NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: STERNE STACKHOUSE INC.
ASE SYMBOL: SSX
JUNE 30, 1998
Sterne Stackhouse Inc. Reports Financial Results for the
Second Quarter Ended April 30, 1998
CALGARY, ALBERTA--Sterne Stackhouse Inc. ("SSX:ASE") today
announces (unaudited) financial results for the second quarter
ended April 30, 1998.
Despite weak oil prices, the company's products continue to
generate market success. Although revenues for the quarter were
flat over the same period last year, this is due more to sales
cycles that don't fit with quarterly reporting than to lack of
growth. In his quarterly report to shareholders, Ron Sterne, the
Company's president stated: "As I continue to restate, quarterly
reporting does not accurately reflect the continuing progress of
our company. We are "on track" to increase sales by 50 percent
over fiscal 1997 despite weak oil prices. Moreover, to pave the
way for a bright future, we have matured our infrastructure
substantially over the past six months. The company now has 15
capable full-time employees to launch us to the next level."
/T/
Financial Results
Second quarter ended April 30, 1998
Three months ended Six months ended
April 30 April 30 April 30 April 30
1998 1997 1998 1997
$ $ $ $
--------------------------------------------------------------
Revenue $405,786 $417,603 $1,112,976 $832,195
Operating expenses 468,863 338,657 1,011,010 657,632
Depreciation &
amortization 87,300 48,781 170,951 99,562
Earnings (loss)
before tax (63,077) 78,946 101,966 174,653
Deferred income taxes - - 42,000 -
Net income (loss) (63,077) 78,946 59,966 174,563
Earnings per share (0.011) 0.014 0.011 0.031
Outstanding shares 5,564,496 5,564,496 5,564,496 5,564,496
--------------------------------------------------------------
/T/
Sterne Stackhouse Inc. is a Canadian software development company
which has been specializing in data retrieval technology for
business since 1981. The company launched the Labrador(R)
(Retriever) project in early 1993.
The company has two major business thrusts. One is to use the
Labrador(R) (retriever) technology to create an application suite
of products for oil and gas companies, called Petro-LAB. This
project has gone extremely well, and now petroleum companies can
use a single user interface to retrieve any type of data, both
internally and remotely. The company continues to focus on
multi-year license agreements with companies that range in size
from Juniors to Majors. Apart from having the best data retrieval
software in the world, the ability to model/map any type of
proprietary databases quickly and efficiently gives the company a
huge competitive advantage.
The other main initiative is to use the Labrador(R) technology as
a generic data retriever in other industries such as health care
or finance. This project is also progressing extremely well. The
Labrador(R) retrieval engine is currently being "ported" to Java
which will provide immense flexibility for using the software,
particularly for Intranet applications. The Labrador(R)
"tool-kit" will allow Information Technology professionals the
independence to model/map any relational databases and retrieve
from them at will. The first version is scheduled for release by
the end of fiscal 1998, and the company is exploring distribution
channels to exploit the opportunity for rapid growth.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Sterne Stackhouse Inc.
Darryl Stackhouse
Vice-President and Chief Financial Officer
(403) 263-6325
The Alberta Stock Exchange has neither approved nor disapproved of
this release.
INDUSTRY: SOF
SUBJECT: ERN
-0-
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