consolidated Mercantile Incorporated (TSX - "CMC" - common) (NASDAQ - "CSLMF" - common) TORONTO, Aug. 13 /PRNewswire-FirstCall/ -- In March 2004, Consolidated Mercantile Incorporated ("CMI") completed the sale of approximately 48% of its holdings in Polyair Inter Pack Inc. ("Polyair"). After giving effect to this sale, CMI owns 23% of the common shares of Polyair. Polyair's fiscal year end is October 31, and accordingly, the unaudited Consolidated Statement of Operations for the six months ended June 30, 2004 includes the results of Polyair for the four months ended February 2004. As CMI and Polyair no longer have a parent-subsidiary relationship, the investment in Polyair is now accounted for using the Equity Method. Revenues for the period ended June 30, 2004 decreased 19% to approximately $89.5 million from $110.1 million in 2003. The decrease in sales was as a result of the deconsolidation of Polyair. Sales for the second quarter reflect the consolidation of Distinctive Designs Furniture Inc., the Company's furniture manufacturing subsidiary. Net Earnings for the period, which includes the gain on sale of the investment in Polyair, increased to $6.0 million compared to $941,325 in the preceding year. Earnings per share for the six month was $1.20 compared with $0.18 in the comparable 2003 period. Consolidated Mercantile Incorporated is a management holding company which provides merchant banking and effects its investment strategy through investment in and management of its core strategic industries including packaging, swimming pool products, furniture and finance. "Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements which reflect management's current views of future events and operation. These forward-looking statements are based on assumption and external factors, including assumptions relating to product pricing, competitive market conditions, financial data and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgement as of the date of this release and any changes in the assumptions or external factors could produce significantly different results. DATASOURCE: Consolidated Mercantile Incorporated CONTACT: Stan Abramowitz, Secretary, (416) 920-0500

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CSLMF Consolidated Mercantile (MM)