UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2003
Commission File Number 0-29586
EnerNorth industries inc.
(FORMERLY: ENERGY POWER SYSTEMS LIMITED)
----------------------------------------
(Address of Principal executive offices)
2 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 1L6, Canada
--------------------------------------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
-----
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes No X
-----
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
----
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3- 2(b):
82- _________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EnerNorth industries inc.
(formerly: Energy Power Systems Limited)
Date: February 28, 2003 By:____"Sandra J. Hall"____ ______
--------------------- -------------------------------
Sandra J. Hall,
President, Secretary & Director
PRESS RELEASE Source: EnerNorth Industries Inc.
ENERNORTH REPORTS 2ND QUARTER NUMBERS
Friday February 28, 4:37 pm ET
TORONTO--(BUSINESS WIRE)--Feb. 28, 2003--EnerNorth Industries Inc. (AMEX: ENY -
News; Frankfurt Stock Exchange: EPW1) (www.enernorth.com; "EnerNorth" or the
"Company") announces that it has issued unaudited consolidated financial
statements for the six-month period ending December 31, 2002 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 $15.0 million for the six month period ended
December 31, 2002 ($14.4 million -2001);
- consolidated gross profits of $1.9 million for the six month period ended
December 31, 2002 ($1.9 million - 2001);
- consolidated net loss of $0.1 million for the six month period ended
December 31, 2002 ($0.2 million net income - 2001); and
- consolidated basic net loss per share of $0.01 ($0.02 net income per share
- 2001).
EnerNorth's consolidated revenues increased 4% to $15.0 million for the
six-month period ending December 31, 2002 from $14.4 million reported during the
same period the previous year. The increase was primarily derived from revenue
increases from the Company's Industrial & Offshore Division. "We are most
pleased with maintaining a market share for our Industrial & Offshore Division
in an otherwise quiet economy," stated Scott Hargreaves CFO, "we hope to
continue growing our revenues by participating in larger projects for the
Industrial & Offshore Division and increasing reserves and production volumes
for the Oil & Gas Division."
EnerNorth's consolidated gross profit for the six-month period ending December
31, 2002 was $1.9 million equal to $1.9 million in 2001. Gross profit remained
constant as increased revenue was offset by decreased gross margin percentages
for the Industrial & Offshore Division compared to 2001.
EnerNorth's consolidated administrative expenses of $2.0 million for the
six-month period ending December 31, 2002, was 66% higher than administrative
expenses of $1.2 million the previous year. A gain of $0.7 million on the
settlement of a legal action during 2001 and increased professional fees in 2002
were principal factors accounting for the difference in administrative
expenditures in the comparative period.
As a result of the foregoing, consolidated loss from operations for the six
month period ending December 31, 2002 was $0.1 million compared to net earnings
of $0.2 million during the prior period. Net loss per share was $0.01 for the
six-month period ending December 31, 2002 versus net earnings per share of $0.02
for the previous six-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. 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.
[GRAPHIC OMITED]
Contact:
EnerNorth Industries Inc.
Scott T. Hargreaves, 416/861-1484
www.enernorth.com
-----------------