Well - the numbers are in Colin - how's your goldmine?
SPEEDWARE REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS
17:52 EST Thursday, December 4, 1997
Canada NewsWire
(Editors: These results will be discussed in a conference call Friday
morning, Dec. 5 at 11:00. Call 416-695-9703 to participate. All amounts in Canadian dollars.)
TORONTO, Dec. 4 /CNW/ - Speedware Corporation today announced its results for the fourth quarter and fiscal year ended Sept. 30, 1997.
Revenues for the fourth quarter were $6,709,000 compared to $7,784,000 for the same period in fiscal 1996. Net loss for the period was $8,586,000, and includes a special charge of $7,188,000 as compared to net earnings of $898,000 for the same period in 1996. Loss per share is $1.02 for the period, compared to earnings per share of $0.12 in the same period in fiscal 1996.
The company reported revenues of $28,589,000 for fiscal 1997, compared to $25,765,000 for fiscal 1996, an increase of 11%. Net loss for the period was $11,381,000, compared to net earnings of $46,000 for fiscal 1996. Loss per share for fiscal 1997 is $1.35, compared to earnings per share of $0.01 for fiscal 1996.
"Fiscal '97 was a year in which we made a number of strategic investments related to maintaining the high level of growth in our new business intelligence market segment," says Ian Farquharson, Speedware's chairman of the board. "The acquisition of the Esperant division from Software AG in Q1, was key to this strategy. Although our new business intelligence product revenues have continued to grow at 100%, our classic product revenue continues to decline and our Internet business growth is below expectations. As a result we have made a number of significant changes to reduce our cost base and this has resulted in a restructuring charge for the fiscal year".
Mr. Farquharson continued "the restructuring has included the closing of research and development centres in New Haven, CT and London, England as well as a write-down of certain capitalized development projects.
In the first quarter of fiscal 1998 Speedware has announced, or will introduce major new product releases in each of our three business areas; Visual Speedware - for scaleable distributed computing, Media/MR - the next generation of OLAP technology and OrderPoint 4.0 - business-to-business Internet Commerce. "These new product releases will help maintain our healthy growth in the new segments of our business and we will be doing this with a reduced expense level thereby increasing our opportunity for profitability going forward" said Mr. Farquharson.
The company is de-listing from the Montreal Stock Exchange effective Dec. 5, a decision Speedware management initiated in the belief that consolidating on one exchange would help investors get a clearer picture of the stock's trading activity. The change will also eliminate the expenses of the second listing.
Speedware Corporation (SPW:TSE/ME) is a vendor of Internet and client/server solutions for business intelligence, electronic commerce, and rapid application development. It has sales and marketing centres in eight countries, plus a worldwide network of distributors and value-added resellers. Its Internet home page, www.speedware.com, provides detailed corporate information and interactive demonstrations of most Speedware products, and includes an investor information centre for the online ordering of annual reports, brochures and other corporate material.
c Canada NewsWire - 1997
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