Big Picture Posts Banner Year End Results
CALGARY, Feb. 29 /CNW/ - Big Picture Technologies Inc. (CDNX:BPI) Big
Picture Technologies Inc. today released year end results for the fiscal
period ending December 31, 1999. Revenue of $2,060,645 is nearly five times
that of the previous year of $442,265, while revenue booked during the fourth
quarter of 1999 of $1,095,725 is more than twice the $460,421 recorded for the
preceding third quarter.
``We are pleased to have broken the $2 million barrier in our first full
year as a product-driven vendor', said Michael Anthony, Big Picture President
and CEO. ``In the last quarter alone, we more than doubled the revenue
generated by the Company in all of last year - despite the fact that our
flagship product, eMERCHANT pro, was available only during the last 35 days of
the year! Channel acceptance of this product has intensified during the early
months of the current year and prospects for the Company, based on this early
lead right out of the gate, have never been better.'
Net loss for the year of $1,256,266 compares to a loss of $767,545
recorded during 1998. Nearly half of the total expenses for the year of $2.5
million were incurred in the fourth quarter when the Company made significant
key investments in support of its internal and external growth strategies.
``In excess of $1 million was invested in market expansion and in
acquisition-driven activities,' Anthony said. ``Without this investment, Big
Picture would only expect a two-fold increase in year 2000. Now, growth
expectations are in the neighborhood of a five-fold increase. Shareholders
will be happy to know that during 1999 every marketing dollar invested
resulted in $2.3 dollars in revenue compared to only $0.85 in 1998. This ratio
will likely improve as key Q4 marketing initiatives yield continuing results
in the current quarter and beyond.'
Anthony added: ``Simple put, 1999 was an exceptional year for the
Company. Through internal growth and through strategic acquisitions, we
achieved the critical mass in people, technology, and products necessary to
secure leadership in our target market. We grew the Company from 12 to more
than 50 highly skilled professionals, nearly tripling development and
production capacity, resulting in significant gains in critical time-to-market
capabilities. We assembled what we believe are world class management and
advisory teams. These and other achievements are reflected in our current
share price, which is nearly ten times that of early 1999. Big Picture has
generated and sustained momentum on all key fronts and today we are well
positioned for an even more exciting year in 2000.'
Big Picture Technologies Inc. (CDNX:BPI) is a developer of award winning
Internet, e-commerce, and e-service software and is a designer of world class
e-business solutions. The Big Picture Web site is located at bigpic.com.
THE CDNX HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED
HEREIN. CERTAIN STATEMENTS MADE IN THIS PRESS RELEASE, WHICH DESCRIBE THE
COMPANY'S INTENTIONS, EXPECTATIONS OR PREDICTIONS, ARE FORWARD-LOOKING AND ARE
SUBJECT TO RISKS AND UNCERTAINTIES BEYOND THE CONTROL OF THE COMPANY. FROM
TIME TO TIME, THE COMPANY MAY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS,
WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR CHANGING MARKET AND
BUSINESS CONDITIONS.
For further information: Michael Anthony, President & CEO, Big Picture
Technologies Inc., 403-265-8018, anthony@bigpic.com
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw. |
