dt,
Re: TKV
Thought their sales improved significantly from 1997 although the EPS-0.35 and PE Ratio -1.14 don't look too good. Here is the latest financial statement. Looks to me like the biggest restructering costs have allready been charged and that the profits will pick up in the future,at .40 taking the chance that I am right, but wanted another opinion.
MONTREAL, QUEBEC--TELEKOM Advanced Systems Corporation announces
today the financial results for the third quarter of Financial
Year 1998, ending March 31, 1998.
The company's total revenues for the first nine months were U.S.
$28,267,000 and net loss before Extraordinary Items was U.S.
$(2,720,000) or U.S. $(.11) per share. The net loss for the nine
months ending March 31,1998 was U.S. $(9,831,000) or U.S. $(.39)
per share. These results are compared with the prior year's
nine-month ending March 31, 1997 which had total revenues of U.S.
$164,000 and net loss of U.S. $(689,000) or U.S. $(.04) per share.
During the first three-quarters of this financial year, the
company charged U.S. $8,834,000 for extraordinary and
non-recurring expenses related to the restructuring of the
company's subsidiaries and particularly in the FACIT group.
"The emphasis this quarter was to continue to focus on the
restructuring of the company's subsidiaries, particularly on the
FACIT group. Progressing according to plan, the FACIT
restructuring is in an advanced operational stage and expected to
be completed by July 1998", said Dr. Barjoyai Bardai, president of
TELEKOM Advanced Systems.
"Nearing completion of the restructuring is a very positive result
considering that TELEKOM Advanced Systems Corporation initiated
the group restructuring only nine months ago."
The product development activities of the TELEKOM Advanced Systems
group posted Research and Development expenses of U.S. $385,000
during the third quarter 1998. This was a decrease compared with
the second quarter, ending on December 31, 1997, when the R&D
expenses were U.S. $454,586.
As in all previous quarters, all Research and Development expenses
were completely charged to the income statement. The
MultiPhone(TM), the first of TELEKOM Advanced Systems' products,
continues to advance toward distribution. Introduction of the
MultiPhone(TM) into the manufacturing stage is progressing well
and the summer 1998 completion date is still expected.
"The restructuring of the distribution operation of the FACIT
Group is anticipated to be completed to coincide and provide full
support for the introduction of the MultiPhone(TM), said Stefano
Tombetti, chief executive officer of TELEKOM Advanced Systems.
"We are positive that the progress we have made in conjunction
with all of our continued efforts will provide a solid foundation
for a profitable future."
TELEKOM Advanced Systems Corporation (TKV, Montreal Exchange) is a
holding company that through its operational subsidiary is engaged
in the development and international distribution of value added
technologies and products for telecommunications.
FACIT AB manages the international distribution activities of
TELEKOM Advanced Systems group in more than 100 countries. FACIT
AB has its operational headquarters in Rochester, United Kingdom
www.tas-group.com |
