Latest Avcan news release:
News Release
Revenues in Second Quarter up $796,000, a 190% increase
August 10, 1999 Trading Symbol: ACN
ASC AVCAN Systems Corporation of Vancouver, BC announced its six-month results today:
For the six months ended July 31, 1999, revenues totaled $1,212,000 up $796,000, a 190% increase, from the first quarter revenues of $416,000 in the first quarter and no revenues in the first six months of 1998. The gross margin for the six months was $560,000 a 46% margin on revenues and in the first quarter, the gross margin was $223,000.
The expenses for the six months were $1,199,000 compared to $548,000 in the first three months and $735,000 in the first six months of 1998. Expenses increased as the sales and marketing program was fully implemented and operational costs increased to handle higher future sales volume. AVCAN?s commitment to a high level of service and full customer satisfaction has required additional non-recurring expenses for our initial delivery of systems and services.
The net loss for the six-month period was $639,000 and $325,000 in the first three months compared to $735,000 in the first six months of 1998.
With customer interest and awareness increasing weekly, AVCAN?s sales prospects for the balance of the year are strong. Our recently hired sales and marketing team have the required credentials that when combined with AVCAN?s systems will generate significant future revenues.
AVCAN has developed a technology that enables utility companies to operate more efficiently by supplying a business solution that effectively monitors and controls inventories and assets. As a data acquisition service provider with proven industry knowledge, AVCAN provides fast, cost-effective and critical information to utility companies. By generating integrated information that is vital to the planning, managing and operating of utilities, AVCAN allows utilities to gain a strong business advantage.
-30-
For further information contact:
John J. Dougherty, Director of Business Development
Phone: 604.654.1855 E-mail: johnd@avcan.com
The Vancouver Stock Exchange neither approves nor disapproves the information contained herein. |
